Here are 3 (standalone) graphs on U.S. state and local government finances.
No doubt, and as is apparent from Graph 1, there were some sharp tax revenue declines in Q2 of 2020, especially in personal and corporate income taxes. Sales tax receipts also took quite a nosedive.
But in Q3, there were stunning recoveries. (Q4, when it is reported, is likely to suffer from the fall flare-up in coronavirus cases that continues to this day and which has forced significant abandonment of economic re-opening plans.)
From Graph 2, year to date total tax receipts in Q3 2020 were down by only -0.7%, with ‘property taxes’ (crucial for funding school projects) not just treading water, but ahead by +4.5%.
