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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.