The behavior of state and local receipts around the end of a business cycle is historically mixed, but the last three recessions exhibit a common trend: receipts trail expenditures during the recession, and even a year or two afterwards.
[Boston Globe] Like Massachusetts, state governments across the nation are facing budget deficits of historic proportions. Next year, they will face combined projected shortfalls of between $70 billion and $85 billionor about 15 percent of all the money they spend out of their general...
State tax revenues were $32 billion lower in 2002 than in 2001, the first year over year revenue decline in recent history.1 Since then, budget conditions have deteriorated further, with an aggregate budget gap of $49 billion in 2003, according to the National Conference of State Legislators....
The current economic downturn is putting heavy pressure on state budgets. The National Conference of State Legislatures estimated that as states were drawing up their fiscal year 2003 budgets, more than a quarter faced deficits exceeding 10 percent of their general fund budgets. In response,...
The 2001 tax act was only one in a long series of tax laws complicating an already byzantine tax system. Ever the bridesmaid, simplification seems never to get the attention it deserves, no matter which political party is in powermainly because broader agendas are always being pursued.
This paper discusses how state income taxes and sales taxes affect the working poor. While some states impose substantial burdens through income taxes with low thresholds and/or sales taxes that do not exempt necessities, others provide generous subsidies through refundable earned income tax...
The diversity of state programs makes comparison of fiscal activities across states and over time difficult. This paper compares ongoing surveys that provide data about state revenues and expenditures from the Census Bureau, National Association of State Budget Officers, National Conference of...
Senior Fellow Eugene Steuerle explores the issue of planning in governmental affairs, arguing that of late, the political debate is mainly over who will do the planning, not whether the planning itself is excessive.
Senior Fellow Eugene Steuerle considers the future of the single business tax--it could unwind only over a long period of time. He suggests that any expansion is likely to go hand-in-hand with a reduced reliance on other taxes. It could give states more elastic and stable tax sources. At the...
State and Local Receipts and Business Cycles
The behavior of state and local receipts around the end of a business cycle is historically mixed, but the last three recessions exhibit a common trend: receipts trail expenditures during the recession, and even a year or two afterwards.
Biting the Budget Bullet
[Boston Globe] Like Massachusetts, state governments across the nation are facing budget deficits of historic proportions. Next year, they will face combined projected shortfalls of between $70 billion and $85 billionor about 15 percent of all the money they spend out of their general...
State Tax Reaction Differs From Early 1990s Downturn
State tax revenues were $32 billion lower in 2002 than in 2001, the first year over year revenue decline in recent history.1 Since then, budget conditions have deteriorated further, with an aggregate budget gap of $49 billion in 2003, according to the National Conference of State Legislators....
Use of State General Revenue for Higher Education Declines
The current economic downturn is putting heavy pressure on state budgets. The National Conference of State Legislatures estimated that as states were drawing up their fiscal year 2003 budgets, more than a quarter faced deficits exceeding 10 percent of their general fund budgets. In response,...
Tax Simplification
The 2001 tax act was only one in a long series of tax laws complicating an already byzantine tax system. Ever the bridesmaid, simplification seems never to get the attention it deserves, no matter which political party is in powermainly because broader agendas are always being pursued.
The New Federalism and State Tax Policies Toward the Working Poor
This paper discusses how state income taxes and sales taxes affect the working poor. While some states impose substantial burdens through income taxes with low thresholds and/or sales taxes that do not exempt necessities, others provide generous subsidies through refundable earned income tax...
Sources of Data about State Government Revenues and Expenditures
The diversity of state programs makes comparison of fiscal activities across states and over time difficult. This paper compares ongoing surveys that provide data about state revenues and expenditures from the Census Bureau, National Association of State Budget Officers, National Conference of...
New Planners, The
Senior Fellow Eugene Steuerle explores the issue of planning in governmental affairs, arguing that of late, the political debate is mainly over who will do the planning, not whether the planning itself is excessive.
The Process of Reform: The West Virginia Example
Senior Fellow Eugene Steuerle describes the keys to the success of West Virginia's tax reform effort--a process that offers lessons federal efforts.
Will the Single Business Tax Catch On?
Senior Fellow Eugene Steuerle considers the future of the single business tax--it could unwind only over a long period of time. He suggests that any expansion is likely to go hand-in-hand with a reduced reliance on other taxes. It could give states more elastic and stable tax sources. At the...