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US State & Local Tax Receipts - Bailouts Reqd (Patreon)

Published:
2023-08-02 14:56:07
Imported:
2023-08

Content

I spoke of CA in early 2022, there would be no tax receipts.  Well here are the receipts.  Not Just California however.... so who is going to bail out all these state and local govts? 

Where has all the money gone? State and local governments in the United States just experienced the worst decline in income tax revenue ever recorded. This was the second-steepest year-over-year percentage decline in history, with only the Great Financial Crisis (GFC) having a worse outcome.

Federal tax receipts have also dropped again, now reaching recessionary levels and approaching -10% on a year-over-year basis.

This is a clear indication of the continued fundamental deterioration of the economy. This sharp contrast with the overall financial assets that remain at excessively inflated valuations is concerning.

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Comments

Anonymous

It's the division of the middle class into wealthy and poor that explains the extreme value of few companies and extreme deficits in states. You can't have sufficient income if everyone poor is taxed because they have nothing but debt. If all the money is concentrated, taxes have to be disproportionately concentrated to generate revenue. There was an era when today's elderly regularly say life was easier when they were younger (ie you get an education and you're guaranteed a job, pension, reliable benefits, and will be able to afford housing and children). Amongst many reasons, taxes were extraordinarily high on the super rich and that funded society, and the social standing of us towns and cities was very high. Because money through tax receipts was available. Again, not the only reason - such as less debt to service, fewer pensions to fund, and less defense spending - all of the major expenses for the government. But all parts of the system which ensured self sufficiency for the US were unwound by those who stood to loose - the titans of industries ("old money").

Anonymous

Likely because the delayed tax filing for most of the state. Anecdotal but most of my friends haven’t filed yet even with simple taxes — I still need to file myself. I would recalculate at start of 2024.