New York Tax Revenue Plummeted 68% In April

by | May 22, 2020

From Bloomberg

This is just April and just in New York. This will happen all over the country. My guess is that these lockdowns will end when state and local governments have to start letting people go and renegotiating pension contracts.

“The Empire State collected $3.7 billion, or $7.9 billion less than the previous April. Personal income-tax revenue fell more than $7 billion from last April, a drop that was primarily due to the delayed tax filing deadline. “New York is facing economic devastation not seen since the Great Depression,” New York Comptroller Thomas DiNapoli said in a news release.”

The evaporation of revenue, combined with increased spending for health care and unemployment benefits, is upending state budgets. California Governor Gavin Newsom on Thursday proposed slashing spending about 9%, cutting state workers’ pay by 10% and tapping reserves to balance a budget in the fiscal year beginning July 1.

H/T To Sovereign Man

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