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U.S. State Revenue Trends Reflect Tax Structure As Well As Economic Cycles Jun 02
Standard & Poors, June 2002
The recent dramatic fall in sales, corporate, and personal income tax collections, while following the historic pattern of the economic cycle, has also illuminated the long-held view that state and local tax systems are increasingly unable to effectively tax the changing nature of economic activity. Robert Tannenwald, an economist with the Federal Reserve Bank of Boston, has long pointed out the increasing weakness in the tax system due to the shift in consumption from goods to services and the growth of electronic commerce. When the economy is growing, discussion of state tax policy is fairly quiet. Policy debates range from whether states should cut taxes, to which taxes they should cut and how they should cut them. Annual updates on...
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