09/21
Friday September 21, 2012
4:45am EDT
2100 M St NW
Washington, DC 20037
Federal tax reform may put added pressure on state and local governments that already face severe fiscal challenges. Tax-exempt bonds and the deduction for state and local taxes are among the major preferences likely to come under scrutiny in any rewrite of the Revenue Code. In addition, lower income tax rates themselves would limit the market for tax-exempt debt. As a result, tax reform is likely to have significant policy and revenue implications for state and local governments and will raise important questions about federalism.
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