Best Practices in Revenue Diversification for Local Governments
local governments today face the challenge of fiscal strain. This is for a
variety of reasons, including the unabated taxpayer revolt which began in the
late 1970’s. The question of how to generate sufficient revenues to provide
services is further burdened by the unpopularity of the property tax. Many
cities are under pressure to decrease rates, or at least maintain them, and it
has become necessary for them to find other ways of generating revenue.
Municipalities must look at the variety of revenue generating options they have
available and make wise choices about how best to diversify their tax base.
Decision makers must consider how tax reforms will affect the equity,
neutrality, and effective administration of tax policies. In this two part
series, the purpose is to provide insightful information about how different
revenue generating options can be utilized properly to the maximum benefit of
the community and with minimal negative affects. Of c...
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