Taxes

Coronavirus deals one-two financial punch to state budgets

13 days ago   |   By Chron

The coronavirus is pounding state governments with a financial one-two punch, costing them many millions to try to contain the disease just as businesses are shutting down and tax revenue is collapsing. The sharp drop in revenue could jeopardize some states' ability to provide basic services.
States ranging from tiny Rhode Island to California, with the world's fifth-largest economy, have warned that many programs are likely to face cuts or even elimination.
“I am gravely concerned about our ability to deliver basic services over the next six months to a year given the drop in revenues...
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