Word: taxes
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Dates: during 1960-1969
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...fiscal gap" is said to occur when, as metropolitan income rises, revenue from a given local tax structure (at fixed rates) grows more slowly than expenditures required for a given program structure (at fixed quality). In "economies," the elasticity of taxes with respect to income is less than the elasticity of expenditures...
What this implies is that with any constant-quality public service package and at any tax rate level (with the present mixture of state and local taxes), given sufficient time, costs will exceed tax revenue. The situation for New York, however, is even worse than the average American city...
This fiscal gap substantially accounts for the "political theatre" of the "battle of the bulging budget." The tendency for costs to exceed taxes requires periodic adjustments to annually balance the local budget (as required by law), either by downgrading program quality, raising tax rates, or increasing dependence on outside aid. Usually some combination of all three types of adjustment is used, leading to cries of distress from three overlapping groups: public service recipients, City taxpayers, and State (and to a much lesser extent, Federal) taxpayers...
...City is limited to taxes which are on the whole regressive: the poor pay proportionately more. According to unpublished research done at the National Bureau of Economic Research for fiscal year 1968-69, a family in New York City with a before-tax income under $2,000 paid 11.5 per cent in total City taxes. As family income rose, this steadily decreased to 5.7 per cent for a family with income between $10,000 and $15,000 Families making over $15,000 paid an average of 74 per cent, a slight increase but still less than for families with below...
...than the oil industry were the country's nonprofit foundations. They are easy political prey. Feared by some liberals because they represent aggregations of tremendous wealth over which there is no public control, the foundations are also mistrusted by conservatives because many of them support liberal causes with tax-free resources. In a move that was as political as it was economic, the Senate committee departed from the House bill to substitute a .2% tax on assets for a 7½% tax on net investment income and capital gains. It also went far beyond the House bill in approving...