12 states that would suffer the most in a retail apocalypse
, Poynter estimated that the average revenue from general sales taxes is about 23% of total state revenue. About two-thirds of the nation's total state sales taxes come just from retail.
"Historically, sales taxes have been more stable during economic crises, but with closures and people largely remaining in their homes, consumption has plummeted," Jared Walczak, director of State Tax Policy at the Tax Foundation, told Business Insider. Walczak said when a state will reopen depends on many factors, not just a state's reliance on sales taxes, and "any major tax will take a beating right now.", states are projected to have a $105 billion budget shortfall for fiscal year 2020 and a record deficit of $290 billion for fiscal year 2021.
To see which states could be most devastated by a decline in retail sales and consumer demand amid the coronavirus, Business Insider looked at which states have the highest share of sales taxes as part of their total tax revenues. We used fourth quarter 2019 figures from theWashington had the highest share at 66%.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. trade deficit soars 12% in March as coronavirus slams exporters and tourismThe U.S. trade deficit widened by almost 12% in March as the coronavirus pandemic caused massive disruptions in commerce, grounded international flights and froze the global tourism industry.
Read more »
Grimes Gives Birth to First Kid, X Æ A-12 MuskAfter two years of red carpet-crashing, Azealia Banks feuds, pumpkin-patch adventures, and union-busting, Grimes and Elon Musk are parents to new son X Æ A-12 Musk.
Read more »
12 times Prince Harry and Meghan's son Archie has melted heartsMeghan Markle and Prince Harry have shared some of the sweetest photos with their baby boy Archie Harrison - take a look here!
Read more »
12 Political Podcasts to Help You Figure Out What the Hell Is HappeningThe 12 Best Political Podcasts to Listen to Right Now
Read more »
12 Great Gifts For Moms Who Are Essential WorkersFor moms who are essential workers, these gifts are guaranteed to make those long hours at work a tiny bit more comfortable.
Read more »
X Æ A-12: Does Elon Musk’s Baby Name Have A Hidden Meaning?A codename, perhaps?
Read more »