Property Tax Limits, Balanced Budget Rules, and Line-Item Vetoes: A Long-Run View

John Dove

Eastern Economic Journal, 2017, vol. 43, issue 2, No 7, 288-317

Abstract: Abstract This paper explores the early development of three important fiscal institutions faced by U.S. state governments: property tax limits (PTLs), balanced budget rules (BBRs), and the gubernatorial line-item veto (LIV). Specifically, this study attempts to provide historical context for their development and an empirical investigation of their long-run effect on state finances (running from 1830 to 1920). Results, which are robust to a number of specifications, suggest that early PTLs decreased both revenues and expenditures, BBRs had a larger effect on revenues rather than expenditures, while the LIV had a somewhat limited effect on both revenues and expenditures.

Keywords: Tax and expenditure limits; balanced budget rules; line-item veto; D78; H71; N91 (search for similar items in EconPapers)
Date: 2017
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DOI: 10.1057/s41302-016-0001-1

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