States' Quarterly Tax Revenue Plunges 17%

The Wall Street Journal reports:

State tax revenue in the second quarter plunged 17% from a year earlier as rising unemployment and falling consumption dragged down sales- and income-tax collections, according to Census figures released Tuesday.

It was the sharpest decline since at least the 1960s. The biggest drop was in state income taxes, which were down 28% in the second quarter from a year earlier. Corporate income taxes, which tend be volatile, increased 3%.

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