Income taxes, property taxes, and sales taxes won’t generate as much money as state and local governments would like this year. The triple whammy means governments across the country will face more funding difficulties than they did in 2001.
Government is the latest bubble to burst. Taxes are eventually needed to pay for spending. This one can’t be blamed on predatory lenders. It’s not like taxpayers were just lining up to give their money to state and local governments heedless of the value they were getting, even where they could donate. No, governments have taken their money and tried to take even more.
