Near-term policy
How might expectations of a near-term policy reversal weaken fiscal policy depend on changes in tax rates?
Expert
A reduction in tax rates might be enacted to stimulate consumer spending. If households attain the tax cut but expect it to be reversed in the near future, they might hesitate to rise their spending. Believing that tax rates will increase again (and possibly concerned that they will rise to rates higher than before the tax cut), households may instead save their added after-tax income in anticipation of requiring to pay taxes in the future.
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Final Budget: Usually refers to the Governor’s Budget as amended by actions taken on the Budget Bill (example, legislative changes, and Governor’s vetoes). Note
Change Book System: The system the Department of Finance employs to record all the legislative modifications (comprising changes stated by the Administration and approved by the Legislature) made to the Governor's Budget and the last actions on the bu
Federal Funds: For legal basis budgeting purposes, categorization of funds into which the money received in trust from an agency of the federal government will be deposited and finished by a state department in accordance with state and/or federal rul
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