Business

State Revenues Pour In, Raising Pressure on Biden to Divert Federal Aid

Unexpected receipts, driven in part by taxes on high earners riding a hot stock market, have prompted Republicans to push the president to spend on infrastructure instead.



By Jim Tankersley and Alan Rappeport

WASHINGTON — From California to Virginia, many states that faced devastating shortfalls in the depths of the pandemic recession now find themselves flush with tax revenues because of a rebounding economy and a soaring stock market. Lawmakers who worried about budget cuts are now proposing lucrative increases in school spending, tax cuts and direct payments to their residents.

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