Growth and Variability in State Tax Revenue

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Growth and Variability in State Tax Revenue An Anatomy of State Fiscal Crises

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Randall G. Holcombe, Russell S. Sobel

Book Code: GM0423

ISBN: 0-313-30423-8

ISBN-13: 978-0-313-30423-1

DOI:

224 pages, figures, tables

Greenwood Press

Publication: 10/30/1997

List Price: $115.00 (UK Sterling Price: £65.00)

Availability: Out of stock

Media Type: Hardcover

Also Available: Ebook

Trim Size: 6 1/8 x 9 1/4

Subjects:

Series Title: Contributions in Economics and Economic History

Series Number: 189

Reviews:

This excellent book fills an important empirical gap in the literature of state fiscal crises, revenue elasticities, and rainy-day funds....The findings of this book are very important for state policy makers who must worry about how to deal with the next economic downturn. Professors Holcombe and Sobel have produced a book excellent for the libraries of practitioners and academics alike.
—Government Finance Review

Description: During recessions state government fiscal crises are widespread, as states find their revenues inadequate to meet their expenditure demands. This volume shows that state fiscal crises have only one significant cause: revenue downturns associated with recessions. Other analysts have argued that fiscal crises are the result of an interaction of many complex causes, including inadequate tax bases, increasing expenditure demands, and limits placed on state governments by voters. This analysis examines these other factors and shows that while they present significant challenges to state policymakers, they are not the cause of fiscal crises. The book presents an improved methodology for measuring cyclical variability of revenues and uses this methodology to show that there is no way to restructure state tax systems in order to appreciably reduce the fiscal stress associated with recessions. Fiscal stress can be lessened by setting aside revenues during prosperous years in a rainy day fund, but current rainy day funds are not large enough to eliminate the fiscal stress caused by recessions.

Table of Contents:

Revenues and Expenditures: The Components of Crisis
State Government Spending
State Government Taxes
Budgeting for Stability: Some Principles
Measuring Cyclical Variability
The Cyclical Variability of State Government Revenues
The Variability of State Income and Sales Taxes
Is There a Trade-Off between Variability and Growth in State Government Tax Bases?
The Role of Rainy Day Funds in Easing State Fiscal Crises
Conclusion
Bibliography
Index

LC Card Number: 97-5597

LCC Class: HJ2385

Dewey Class: 336


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