Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

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.