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Rainy Day Funds Have Grown as State Tax Revenue Strengthens

Author

Listed:
  • Jaeheung Bae
  • Huixin Bi

Abstract

Many state governments have seen solid growth in their tax revenues over the past couple of years. We show that recent changes in the federal tax code contributed to the uptick in state revenues. In addition, we show that states have used the recent revenue windfall to build up rainy day funds at a much faster pace than they did before the Great Recession.

Suggested Citation

  • Jaeheung Bae & Huixin Bi, 2019. "Rainy Day Funds Have Grown as State Tax Revenue Strengthens," Economic Bulletin, Federal Reserve Bank of Kansas City, issue October 1, pages 1-4, October.
    • Handle: RePEc:fip:fedkeb:00009
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    File URL: https://www.kansascityfed.org/documents/5433/2019-Rainy%20Day%20Funds%20Have%20Grown%20as%20State%20Tax%20Revenue%20Strengthens.pdf
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    More about this item

    Keywords

    State Revenue; U.S. Federal Tax Code; State Government; Revenue; Taxation;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General

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