Volcker Alliance: After Record Pandemic-Era Tax Cuts, States Face More Challenging Fiscal Path
March 01, 2024
March 01, 2024
NEW YORK, March 1 -- The Volcker Alliance issued the following news release:
Driven by higher-than-expected tax revenue, abundant federal pandemic aid, and record financial reserves, 39 states enacted 92 substantial tax relief measures in fiscal years 2021-22, with additional cuts being made in fiscal year 2023. The impact of these tax cuts is likely to stretch well into the current decade, putting states at risk of budgetary shortfalls and reductions in critical public services if . . .
Driven by higher-than-expected tax revenue, abundant federal pandemic aid, and record financial reserves, 39 states enacted 92 substantial tax relief measures in fiscal years 2021-22, with additional cuts being made in fiscal year 2023. The impact of these tax cuts is likely to stretch well into the current decade, putting states at risk of budgetary shortfalls and reductions in critical public services if . . .