Challenging the conventional wisdom that state government fiscal crises are complex events, this book shows that the only significant cause of these crises is the revenue downturn that comes with recessions.Looking at the states ranking highest in the variability of sales tax revenues, the top are Massachusetts, Tennessee, Vermont, Illinois, ... Of these, Tennessee was also at the top of the cyclical variability list when looking at the state retail sales tax base. ... In terms of long-run growth, the average elasticity estimate for the personal income tax base was 0.893, whereas the ... Although overall, the difference between the short-run variability of the personal income and retail sales taxes doesanbsp;...
|Title||:||Growth and Variability in State Tax Revenue|
|Author||:||Randall G. Holcombe, Russell S. Sobel|
|Publisher||:||Greenwood Publishing Group - 1997-01-01|