New York state’s tax revenue plummeted 68.4% in April, as the coronavirus lockdowns and the extension of tax return filings to July 15 took a toll on state coffers...New Jersey reported a 60% drop in April revenue on May 13.More here.
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.
SACRAMENTO (CBS SF) — California Gov. Gavin Newsom painted a grim financial picture for the state Thursday as he presented a revised budget that reflected unprecedented unemployment, a massive decline in revenue and a proposed cut in pay for state workers.I think that one of the reasons that states like Georgia are opening up is that their culture, redneck as it is and full of racism and hate, is a little closer to the real world. There aren't a lot of Ivy League schools, tech companies and financial hubs in places like Nebraska and Arkansas. Still, they have all those senators.
The governor said the May budget revision reflected a 22.3 percent decline in revenue since January. The new revision draws on a $133.9 billion general fund and a $203.3 billion overall budget with a projected deficit of $54.3 billion.
If you think you're going to have to go begging to the feds to bail out your state after you drove it into the ground with lockdown paranoia, you might want to lay off all of the sneering at the hicks.
NY has given $116 billion more to the federal government than we received since 2015.— Andrew Cuomo (@NYGovCuomo) April 24, 2020
Kentucky *took* $148 billion more from the federal government than it gave.
Just give NY our money back, Senator McConnell. pic.twitter.com/kejNSU2oK5
Bonus snark: Err, Governor? Can you show me the line item in the state budget where your organization sends money to Kentucky? What's that? You don't? Ah, I see. Your deliberately conflating roles and responsiblities to make you look like a victim. Not to worry, I'm sure Cocaine Mitch won't mind you dumping on his state.
|Mr. Cuomo, meet the guy who approves your loans.|