Numerous states (including red ones) locked down their economies for months during the height of the COVID panic. Now, it appears state and local leaders are looking at a massive lack of funds—due to a drop in income, sales, and other taxes.
Many are asking how are these regions going to recover these losses? Some lawmakers are going to shoulder the burden they created onto you, the taxpayer. Most notably, property owners:
State and local governments scrambling to raise money during the economic crisis caused by the coronavirus pandemic are looking to increased property taxes — as well as wealth taxes and more — to fill budget holes…
Property tax rates in Nashville, Tenn., will be increasing by 34 percent in what Mayor John Cooper described as a “painful but necessary” move that will raise money for the city, which has taken a hit during the pandemic.
Governors and mayors forced businesses to close, leading to millions being out of work. They deprived Americans of earning a living. Now, it appears, many of them want to punish Americans more by raising property or other taxes.
In addition to Nashville, TN, leaders in California, Chicago, and New York are eyeing large increases in property taxes.
Lawmakers in Dallas, TX tried to hike the tax by 8 percent in May but were defeated by the city council in a 12-3 vote. It’s possible that the city council feared losing their jobs come election time.
The extraordinary tax hike in Nashville will most likely drive many residents to seek greener pastures. Other states with historically high taxes might trigger an even greater exodus.
Outrage over the government-mandated lockdowns has been felt for months. Millions of Americans were critical of how governors so quickly took freedoms from their citizens, many without clear authorization from their legislatures.
They put them out of work, only to now hit them with massive taxes. Some point to recent spikes in COVID positive tests as signs that the lockdowns didn’t even work.
While that debate rages, one thing is clear: Americans who were forced out of work will now pay higher taxes.
- States are mulling property tax hikes to pay for losses due to COVID lockdowns.
- Nashville will be raising its tax by 34%.
- This comes as Americans continue to question the government’s response to the pandemic.
Source: Fox News