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Addressing Tax Shortfalls: Solutions for U.S. States' Economic and Fiscal Crises

U.S. states currently face a dual economic and fiscal crisis, with significant revenue shortfalls impacting budgets. Possible solutions include raising taxes and cutting government spending, each with its own risks to economic stability. This article explores the complex dynamics of tax policy, behavioral responses, and year-by-year effects on various sectors. We provide insights into the Tax PI Model, which integrates key variables and elasticities to assess the impact of tax changes, helping policymakers make informed decisions.

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Addressing Tax Shortfalls: Solutions for U.S. States' Economic and Fiscal Crises

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Presentation Transcript

  1. Tax PI

  2. Shortfalls in the U.S.

  3. Economic-Fiscal Dilemma • States are in a dual crisis • Economic • Fiscal • Fiscal crisis solution options • Raise taxes • Cut government spending • Economic crisis problems • Fiscal solution options harm economy

  4. Tax PI Features • Dynamic Responses • Behavioral Responses • Year-by-year effects • Detailed Sectors • Variables specific to tax changes

  5. Model Overview

  6. Model Integration

  7. Elasticities for US in 2008

  8. Tax PI Model Linkages

  9. Distinguishing Model Features

  10. Importing Tax Data

  11. Tax Inputs and Variables

  12. Policy Variables

  13. Representative Clients Our Taxation-Focused Client Base Includes: • Ernst & Young • Iowa Department of Revenue & Finance • Iowa Legislative Fiscal Bureau • Massachusetts Department of Revenue • Rhode Island Department of Revenue • Texas Comptroller of Public Accounts • Texas Legislative Budget Board • Utah Governor’s Office of Planning & Budget

  14. Contact Us www.remi.com info@remi.com Headquarters: 433 West Street, Suite 4 Amherst, MA 01002 TEL: 413.549.1169 FAX: 413.549.1038 District Office: 700 12th St. NW, Suite 700 Washington, DC 20005 TEL: 202.904.2490

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