- Silver Report Uncut
States across the nation have seen tax revenue crushed due to the severity of the 2020 recession. Since the economic collapse began everyone has had to make some cutbacks in spending and many have begun saving to be prepared for further economic uncertainty down the road. This is not true for many states whos pension systems and budgets were already overwhelmed before the start of the recession. The solution being prepared across many states right now is raising taxes. A common theme among many states during budget talks is raising property taxes since the drop in sales tax has been so significant they seem to be focusing on the one tax people can’t escape. Some states are planning to raise property taxes as much as 32% which would be a shocking rise all at once for an already cash strapped public. The truth is at a time of record unemployment and a decrease in work hours this may be too much for many to bear, how far is the breaking point?