State income tax collections plunged in April

The pandemic-era tax revenue boom may be coming to an end.
(AP Photo/Elise Amendola, File)

States collected far less personal income tax money this spring than they did last year, as tax cuts went into effect and high-income people earned less from capital gains, bonuses and stock options.

The latest data suggest that the pandemic-era boom in income tax revenue may be coming to an end, fiscal policy observers say.

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