Category Archives: public finance

Detroit – the decision

Largest municipal bankruptcy yet announced today:

http://nyti.ms/1bM3VGF

NYTimes: Detroit Goes Bankrupt, the Largest City to Do So in U.S.

"The decision by the city, the cradle of America’s automobile industry and once the nation’s fourth-most populous, also marks the largest municipal bankruptcy filing in American history in terms of debt."

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Detroit – the decision

Largest municipal bankruptcy yet announced today:

http://nyti.ms/1bM3VGF

NYTimes: Detroit Goes Bankrupt, the Largest City to Do So in U.S.

“The decision by the city, the cradle of America’s automobile industry and once the nation’s fourth-most populous, also marks the largest municipal bankruptcy filing in American history in terms of debt.”

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In trouble for not spending

An intriguing intergovernmental problem: when the Feds come down on you for NOT spending their money…

http://nyti.ms/11MlKj3

NYTimes: California Failed to Spend Millions on Water Projects, E.P.A. Says

The state failed to spend $455 million of federal money meant to improve water infrastructure in the state, the Environmental Protection Agency said Friday.

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In honor of Tax Day…clustering of high-likelihood audit cases

Note how the IRS tries to focus limited audit resources on returns with characteristics likely to predict cheating using mathematical modeling. I like the quote about its success from the IRS publication – elegant bureaucratic understatement.

AP Exclusive: Likely tax cheats flock South, West

http://news.yahoo.com/ap-exclusive-likely-tax-cheats-flock-south-west-115201378.html

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Legislative update on Senate budget proposal from Tax Policy Center

Comments from the Tax Policy Center (nonpartisan) on Senate budget proposal, centering on tax expenditures that benefit the upper end of the income distribution – you will see a name you know from our class discussion of tax expenditures:

TaxVox blog – Tax Policy Center  (Joint project of Urban Institute and Brookings Institution) – “Why the tax cuts in the Senate budget don’t add up

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Why the Tax Cuts in the Senate Budget Don’t Add up

Comments from the Tax Policy Center (nonpartisan) on Senate budget proposal, centering on tax expenditures that benefit the upper end of the income distribution:

http://taxvox.taxpolicycenter.org/2013/03/21/why-the-tax-cuts-in-the-senate-budget-dont-add-up/

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Recent Fed actions re: the crisis; unemployment post-crisis – structural or cyclical?

Janet Yellen, now Vice Chair of the Federal Reserve Board of Governors (you remember her from the Budgets and Fiscal Policy module of our class) delivered these remarks on February 11, 2013 – an excellent and clear summary of the Fed’s dual mandate and its actions in response to the fiscal crisis as well as current stance.  I commend it to you.

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