CHAPTER TWELVE TAX AND SPENDING. Copyright © Houghton Mifflin Company. All rights reserved.12 | 2 The Principles of Finance Interdependence Diversity.

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Presentation transcript:

CHAPTER TWELVE TAX AND SPENDING

Copyright © Houghton Mifflin Company. All rights reserved.12 | 2 The Principles of Finance Interdependence Diversity

Copyright © Houghton Mifflin Company. All rights reserved.12 | 3 Table 12.1 State and Local Taxes as a Percentage of Income

Copyright © Houghton Mifflin Company. All rights reserved.12 | 4 Revenues Criteria for Evaluating Taxes –Equity –Yield –Elasticity –Ease of Administration –Political Accountability –Acceptability

Copyright © Houghton Mifflin Company. All rights reserved.12 | 5 Revenues (continued) Major State and Local Taxes –Property Tax –Sales Tax –Income Tax –Miscellaneous Taxes

Copyright © Houghton Mifflin Company. All rights reserved.12 | 6 Figure 12.1 Distribution of Total State and Local Tax Revenue by Source, 2004

Copyright © Houghton Mifflin Company. All rights reserved.12 | 7 Table 12.2 Rating State and Local Taxes According to Six Criteria

Copyright © Houghton Mifflin Company. All rights reserved.12 | 8 Revenues (continued) User Fees Severance Tax Gambling: Lotteries and Casinos

Copyright © Houghton Mifflin Company. All rights reserved.12 | 9 The Political Economy of Taxation Spending Tax Revolt Fiscal Stress Limited Discretion

Copyright © Houghton Mifflin Company. All rights reserved.12 | 10 Figure 12.2 Total State and Local Spending by Area

Copyright © Houghton Mifflin Company. All rights reserved.12 | 11 Borrowing and Debt Estimating Revenues Rainy Day Funds Other Financial Management Practices –Long-term Borrowing –Limits on Borrowing

Copyright © Houghton Mifflin Company. All rights reserved.12 | 12 Where All the Money Goes: State and Local Spending Economic Development Education Policy Social Welfare and Health Care Policy

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