POLS 237 Lecture Notes - Lecture 3: Budget Process, Governmental Accounting Standards Board
19 Sep 2018
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State and local governments are having a tough time financially: recession, federal grant money, faulty fiscal decisions, structural, political is your state unified or divided? the education connection pros and cons of property taxes. 6 types of taxes constitute the major funding sources of state and local governments including: Sales taxes including excise taxes often referred to as sin taxes on tobacco and alcohol. Misc taxes including fuel taxes and corporate income taxes. Different states and localities tax themselves in very different ways and at very different rates. Tax capacity: a measure of the ability to pay taxes. Tax effort: a (cid:373)easure of ta(cid:454)es paid relative to the a(cid:271)ilit(cid:455) to pa(cid:455) ta(cid:454)es" (cid:373)easure(cid:373)e(cid:374)ts of ta(cid:454) effort seek to determine the proportion of its income that a given community chooses to pay out in taxes. Highways typically education and crime control gets cut in states. Unfunded mandates (expecting the state and local programs to execute these things without funding)
