Article

Accomplishing State Budget Policy and Process Reforms

Iris J. Lav

in The Oxford Handbook of State and Local Government Finance

Published in print March 2012 | ISBN: 9780199765362
Published online September 2012 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780199765362.013.0031

Series: Oxford Handbooks

 Accomplishing State Budget Policy and Process Reforms

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This article tackles the issue of comprehensive state budget reform. With structural deficits rampant, reform is needed to maintain the current level of programs that states and localities now provide, but cannot support over time with current revenue policies. Recent “reforms” have mainly focused on cutting both spending and taxes. Nonetheless, it is believed that people want their services and will vote to pay for them, if given that option. The article notes that there have been very few successful state tax reforms in recent years. But modernization of tax systems is needed to alleviate structural deficits. Part of the problem is institutional myopia: improved multiyear budgeting can warn policymakers when proposed actions are likely to create budget problems over the long term.

Keywords: state budgeting; process reforms; structural deficits; revenue policies; tax system; policymakers

Article.  10887 words. 

Subjects: Economics ; Public Economics ; Macroeconomics and Monetary Economics

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