You are viewing a single comment's thread from:RE: You can tell the United States is in a boom by looking at state tax revenueView the full contextaenor (64)in #busy • 6 years ago I wonder what made New York tax revenue turn down in 2016?
Banking profits were down that year.
Basically New York is dependent on the banking industry, California on tech and Texas on oil. If any of those industries has a downturn, tax revenue turns down.
This is the danger of being odominated by a single industry.
To be fair, California has more than one industry. The tech stuff, the holywood stuff and agriculture.