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Sales Tax Revenues in L.A. Drop 16% Last Summer
And that's bad news for the city of Los Angeles and its budget deficit, which is expected to hit one billion in a few years. That 16% decline equals $186 million lost when held next to estimates, which were expected to only decline by 6%, reported the LA Times. "And overall tax revenue has declined by double digits for four quarters straight," reported the paper, which recieved an e-mail from the City's Administrative Officer saying “The city hasn’t seen this since the Great Depression.” A letter circulating in City Hall suggests layoffs for 1,000 employees.
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You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
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