Local governments weigh major tax hikes to plug coronavirus-induced shortfalls
Property tax rates in Nashville will be increasing by 34 percent
State and local governments scrambling to raise money during the economic crisis caused by the coronavirus pandemic are looking to increased property taxes -- as well as wealth taxes and more -- to fill budget holes.
The proposals come as officials are trying to strike a balance. Historic job losses caused by lockdowns fueled the downturn that's put the squeeze on city and state budgets. Washington sought to offset this with stimulus payments, additional unemployment benefits, business grants and more. Any push to raise taxes too dramatically could hurt the economy even more.-- More...
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