Federal Finance Issues that Affect the States Sam Rosen-Amy August 2014.

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Presentation transcript:

Federal Finance Issues that Affect the States Sam Rosen-Amy August 2014

Federal Spending in the States Main Types of Federal Spending in the States Grants Contracts Salaries and wages Direct payments Retirement Non-Retirement

Federal Spending in the States FY 2010 outlays relative to state GDP Source: Pew analysis of the U.S. Census Bureau’s Consolidated Federal Funds Report data. 36% 12% National AAverage

Federal Grants as Share of States’ Revenues FY 2012 Source: Pew analysis of the U.S. Census Bureau’s Annual Survey of State Government Finances data.

Federal Grants as a Percentage of State Revenues Source: Pew analysis of the U.S. Census Bureau’s Annual Survey of State Government Finances data. 35.4%

Federal Grants to States Over Time Total Budget Authority, Adjusted for Inflation Base FY 2008 Source: Pew analysis of Federal Funds Information for States data. 18% Recession

Trends in Federal Grants to States Change in FY 2008 to FY 2014 Total Budget Authority, Adjusted for Inflation Source: Pew analysis of Federal Funds Information for States data.

Mark Robyn August 2014 Federal – State Tax Connections

Economic impact Federal-State Tax Connections Statutory links between state and federal tax codes Assistance through the federal tax code

Economic impact Federal-State Tax Connections Statutory links between state and federal tax codes Assistance through the federal tax code

Conformity Simplicity Compliance Ease of administration Revenue Uncertainty Pros Cons

Conformity: Starting Points

Conformity: Types of Provisions Deductions Credits e.g.: Earned Income Tax Credit e.g.: Child Care Credit e.g.: Itemized Deductions

Economic impact Federal-State Tax Connections Statutory links between state and federal tax codes Assistance through the federal tax code

Federal Support to States Through the Tax Code Federal deduction for state and local taxes paid Federal exclusion of interest on state and local bonds Reduced taxes by $45 billion Reduced taxes by $26 billion

Economic impact Federal-State Tax Connections Statutory links between state and federal tax codes Assistance through the federal tax code

Geographic Distribution: Mortgage Interest Deduction Average deduction per tax filer, by state, 2011

pewtrusts.org/fiscal-federalism