{"title":"费城所得税:解决市政财政困难的办法","authors":"M. Beck","doi":"10.1086/bullnattax41787769","DOIUrl":null,"url":null,"abstract":"Late in 1939 the City of Philadelphia took a pioneering step in local finance and enacted a tax on earned income. This measure climaxed a decade of financial distress, during which time declining real estate valuations resulted in an average annual loss of $20 million in real estate revenues. To meet the loss, Philadelphia first curtailed expenditures and then turned to unsound fiscal expedients: overestimation of yearly receipts, flotation of loans to meet current expenses, and short-changing of the sinking fund through excessive valuation of sinking fund assets.","PeriodicalId":162826,"journal":{"name":"The Bulletin of the National Tax Association","volume":"15 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"1947-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"THE PHILADELPHIA INCOME TAX: A SOLUTION TO MUNICIPAL FINANCIAL DIFFICULTIES\",\"authors\":\"M. Beck\",\"doi\":\"10.1086/bullnattax41787769\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Late in 1939 the City of Philadelphia took a pioneering step in local finance and enacted a tax on earned income. This measure climaxed a decade of financial distress, during which time declining real estate valuations resulted in an average annual loss of $20 million in real estate revenues. To meet the loss, Philadelphia first curtailed expenditures and then turned to unsound fiscal expedients: overestimation of yearly receipts, flotation of loans to meet current expenses, and short-changing of the sinking fund through excessive valuation of sinking fund assets.\",\"PeriodicalId\":162826,\"journal\":{\"name\":\"The Bulletin of the National Tax Association\",\"volume\":\"15 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"1947-12-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"The Bulletin of the National Tax Association\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1086/bullnattax41787769\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"The Bulletin of the National Tax Association","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1086/bullnattax41787769","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
THE PHILADELPHIA INCOME TAX: A SOLUTION TO MUNICIPAL FINANCIAL DIFFICULTIES
Late in 1939 the City of Philadelphia took a pioneering step in local finance and enacted a tax on earned income. This measure climaxed a decade of financial distress, during which time declining real estate valuations resulted in an average annual loss of $20 million in real estate revenues. To meet the loss, Philadelphia first curtailed expenditures and then turned to unsound fiscal expedients: overestimation of yearly receipts, flotation of loans to meet current expenses, and short-changing of the sinking fund through excessive valuation of sinking fund assets.
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