Public Finance: Overview Some key questions: –Responsibilities/functions –Funding types/sources Revenues (income increasing net worth) Borrowing –Key principles.

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Presentation transcript:

Public Finance: Overview Some key questions: –Responsibilities/functions –Funding types/sources Revenues (income increasing net worth) Borrowing –Key principles –Allocation of responsibilities/functions/funding sources among governments –Expenditures

Revenue Sources Income tax Sales tax Property tax Wealth transfer (land, estates, gifts) Business/privilege (franchise) Special assessments (local; earmarked?) Fees User charges Other (lottery?)

Borrowing General obligation bonds (full faith and credit to be paid from taxes) Revenue bonds (revenue stream dedicated) More esoteric (tax increment financing/Amendment 1)

Key principles Ability to pay? Benefit tied to payment? Allocation of resources with responsibilities? Efficiency in collection and disbursement? Accountability? Equalization for fundamental needs?

Allocation Among Governments Federal –income tax, gas tax, estate/gift tax; capital gains; luxury… State : –income tax; corporate tax; intangibles (stocks/bonds) (shared); excise tax on beer/wine (shared); street aid (shared); franchise tax (public utilities) (shared); excise tax on conveyances (shared); sales (part); federal funds (Medicaid) (part: 70% fed, 20% state/equalized, 10% county); health (part); schools (part) Local: –See above; property; portion of sales/use; privilege license; franchise; animal tax; 911 charges; occupancy taxes; land transfers; special assessments; user charges; ABC revenues; regulatory fees

Constitutional Constraints: Federal Due Process (Pittsburgh v. Alco Parking) –Due process generally: ends, means, arbitrary? –Any special cases? Effect on substantive constitutional rights? Exercise of forbidden power/taking? Tax as mask for regulation? Single/small class? Poor fit? Equal protection (Nordlinger) (Proposition XIII) –Acquisition value taxation –Equal protection basics: classification? Relationship to legitimate ends? Presumption of constitutionality?