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Neutral fiscal policy is usually undertaken when an economy is in neither a recession nor an expansion. The amount of government deficit spending (the excess not financed by tax revenue ) is roughly the same as it has been on average over time, so no changes to it are occurring that would have an effect on the level of economic activity .
In fiscal year 2005, the deficit began to shrink due to a sharp increase in tax revenue. By 2007, the deficit was reduced to $161 billion; less than half of what it was in 2004 and the budget appeared well on its way to balance once again. Fiscal policy is the application of taxation and government spending to influence economic performance.
Financial Oversight and Management Board for Puerto Rico (FOMBPR), colloquially known as La Junta de Control/Supervisión Fiscal is a government entity whose role to revise and approve the budget and obligations of the government of Puerto Rico was created by federal law PROMESA.
The SAT is responsible for collecting taxes, as well as applying fiscal and customs law, with the purpose of funding public spending in a proportional and equitable manner. Additionally, it is the bureau's responsibility to generate and collect information necessary for the formation and evaluation of fiscal policy. [3]
Fiscal sustainability, or public finance sustainability, is the ability of a government to sustain its current spending, tax and other policies in the long run without threatening government solvency or defaulting on some of its liabilities or promised expenditures.
Many public policy experts prefer the notion of "vertical fiscal asymmetry" —coined and conceptualised by Sharma (2011) [5] —over its alternative "vertical fiscal imbalance" because the former is relatively neutral [6] [7] and highlights the unfeasibility of a balance or symmetry purporting to eliminate any kind of vertical fiscal asymmetry ...
Fiscalism is a term sometimes used to refer the economic theory that the government should rely on fiscal policy as the main instrument of macroeconomic policy. Fiscalism in this sense is contrasted with monetarism, [1] which is associated with reliance on monetary policy. Fiscalists reject monetarism in a non-convertible floating rate system ...
The fiscal theory states that if a government has an unsustainable fiscal policy, such that it will not be able to pay off its obligation in future out of tax revenue (it runs a persistent structural deficit), then it will pay them off via inflating the debt away. Thus, fiscal discipline, meaning a balanced budget over the course of the ...