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| About the Author | |
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| Preface | |
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| Fundamental Principles of Public Finance | |
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| Market Failure and the Functions of Government | |
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| Public Goods | |
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| Externalities | |
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| Failure of Competition | |
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| Privatization | |
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| Building Social Decisions from Private Preferences | |
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| Politics, Representation, and Government Finance | |
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| The Layers of Government | |
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| Conclusion | |
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| Questions and Exercises | |
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| Case for Discussion | |
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| Market Interplay, Municipal Utilities, and a Common-Pool Resource | |
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| Budgeting, Budget Structures, and Budget Reform | |
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| The Logic of the Budget Process | |
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| The Size and Growth of Government Expenditure | |
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| Budget Process and Logic | |
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| The Parts of the Public Expenditure/Public Revenue Process | |
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| A Budget's Traditional Look: The Object-of-Expenditure (or Input) Format | |
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| Functions of the Budget Process | |
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| The Budget Cycle | |
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| Executive Preparation | |
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| Legislative Consideration | |
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| Execution | |
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| Audit and Evaluation | |
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| Governmental Accounting and Financial Reporting | |
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| Budgets and Political Strategies | |
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| The Incrementalist Insight | |
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| Roles, Visions, and Incentives | |
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| Strategies | |
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| Conclusion | |
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| Questions and Exercises | |
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| Cases for Discussion | |
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| Developing and Using Budget Strategy: The Earth Resources Technology Satellite (ERTS) | |
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| Strategies in Defense of the Defense Budget | |
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| Budget Structures and Institutions: Federal and State-Local | |
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| The Federal Budget | |
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| Spending by the Federal Government | |
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| The Federal Budget Process | |
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| Fighting Federal Deficits | |
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| Federal Fiscal Policy | |
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| State and Local Budgets | |
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| Spending by State and Local Governments | |
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| Conclusion | |
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| Questions and Exercises | |
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| Case for Discussion | |
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| Federal Earmarks and the Battle against Pork | |
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| An Illustrative State Budget Process: Texas | |
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| Participatory Budgeting | |
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| Budget Methods and Practices | |
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| Preparation of Agency Budget Requests | |
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| Budget Justification | |
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| Elements of Cost Estimation | |
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| Review of Budgets | |
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| The Executive Budget: The Plan and the Balancing | |
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| Phantom Balance and Deficit Reduction | |
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| Managing Budget Execution | |
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| Internal Controls | |
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| Audit and Evaluation | |
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| Conclusion | |
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| Questions and Exercises | |
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| Cases for Discussion | |
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| Green Felt-Tip Pens, a Tape Recorder, and Embezzlement: Where Did the Budget Process Fail? | |
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| Balancing the Chicago Public School Budget | |
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| Budget Preparation, or How to Be a Budget Analyst | |
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| Budget Classifications and Reform | |
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| Alternative Budget Classifications and the Provision of Government Services | |
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| Traditional Budgets: A Flawed Tool for Decision-making (But Pretty Good for Control and Accountability) | |
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| Performance Budgets | |
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| Program Budgets | |
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| An Illustration of an Expenditure in Alternative Classifications | |
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| New Performance Budgeting: Focusing on Results/Outcomes | |
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| Some Challenges for New Performance Budgeting | |
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| Federal Integration of Performance and Budgeting: Budget and Performance Integration Initiative and the Program Assessment Rating Tool | |
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| Conclusion | |
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| Questions and Exercises | |
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| Cases for Discussion | |
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| Following Departmental Lines (and Scores?) | |
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| A View of Zero-Based Budgeting | |
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| Functional Categories of the Federal Budget | |
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| COFOG | |
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| Capital Budgeting, Public Infrastructure Investment, and Project Evaluation | |
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| Why Have a Capital Budget? | |
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| A Capital Budgeting Process | |
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| Problems in Capital Budgeting | |
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| Accounting for Time: Discounting and Compounding | |
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| Cost-Benefit Analysis | |
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| Elements in Cost-Benefit Analysis | |
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| Selecting a Discount Rate | |
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| Decision Criteria | |
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| Some Special Problems of Cost-Benefit Analysis | |
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| Conclusion | |
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| Questions and Exercises | |
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| Case for Discussion | |
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| What Does Cost Mean? | |
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| Revenue Sources, Structure, and Administration | |
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| Taxation: Criteria for Evaluating Revenue Options | |
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| Taxation in the United States: A Short Overview of the Systems | |
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| Standards for Tax Policy | |
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| Equity | |
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| Adequacy of Revenue Production | |
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| Collectability | |
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| Economic Effects | |
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| State and Local Taxes and Economic Development | |
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| Transparency | |
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| Taxes and Externalities | |
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| Conclusion | |
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| Questions and Exercises | |
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| Case for Discussion | |
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| Politics and the Protection of Tax Advantages | |
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| Major Tax Structures: Income Taxes | |
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| Some Background | |
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| The Argument about Taxing Income | |
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| For the System of Taxing Income | |
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| Against the System of Taxing Income | |
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| Individual Income Taxation | |
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| Defining Income | |
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| Adjusted Gross Income | |
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| Personal Deductions | |
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| Personal Exemptions | |
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| Taxable Income | |
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| Tax Rates | |
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| Credits | |
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| Effective Tax Rates | |
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| Indexation | |
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| Tax Computation | |
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| Corporate Income Taxation | |
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| Dividing the Base | |
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| Integration with the Individual Tax | |
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| International Harmonization | |
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| Payroll Taxation | |
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| Conclusion | |
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| Questions and Exercises | |
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| Case for Discussion | |
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| Tax Credits and Government Policy | |
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| Major Tax Structures: Taxes on Goods and Services | |
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| The Equity Question | |
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| Selective Excise Taxation | |
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| Luxury Excises | |
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| Sumptuary Excises | |
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| Benefit-Base Excises | |
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| Regulatory and Environmental Excises | |
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| Other Excises | |
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| General Taxes on Goods and Services: Retail Sales and Value-Added Taxes | |
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| Retail Sales Taxes | |
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| Exclusion of Producers' Goods | |
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| Taxation of Services | |
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| Commodity Exemptions | |
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| Variation in the State Sales Taxes | |
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| The Sales Taxes and Internet Commerce: Remote Vendors and Use Taxes | |
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| Value-Added Taxes | |
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| Value-Added Tax Features | |
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| Value-Added Tax versus Retail Sales Tax | |
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| Conclusion | |
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| Questions and Exercises | |
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| Cases for Discussion | |
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| Sales Tax and Used Cars | |
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| Girl Scout Cookies and the Snack Tax | |
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| Major Tax Structures: Property Taxes | |
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| Good Tax, Bad Tax? | |
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| The Arithmetic of Rates, Levies, and Assessed Value | |
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| Doing Assessments: Standards | |
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| Doing Assessments: Cycles | |
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| Doing Assessments: Approaches | |
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| Doing Assessments: Managing Parcel Data | |
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| Property Tax Relief Mechanisms | |
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| Exemptions and Abatements | |
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| Circuit-Breakers | |
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| Deferrals | |
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| Classification | |
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| Tax Increment Financing | |
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| Fractional Assessment and Assessment Disparity | |
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| Limits and Controls | |
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| Conclusion | |
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| Questions and Exercises | |
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| Cases for Discussion | |
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| Use-Value Assessment for Farmland: Some Operational Questions | |
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| Finding Revenue in Reassessment | |
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| Property Taxes and a World-Class House | |
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| The Property Tax versus Habitat for Humanity | |
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| Revenue from User Fees, User Charges, and Sales by Public Monopolies | |
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| User Fees and Licenses | |
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| User Charges | |
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| Advantages of User Charges | |
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| Limitations of User Charges | |
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| Charge Guidelines | |
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| Public Monopoly Revenue: Utilities, Liquor Stores, and Gambling Enterprises | |
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| Government Utilities | |
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| Liquor Stores | |
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| Government Gambling Enterprises: Lotteries and Offtrack Betting | |
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| Conclusion | |
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| Questions and Exercises | |
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| Cases for Discussion | |
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| Entrepreneurial Revenues in State Parks | |
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| User Charges for Social Purposes: London Congestion Charge | |
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| Collecting Taxes | |
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| Why Do People and Businesses Pay the Tax They Owe? | |
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| Taxpayer Active or Taxpayer Passive? | |
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| The Core Functions of Tax Collection | |
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| Taxpayer Registration/Service | |
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| Declaration of Assessment | |
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| Revenue and Taxpayer Accounting | |
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| Delinquency Control, Compliance, and Collections | |
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| Audit | |
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| Appeal or Protest | |
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| Enforcement | |
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| Total Collection Cost | |
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| Conclusion | |
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| Questions and Exercises | |
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| Case for Discussion | |
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| The Kursk Tax Inspector | |
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| Revenue Forecasts, Revenue Estimates, and Tax Expenditure Budgets | |
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| Revenue Forecast (or Baseline) | |
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| General Guides for Revenue Forecasts | |
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| Alternative Methods for Forecasting | |
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| Univariate Projections and Extrapolations | |
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| Deterministic Modeling | |
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| Multiple Regression | |
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| Econometric Models | |
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| Microdata Models | |
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| Choosing the Method | |
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| Forecasts for the Long Term | |
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| Wrong Forecasts | |
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| Revenue Estimating | |
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| Tax Expenditure Budgets | |
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| Conclusion | |
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| Questions and Exercises | |
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| The State of Minnesota Tax Expenditure Budget: Criteria and Measurement | |
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| Intergovernmental Fiscal Relations: Diversity and Coordination | |
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| Correspondence and Subsidiarity | |
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| What about Economic Advantage from Bigness? | |
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| Fiscal Disparity | |
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| Coordination and Assistance: Tax Systems | |
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| Coordination and Assistance: Grants | |
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| Categorical Grants | |
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| Block Grants | |
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| Revenue Sharing (General-Purpose Fiscal Assistance) | |
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| States and School Aid | |
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| Coordination and Assistance: Mandates | |
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| Conclusion | |
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| Questions and Exercises | |
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| Cases for Discussion | |
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| It Worked Once, But Would It Work Again? | |
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| Correspondence, Subsidiarity, and the Tenn-Tom Waterway | |
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| Administering Debt, Working Capital, and Pension Funds | |
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| Debt Administration | |
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| Federal Debt | |
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| State and Local Government (Municipal) Debt | |
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| Municipal Bonds and the Tax Reform Act of 1986 | |
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| Appropriate Debt Policy | |
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| The Mechanics of Bond Values | |
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| Debt Structure and Design | |
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| Ratings | |
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| Credit Enhancements | |
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| Underwriting, Interest Rates, and Ownership | |
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| Lease-Purchase Finance and Certificates of Participation | |
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| Conclusion | |
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| Questions and Exercises | |
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| General Principles of State Debt Management | |
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| Managing Funds: Cash Management and Employee Retirement Funds | |
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| The Cash Budget and Cash Management | |
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| Elements of Cash Management | |
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| Accelerating Collections | |
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| Controlling Disbursements | |
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| Consolidating Balances | |
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| Investing Idle Funds | |
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| Treasury Bills | |
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| Other Federal-Agency Issues | |
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| Negotiable Certificates of Deposit | |
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| Commercial Paper | |
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| Repurchase Agreements and Reverse Repurchase Agreements | |
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| State and Local Debt | |
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| State Investment Pools | |
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| Money-Market Mutual Funds | |
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| Keeping Score (Measuring Performance) | |
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| Managing Public Employee Retirement Funds | |
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| Critical Issues in Public Employee Retirement Fund Management | |
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| Conclusion | |
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| Questions and Exercises | |
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| Cases for Discussion | |
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| Managing Cash for the Sheriff's Interest? | |
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| The Underfunded West Virginia Public Employees' Pension Fund | |
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| Some Websites for Fiscal Administration Data and Information | |
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| Glossary | |
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| Selected Bibliography | |
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| Index | |