Rainy Day Funds Have Grown as State Tax Revenue Strengthens
Jaeheung Bae and
Huixin Bi ()
Economic Bulletin, 2019
Many state governments have seen solid growth in their tax revenues over the past couple of years. We show that recent changes in the federal tax code contributed to the uptick in state revenues. In addition, we show that states have used the recent revenue windfall to build up rainy day funds at a much faster pace than they did before the Great Recession.
Keywords: State Revenue; U.S. Federal Tax Code; State Government; Revenue; Taxation (search for similar items in EconPapers)
JEL-codes: E62 H20 (search for similar items in EconPapers)
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