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The central issue debated at each successive legislative session
for over a decade, Louisiana's significant fiscal problems have
remained unresolved despite efforts to mitigate the state's
financial woes and avoid cutting key services or resorting to
stop-gap solutions. Louisiana created its current tax structure in
the 1970s, with some subsequent revisions in response to new
economic realities. While many developments in Louisiana's fiscal
picture lie outside the state's control, other changes including
shifting tax rates, shrinking the tax base, and increasing the
number of exemptions, deductions, and tax credits, resulted from
decisions made by the legislative body. In Exploring Long-Term
Solutions for Louisiana's Tax System, James A. Richardson, Steven
M. Sheffrin, James Alm, and other contributors advocate for
establishing financial reforms geared to long-term change and more
stable fiscal prospects. With a focus on practicality and
accessibility, the authors explore the complexities of Louisiana's
economic reality and explain the state's current tax structure. In
so doing, they suggest several reforms that challenge the state's
use of sales tax, application of the individual income tax,
approach to corporate taxation, and allocation of other taxes such
as mineral revenues. Crucial for those who want to engage with
their representatives, colleagues, and fellow voters on the topic
of taxation, this book equips readers with timely information about
policy and, more importantly, nonpartisan solutions that could
secure a more prosperous future for Louisiana.
Why have Americans severely limited the estate and gift tax -
ostensibly targeted at only the very wealthy - but greatly expanded
the subsidies to low-wage workers through the Earned Income Tax
Credit, now the single largest poverty program in the country? Why
do people hate the property tax so much, yet seemingly revolt
against it only during periods of economic change? Why are some
groups of taxpayers more obedient to the tax authorities than
others, even when they face the same enforcement regime? These
puzzling questions all revolve around perceptions of tax fairness.
Is the public simply inconsistent? A sympathetic and unified
explanation for these attitudes is based on understanding the
everyday psychology of fairness and how it comes to be applied in
taxation. This book demonstrates how a serious consideration of
'folk justice' can deepen our understanding of how tax systems
actually function and how they can perhaps be reformed.
Property tax revolts have occurred both in the United States and
elsewhere. This book examines the causes and consequences of such
revolts with a special focus on the California experience with
Proposition 13. The work examines the consequences of property tax
limitations for public finance with a detailed analysis of the tax
system put into place in California. Theoretical approaches and
evidence from a comprehensive empirical study are used to highlight
the equity and efficiency of property tax systems. Since property
taxes are the primary source of revenue for local governments, the
book compares and contrasts the experiences of several states with
regard to the evolution of local government following property tax
limitations. Finally, the book considers alternatives for reform
and lessons to avoid future tax conflicts of this kind.
Economists have developed models in which individuals form
expectations of key variables in a 'rational' manner such that
these expectations are consistent with actual economic
environments. Professor Sheffrin first explores the logical
foundation of the concept and the case for employing it in economic
analysis. Subsequent chapters investigate its use in
macroeconomics, financial markets, and microeconomics. A final
chapter assesses its impact on theoretical and empirical work in
economics and policy arenas. The author argues that while rational
expectations are still central to macroeconomic policy debates,
fully workable models have not yet been devised, and offers reasons
for the lack of practical and conceptual progress. All chapters of
the second edition have been revised or expanded. New sections
inter alia include material on learning, the rationality of
reported expectations, alternative recent developments explicitly
or implicitly using rational expectations, new tests of the Lucas
critique, and models of noise trading. The book is written in a
non-technical fashion for beginning graduate students and
non-specialists.
Economists have developed models in which individuals form
expectations of key variables in a 'rational' manner such that
these expectations are consistent with actual economic
environments. Professor Sheffrin first explores the logical
foundation of the concept and the case for employing it in economic
analysis. Subsequent chapters investigate its use in
macroeconomics, financial markets, and microeconomics. A final
chapter assesses its impact on theoretical and empirical work in
economics and policy arenas. The author argues that while rational
expectations are still central to macroeconomic policy debates,
fully workable models have not yet been devised, and offers reasons
for the lack of practical and conceptual progress. All chapters of
the second edition have been revised or expanded. New sections
inter alia include material on learning, the rationality of
reported expectations, alternative recent developments explicitly
or implicitly using rational expectations, new tests of the Lucas
critique, and models of noise trading. The book is written in a
non-technical fashion for beginning graduate students and
non-specialists.
Why have Americans severely limited the estate and gift tax -
ostensibly targeted at only the very wealthy - but greatly expanded
the subsidies to low-wage workers through the Earned Income Tax
Credit, now the single largest poverty program in the country? Why
do people hate the property tax so much, yet seemingly revolt
against it only during periods of economic change? Why are some
groups of taxpayers more obedient to the tax authorities than
others, even when they face the same enforcement regime? These
puzzling questions all revolve around perceptions of tax fairness.
Is the public simply inconsistent? A sympathetic and unified
explanation for these attitudes is based on understanding the
everyday psychology of fairness and how it comes to be applied in
taxation. This book demonstrates how a serious consideration of
'folk justice' can deepen our understanding of how tax systems
actually function and how they can perhaps be reformed.
Property tax revolts have occurred both in the United States and
abroad. This book examines the causes and consequences of such
revolts, with a special focus on the California experience with
Proposition 13. The work examines the consequences of property tax
limitations for public finance with a detailed analysis of the tax
system put into place in California. New theoretical approaches and
new evidence from a comprehensive empirical study are used to
highlight the equity and efficiency of property tax systems. Since
property taxes are the primary source of revenue for local
governments, the book compares and contrasts the experiences of
several states with regard to the evolution of local government
following property tax limitations. Finally, the book considers
alternatives for reform and lessons to avoid future tax conflicts
of this kind.
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