Regional Economic Models, Inc. introduces Tax-PI, a new tool for evaluating the total fiscal and economic effects of tax policy changes. Tax-PI is based on over 30 years of experience in modeling the economic effects of tax policy changes. As states begin to demand better methods for estimating the economic and fiscal impacts of alternative tax scenarios, they look to experts to respond with sophisticated, flexible and relevant tools that can meet their needs.
Tax-PI is a ready-to-use dynamic fiscal and economic impact model which captures the direct, indirect and induced fiscal and economic effects of taxation and other policy changes over multiple years (up to 2050).
Tax-PI is a valuable tool for modeling the complete dynamic economic and demographic impacts of any manner of tax policy change. States need to thoroughly evaluate both the short and long-term effects of any tax changes in order to best serve the people. Tax-PI allows state agencies to do so with a model backed by years of dependability and experience.
Revenues: Customizable table that users calibrate to reflect actual or projected revenue details for the current, past or future fiscal years.
Taxes: Dynamic capability to adjust state specific tax revenues. Users assign tax-specific variables to each of the custom revenue categories in order to track the fiscal effects of policy changes along with the economic effects. There is also a built-in feedback mechanism that automatically feeds revenue impacts back into the model to account for price and disposable income changes, adjusting government spending accordingly.
Expenditures: A customized state government expenditure module that allows the user to calibrate to state-level expenditure details for current, past, or future fiscal years.