wonder where all the moollah went...
What this article and the charts he borrowed from the Rockefeller report show U.S. is that since income and sales taxes have plummeted, local property taxes have not, yet. That might be bcuz the collapse of RE market values has not been "registered" with the local county auditors & treasurers, yet.
But, Mish's point is that since Cal & NY, the two largest states, have increased their tax rates to raise more revenue..., they have distorted the true impact of & changes in "sales" tax revenues.
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Rockefeller Institute Confirms Rising Retail Sales a Mirage
http://seekingalpha.com/article/214412-rockefeller-institute-confirms-rising-retail-sales-a-mirage?source=email
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