Past Recessions and Taxes
It’s harder to draw clear one-for-one comparisons because of many other factors that also affect levels of tax revenues — public policy, population growth, changes in tax rates. However, there are noticeable slow-downs in growth during the recessions of the early 1990s and immediately after the dot-com crash.
Also, total state tax revenues declined and total sales tax revenues declined in 2009 while the economy was in free fall after the collapse of the housing market.
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