ppt课件-f i s c a l f i t n e s s o n t h e w e b（我s c f i t n e s s o n t h e w e b）.pptVIP

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ppt课件-f i s c a l f i t n e s s o n t h e w e b（我s c f i t n e s s o n t h e w e b）.ppt

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State Finances: RecentTrends and Outlook Indianapolis, Indiana May 6, 2002 Donald J. Boyd, Deputy Director Nelson A. Rockefeller Institute of Government boydd@ ? 518-443-5284 Richard P. Nathan, Director Presentation Outline States in the federal, state, local fiscal system State fiscal structure and fiscal performance State finances boomed in the 1990’s The boom was unsustainable Recent economic and fiscal news Will the boom resume? States in theFederal, State, Local Fiscal System States In The Federal-State-Local Fiscal System State and Local Governments Have Been Growing Substantially Composition and Fundingof State Spending “Typical” State Relies onDiversified Revenue Base There Is No Typical State – State Fiscal Structures Vary Widely State Fiscal Structure andFiscal Performance Fiscal Structure and Fiscal Performance – Income Tax Income tax: Generally grows faster than income in long run due to progressive structure VOLATILE: may grow much faster, or much slower, than income in short run States without income taxes, but with significant long-term spending pressure, often have fiscal difficulty (e.g., TN, NH) States with heavy income tax reliance often are hit hard in recessions (e.g., CA, NJ, NY others) Fiscal Structure and FiscalPerformance – Sales Tax Sales tax: Broad-based tax ought to grow near rate of income in long run, if no “leakages” – BUT: (1) services generally not taxed, and economy trending toward greater service consumption, and (2) hard to collect tax on Internet, mail-order transactions VOLATILE: may grow much faster, or even slower, than income in short run Manufacturing states reliant on sales tax were hit hard early in the recession (OH, PA, TN) Fiscal Structure and FiscalPerformance – Other Miscellaneous other issues: States that rely heavily on severance taxes can have sharp, irregular boom-and-bust cycles (e.g., AK, LA) Most states don’t rely heavily on corporate taxes, but these, too, have sharp extreme revenue swin