April 13, 2020

Connecticut Mirror: CT’s unflappable sales tax faces unprecedented threat from coronavirus

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“Early indications are that consumers are cutting back or spending much less due to personal economic uncertainty,” analysts for the Washington, D.C.-based Institute on Taxation and Economic Policy [ITEP] wrote in a report predicting an unprecedented drop nationwide in states’ sales tax revenues. “Even people who still have jobs may substantially cut back their spending because there are limited ways for them to spend their money.” Read more