Tuesday, April 14, 2009

Sales-Tax Revenue Falls at Fastest Pace in Years

Via Drudge.  This will cause problems for a lot of people:

Sales-Tax Revenue Falls at Fastest Pace in Years - WSJ.com
State and local sales-tax revenue fell more sharply in the fourth quarter of 2008 than at any time in the past half century, and has continued to erode through the beginning of 2009, according to a report released Tuesday.

The report by the Nelson A. Rockefeller Institute of Government at the State University of New York underscores how swiftly the consumer slowdown has eaten into municipal budgets. The drop in tax revenue has forced cities and towns of all sizes to cut everything from police to summer pool hours, and has sent legislatures scrambling for federal economic-stimulus funds to help ease budget gaps.

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