26th Annual Report Page: 22
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22 will
be included in an updated report, Tax Capacity of the Fifty States:
Methodology and Estimates. The index, developed by ACIR, measures fiscal
capacity within each state. ACIR's poll of public attitudes on taxes and
government spending will be conducted for the 14th consecutive year, with
results to be issued next fall.
Implications for State-Local Governments of Federal Tax Proposals.
The Commission in December noted that its completed study on strengthening
the federal revenue system had been undertaken to assess various proposals
to reduce the federal deficit by changing the tax code. Meanwhile, the
national policy debate moved toward the issue of tax reform. As a
result, the Commission directed the staff to perform a similar analysis
of potential impacts of various tax reform proposals. This study should
be completed in March 1985; it will carry no recommendations, and will be
released as a source of pertinent information. The concept of a flat
tax on earnings, with deductions eliminated or sharply modified and all
types of income treated alike, carries great significance for state and
local governments in two areas: (1) the deductibility of state and local
taxes, and (2) tax exemption of interest on state and local bonds.
Two other tax studies are being conducted by ACIR under contract with
the Office of State-Local Finance of the U.S. Treasury Department as a
result of provisions in the legislation renewing General Revenue Sharing.
The first, a study on the deductibility of state and local taxes in
calculating federal income taxes will be completed in early 1985. The
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United States. Advisory Commission on Intergovernmental Relations. 26th Annual Report, book, January 1985; Washington, D.C.. (https://digital.library.unt.edu/ark:/67531/metadc1306/m1/26/: accessed April 19, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.