Chart of the Day: US state and local governments just experienced the worst decline in income tax revenues ever recorded.

US state and local governments just experienced the worst decline in income tax revenues ever recorded.

This was the second steepest year-over-year percentage decline in history, with only the GFC having a worse outcome.

Note that Federal tax receipts are also dropped again,… pic.twitter.com/jLa1hKTUcq

— Otavio (Tavi) Costa (@TaviCosta) August 2, 2023