Take Boston. Over the next five years, that city could face a tax revenue shortfall to the tune of $1.2 to $1.5 billion, according to a new study from the Boston Policy Institute.
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More than half of U.S. states took in as much or more in tax revenue between March 2020 and February 2021 than they did the year before.
Some states got an unexpected bump from tobacco taxes. The number of people smoking has declined steadily, except in 2020.
Many will be forced to tap rainy-day funds or turn to the bond market to make ends meet.