ON SALE
Because of coronavirus-related shutdowns, state and local tax revenue plummeted. Sales taxes fell because people purchased fewer goods. Income taxes dropped amid rising unemployment. To help make up the shortfall, the Fed’s program purchased municipal notes, allowing state and local governments to continue functioning through the crisis.
Because of coronavirus-related shutdowns, state and local tax revenue plummeted. Sales taxes fell because people purchased fewer goods. Income taxes dropped amid rising unemployment. To help make up the shortfall, the Fed’s program purchased municipal notes, allowing state and local governments to continue functioning through the crisis.
ON SALE
