State governments have more financial limitations than the federal government. This is largely because states are required to operate on a balanced budget and do not have the ability to print paper money. Most states do borrow money, have income, sales, and property taxes to raise revenue. Yet, these is always a debate over whether states should raise taxes for more revenue, cut taxes in hopes the cuts will increase the tax base, or look for alternative forms of revenue. It is important for each student to understand the complexity of state income.
For this discussion, watch the video on state debt; . Then, answer the question below in at least 150 words.
Video to watch for discussion post:
U.S. states in financial crisis: Here’s why
Should cash-strapped states turn to alternative forms of revenue generation, such as legalized gambling, prostitution, and drugs, to make up for budget deficits? Why or why not? Should the state legalize and tax activities that are generally considered degrading or immoral for financial gain? If not, what alternative things can a state do to increase its revenue?
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