Budget institutions and fiscal policy in the U.S. states

Article Abstract:

The roles of fiscal institutions in balanced-budget regulations are examined by studying the financial practices of various states in the US. Studies made by Alt & Lowry in 1994 and Bohn and Inman in 1995 show a relationship between state fiscal policies and state balanced budget regulations. Legal provisions that prohibit a state from balancing its budget using extra-legal measures play a role in fiscal policy formulation.

All Other Nondepository Credit Intermediation, Fiscal Policy, NONDEPOSITORY INSTITUTIONS, Financial Institutions NEC, Financial institutions, State budgets

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Inter-asset differences in effective estate-tax burdens

Article Abstract:

The explanation regarding how discretionary valuation and minority discounts can reduce the effective estate-tax rates on some asset classes are discussed. The results suggest that eliminating the estate tax will have a larger impact on the incentive to invest in marketable assets that are easy to value than on the investment incentives for more specialized assets or closely held businesses.

Tax Administration, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Taxes, Asset Valuation & Distribution, Taxation, Tax administration and procedure, Investments, Asset valuation

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Employer stock and 401(k) plans

Article Abstract:

The extent of undiversified company-stock investment in 401(k) plan assets and the cost of such investments from an employee's perspective are evaluated. A range of policy actions that could address the excessive concentration of retirement plan assets is discussed.

Retirement Benefits, Employee Loan & Savings Plans, Employee incentives, Salary reduction savings plans, 401K plans

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