23.4 What taxes are used to support state governments?

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23.4 What taxes are used to support state governments? About half of all state dollars come from taxes Sales tax Great Depression (30s) General: most goods (not groceries) Selective/Excise/Sin: gas, liquor, cigarettes, etc. Income tax Tax on wages and business profits Others License fees, severance, estate, property taxes Types of taxes Regressive: affects low income people more Progressive: affects people according to ability to pay Proportional: affects all people at the same rate

23.4 Where else to states get funding? Bonds: government IOU Lotteries/gambling 3/4 of states use 50% spent on prizes, 6% on admin. Intergovernmental Revenue Money distributed by one level to another 20% of State dollars come from Feds Most money in grants Categorical-formula: specific programs/matching funds Block: large grant for general purpose Mandates: formal order by a higher authority Federal dollars attached to mandates Sometimes requirements exceed grant $ (unfunded)

* How does Ohio’s budget process work? Ohio’s budget is approximately $40 billion Education makes up half of this Budget must be balanced (debt is limited) Biennial budget 2 years FY runs from July 1 to June 30 FY03 ends June 30, 2003, etc Timeline July of even-year: OBM considers agency requests/recommends Jan of odd-year: Governor presents executive budget (*new) Spring odd-year: House considers (Finance Committee) Senate considers after House passage By June 30 odd-year: Conference committee By June 30: Governor signs Line-item veto Interim appropriations bill can be used if process is delayed