[quote=The-Shoveler][quote=Hobie]My cynical side says not to expect any sort of tax break. Governor doesn’t understand the magnitude of keeping the state closed and the resulting loss of tax revenue. Calif has to push tax increases and new fees to recoup some of it losses.[/quote]
When they get done adding up all the tax revenue lost by the states, it will just dwarf all the stimulus so far by a large factor and it is still going up.
I think many states will seek BK.
It will be a very very large defect, unthinkably large, just mind blowing. Unlike the FED, the states cannot just conjure up money with a few strokes on a keyboard no matter how much Newsom wants to.[/quote]
What is the law by which states may declare bankruptcy?
Or I’d it more of a michael Scott move. He just shouts I DECLARE BANKRUPTCY. Later it must be explained to him that’s legally insufficient.
