Panel Discussion: The Future Of State And Local Government Finance

Obsolescence is an extreme condition. According to the online Merriam-Webster Dictionary, something becomes obsolete when it is "No longer in use or no longer useful." By this definition, if the sales tax is becoming obsolete, it is on its way out. New taxes with much broader bases, at least in their theoretically pure form, are the wave of the future. Old taxes such as the sales tax, designed for a twentieth-century economy, will become "Extinct" well before the twenty-first century ends.

Provided by: Federal Reserve Bank of St. Louis Topic: CXO Date Added: Oct 2010 Format: PDF

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