This report considers a proposal to reinstate the New York stock transfer tax (STT) that was phased out between 1979 and 1981. The proposal under consideration would reinstate the tax at half the rate that prevailed at the time of its repeal. The revenues from such a tax, at around $3.5 billion under current stock market conditions, would be shared equally by the governments of New York City an...

This paper constructs a dynamic model of government borrowing and default. The government faces a fiscal constraint in that it cannot raise tax rates. By defaulting on the debt, the government can increase domestic consumption. Two types of default arise in this environment: fiscal defaults and aggregate defaults. Fiscal defaults occur because the government cannot service the debt due to its i...

This paper focuses on the American states and the sources of the expanding structural imbalance between their highway-related revenues on the one hand and expenditures for transportation infrastructure needs on the other. The paper describes the roots of the funding problem over recent decades, looks at some of the responses taken at the state and federal level, and discusses their inherent lim...

a r t i c l e i n f o A large part of government revenues in Russia comes from royalties and export taxes on crude oil, oil products, and gas. Recently, the Russian government has considered reducing export taxes on crude oil and oil products compensated by an increase in the royalty on crude oil. The objective of the paper is to analyse the economy-wide effects of this proposal. Moreover, a hy...

in this paper, forecasting error for state tax revenues is assessed. for this purpose, using the regression equation, statistical index, and mean percent error, root mean square error, mean absolute percent error and error analysis of tile inequality coefficients are applied on anticipated revenue from taxes on legal entities, income taxes, wealth tax, taxes on imports and taxes on consumption ...

In this paper we derive conditions under which optimal tax rates for addictive goods exceed tax rates for non-addictive consumption goods in a rational addiction framework where exogenous government spending cannot be financed with lump sum taxes. We reexamine classic results on optimal commodity taxation and find a rich set of new findings. Our dynamic results imply tax rates on addictive good...

The hypothesis that reductions in taxes reduce future government spending is often cited as a reason for cutting taxes. Despite its prominence in debates over fiscal policy, however, this view has been subject to little investigation. Because taxes change for many reasons, both legislated and unlegislated, examinations of the relationship between overall measures of taxation and subsequent spen...

In this paper we derive conditions under which optimal tax rates for addictive goods exceed tax rates for non-addictive consumption goods in a rational addiction framework where exogenous government spending cannot be financed with lump sum taxes. Standard static models that consider a revenue raising motive predict taxing addictive goods at a rate in excess of that observed in the data. In con...