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Institutions, Tax Structure and State–Local Fiscal Stress

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  • Edgerton, Jesse
  • Haughwout, Andrew F.
  • Rosen, Rae

Abstract

We discuss budgetary institutions and the evolution of tax systems in the state and local sector, drawing on evidence from New York City. An increasing reliance on personal income taxes and a corresponding de–emphasis on property taxes have made the city’s tax revenues significantly less stable and more sensitive to fluctuations in the city’s economy. Nonetheless, adjusting the personal income tax rate to smooth revenues over the business cycle may be an effective way of transferring cyclical shocks from an actor who faces borrowing constraints (the city or state) to actors who do not face such constraints (upper income taxpayers).

Suggested Citation

  • Edgerton, Jesse & Haughwout, Andrew F. & Rosen, Rae, 2004. "Institutions, Tax Structure and State–Local Fiscal Stress," National Tax Journal, National Tax Association;National Tax Journal, vol. 57(1), pages 147-158, March.
    • Handle: RePEc:ntj:journl:v:57:y:2004:i:1:p:147-58
    DOI: 10.17310/ntj.2004.1.08
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