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States Saw Record Drop in Second-Quarter Revenue as Coronavirus Derailed the Economy Tim Smart © (APU GOMES/AFP/Getty Images) TOPSHOT - A Salvadorean woman holds her niece in arms as she waits in line at the Food Distribution Center 5 Breads & 2 Fish in South Central Los Angeles, California on February 16, 2021. (Photo by Apu GOMES / AFP) (Photo by APU GOMES/AFP via Getty Images) Overall state tax revenues fell 25% in the second quarter of 2020 as the coronavirus pandemic took hold across the country, forcing businesses, schools and other institutions to close, according to an analysis by the Pew Charitable Trusts. Pew also found that tax revenues fell $46.4 billion from pre-pandemic levels in the four quarters ending June 30. That covers the past budget year for nearly all states. The analysis, known as the Fiscal 50, uses data provided by the Urban Institute.

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