This is one reason why states and municipalities are being so hard hit. In past recessions, layoffs generally hit the lower-payed, uneducated employees. That didn’t hurt the tax revenues of states and municipalities because higher-payed, educated emplyees were still employed, paying their income taxes.
Now higher-payed, educated employees are losing those big salaries and state tax revenues are taking a big hit because of it. It may be one thing for a $50,000 per year worker to lose his job and live on $20,000 unemployment...its something entirely different when $90,000 professionals lose their paychecks and have to live on $20,000 unemployment. In that case the state’s tax revenues take a bigger hit.
You are 100% right. I was thinking about that today and will do some research later on how much of a tax hit individual states are taking through all of this.
In the county where I live, our IDIOT County Executive Kathleen Falk (D, WI) just cut pay to fire and EMTs and police by 5%, and is demanding they take another 3% hit next year...so she KNOWS our county is going to be broke for a good, long while!
And THEN, the beotch turned around and raised every homeowner’s taxes by 8% in the county! (A $600 hit for anyone that owns a home. And this is COUNTY property taxes, let alone what the STATE as a whole will be hitting us with, too.)
You tell me that’s not happening in EVERY BLUE county across the land...where revenues are drastically DOWN and the IDIOTS at the helm can’t figure out why, LOL!
I can’t WAIT for The Revolution. :)