US state and local governments just experienced the worst decline in income tax revenues ever recorded.

This was the second steepest year-over-year percentage decline in history, with only the GFC having a worse outcome.

Note that Federal tax receipts are also dropped again,… pic.twitter.com/jLa1hKTUcq

— Otavio (Tavi) Costa (@TaviCosta) August 2, 2023