States are so flush with funds, many are cutting taxes
CNN
While states feared the coronavirus pandemic would wreak havoc on their budgets and force them to slash services, it turns out that many are doing far better than they predicted.
So instead of cutting spending in the wake of the pandemic, many states are cutting taxes. Nine states have passed legislation to reduce individual or corporate income tax rates that is awaiting governors' signatures or has been enacted, according to Katherine Loughead, senior policy analyst at the right-leaning Tax Foundation. In some, the reductions are retroactive to January 1, but in others, the cuts don't take effect until next year.
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