Revenue Implications of New York City's Tax System
In this issue of Second District Highlights, a key source of instability in New York City's budget is examined: its tax revenues. It is found that the city's tax system of the 1970s - one dominated by property taxes - over the years has become more dependent on personal and corporate incom...
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| Veröffentlicht in: | Current issues in economics and finance 2004-04, Vol.10 (4), p.1 |
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| creator | Edgerton, Jesse Haughwout, Andrew F Rosen, Rae |
| description | In this issue of Second District Highlights, a key source of instability in New York City's budget is examined: its tax revenues. It is found that the city's tax system of the 1970s - one dominated by property taxes - over the years has become more dependent on personal and corporate income taxes. This shift has tied the city to a less stable and more cyclically sensitive tax base, and has exacerbated the city's recent revenue shortfalls. A more variable tax base places considerable challenges before city officials because expenditures - financed in large part by tax revenues - are difficult to reduce in the short run. Accordingly, a range of policy options that city officials could consider to address these challenges is also described, some of which would require legislative changes. |
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| fulltext | fulltext |
| identifier | ISSN: 1936-2374 |
| ispartof | Current issues in economics and finance, 2004-04, Vol.10 (4), p.1 |
| issn | 1936-2374 2163-4513 |
| language | eng |
| recordid | cdi_proquest_journals_214209237 |
| source | PAIS Index; Elektronische Zeitschriftenbibliothek - Frei zugängliche E-Journals; Business Source Complete; Alma/SFX Local Collection |
| subjects | Budget deficits Cash management Economic conditions Economic development Expenditures Fiscal years Income taxes Municipal finance Municipal taxation Personal income Property taxes Tax base Tax legislation Tax rates Tax revenues Taxation Volatility |
| title | Revenue Implications of New York City's Tax System |
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