By the numbers: Tax revenues expected to plunge

Americans file taxes after a year of economic expansion, but tax revenues are projected to drop sharply amid the pandemic.
1:12 | 07/16/20

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Transcript for By the numbers: Tax revenues expected to plunge
Today is officially tax day after three month delay due to the pandemic. As a government collects its money we take a look at how a period of economic expansion has come to an end and the expected shortfalls in government revenue to come. By the numbers state governments are expected to see a roughly 75 billion dollar shortfall in fiscal year 22 funny because of the pandemic according to analysis by Brookings Tax Policy Center. And it will fall short by another 125 billion in fiscal year 20/20 one according to the same study. Last January all fifty states were projecting solid revenue growth for the remainder of the twenty Tony budget year. That all change once the virus hit our shores. States are now forecasting. A 6% drop in his tax revenues according to Brookings and in just one month may of two point one sales tax revenues. Fell by 21%. As consumers spent less according to data from 46 states. Hawaii is facing the largest expected decline in tax revenues. Do the huge drop in tourism as you can imagine and states that rely heavily on energy taxes such as the last a New Mexico and Wyoming. They're also expected to be hit hard. Both by the pandemic and collapse of oil and gas prices.

This transcript has been automatically generated and may not be 100% accurate.

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