By Amy Ellen Schwartz
An illustrious team of economists give a contribution to this quantity honoring Dick Netzer, the general public finance economist famous for his examine on nation and native taxation, the supply of city public providers, and non-profit corporations. Following in his culture, the participants observe microeconomics to actual global difficulties dealing with city parts and use statistical research to achieve perception into functional recommendations. the 1st 4 chapters of the publication supply in-depth explorations of other equipment of financing city govt comparable to: the relative advantages of source of revenue and estate taxation on the neighborhood point, the effect of revenues and source of revenue taxation on estate taxation, and the feasibility of adopting a land price tax. the subsequent chapters specialise in executive costs: the effect of sponsored housing funding on estate values, and the theoretical and old factors for public possession and direct provision of public providers. the ultimate chapters of the publication flip their consciousness to the non-profit region, exploring subsidies to non-profit arts firms and the function of the non-profit zone in supplying K-12 schooling, particularly addressing the consequences for segregation and fairness. accomplished and interesting, pros and students within the fields of public finance, city economics and public management will locate this selection of nice curiosity.
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Additional resources for City Taxes, City Spending: Essays in Honor of Dick Netzer
Thus, over the next couple of decades, political pressure may well grow to replace at least partially the property tax with the income tax. Although Oates and Schwab clearly recognize the vast diﬀerences that exist among local governments in the United States, most of their study is a general discussion of the impact of the property tax and the income tax on local governments. In light of Dick Netzer’s sustained interest in the ﬁscal problems of cities and his many contributions to the literature on urban public ﬁnance, it is instructive to ask whether the income tax or the property tax have particular advantages and disadvantages in urban areas, and in particular, in central cities.
The authors’ home state of Maryland is, interestingly, one of the few in which local governments, counties in this instance, place a signiﬁcant reliance on local income taxation. The local component of the tax is simply a percentage ‘add-on’ to the state tax liability with an upper rate limit. Most Maryland counties are at this limit, which essentially converts the tax into a lump-sum source of local revenues. Fiscal decisions at the margin involve rates on the property tax (although there are some county limitations here too).
As part of their concluding remarks, however, the authors suggest that the fact that individuals’ state and local income tax payments would be lumped together in a single payment would make it diﬃcult for them to recognize the magnitude of their local tax payment. This lack of local tax visibility would tend to obscure the relationship between local taxes and local spending, and might result in a reduction in local government accountability to local taxpayers. They argue that the visibility problem associated with a local income tax is not an issue with the property tax, where there exists a real separation of sources since local governments are the only level of government that taxes real property.
City Taxes, City Spending: Essays in Honor of Dick Netzer by Amy Ellen Schwartz