Deitz, Richard; Haughwout, Andrew F.; Steindel, Charles - In: Current Issues in Economics and Finance 16 (2010) Jun/Jul
In the wake of the most recent U.S. recession, both New York State and New Jersey have faced multibillion-dollar budget gaps. An analysis of the makeup of their budgets reveals that the states' heavy reliance on personal income taxes--particularly from high-wage earners in the finance...