“The lower one’s income, the higher one’s overall effective state and local tax rate. Combining all state and local income, property, sales and excise taxes that Americans pay, the nationwide average effective state and local tax rates by income group are 10.9 percent for the poorest 20 percent of individuals and families, 9.4 percent for the middle 20 percent and 5.4 percent for the top 1 percent.”
Given the city’s relative fiscal health, is there a need to look to budget options? The simple answer is, “of course.” There is never enough money to meet all of the needs expressed by the city’s communities. And besides the need for more funds, there can be changes that could help improve equity and efficiency in the city’s spending and taxation—a benefit that could be associated with some of the budget options we present.
Oral arguments were heard on April 24, 2013, and the Court issued a ruling in early June. The ruling was in the City’s favor. Therefore, the first sale of taxi medallions is planned for the fall of 2013.
<div style=”margin-bottom:5px”> <strong> <a href=”http://www.slideshare.net/LuisTaverasMBAMS/decision-upholds-constitutionality-of-state-law” title=”TAXI MEDALLIONS – Decision upholds constitutionality of state law” target=”_blank”>TAXI MEDALLIONS – Decision upholds constitutionality of state law</a> </strong> from <strong><a href=”http://www.slideshare.net/LuisTaverasMBAMS” target=”_blank”>Luis Taveras MBA, MS</a></strong> </div>
Fiscal Intelligence 