Calculating the location in assessing tax policy
Why is calculating the location where the economy is on the curve so significant in assessing tax policy?
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The complicated decision involves the analysis to find out what is the optimum tax rate for creating maximum tax revenue and the associated maximum economic output level. Laffer argued that low tax rates would in fact increase revenues since low rates enhanced productivity, saving and investment incentives. The expansion in output and employment and therefore, revenue, would more than compensate for the lower rates.
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Reserve: The amount of a fund balance set sideways to give for expenditures from the unencumbered balance for ongoing appropriations, future apportionments, and economic uncertainties, pending salary or price raise appropriations, and appropriations f
Legislative Information System (LIS): An on-line system formed and employed by the Department of Finance to maintain existing information regarding all bills introduced in the Assembly and Senate for the current 2-year session, and fo
Tax Expenditures: The subsidies offered via the taxation systems by generating deductions, credits and exclusions of certain kinds of income or expenditures which would otherwise be taxable.
Authorized Positions: As replicated in the Governor’s Budget (Expenditures by Category and modifications in Authorized Positions), corresponds with the “Total, Authorized Positions” illustrated in the Wages and Salaries.
State-Mandated Local Program: The state compensations to local governments for the cost of activities needed by legislative and executive acts. This reimbursement necessity was established, Statutes of 1972 (SB 90) and further approved by the adoption
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