Frank Shafroth State of Taxing paper 5-2014.docx

    Frank Shafroth's brief essay 'State of Taxing'  provides a highly informed perspective on i) the trends in sub-national taxation and intergovernmental transfers in the US, Canada and Germany; and ii) the relationship between these trends and fiscal distress and the bankruptcy of sub-national governments such as the City of Detroit.  It will provide sobering food for thought for all those in both the developed and emerging markets interested in intergovernmental fiscal relations, sub-national infrastructure finance, municipal creditworthiness, financial distress and bankruptcy. Frank Shafroth is one of the most astute observers of sub-national public finance in the US and other OECD countries. He currently serves as Director, Center for State and Local Government Leadership, George Mason University in northern Virginia, USA where he directs the Municipal Sustainability Project. He is also the publisher of a widely followed eBlog focused on municipal bankruptcy events and processes. I will be posting the June 12, 2014 version as an example soon.