All national governments agreed to abide by the "rules of the game" under the gold standard. The defense of a fixed exchange rate was required.
A monetary system known as the "gold standard" links a currency's value directly to gold. As a result, the money is guaranteed by the government and can be exchanged for a specific amount of gold. A fixed exchange rate helps to ensure the smooth flow of money from one country to another.
Gold standard means, The amount of gold that a nation's central bank or treasury kept constituted the upper limit on its money supply. Any change in its gold holdings had to be accompanied by an equal adjustment in the number of outstanding local currency units.
According to the "rules of the game," nations that lost gold were required to raise interest rates and reduce their money supply, while nations that gained gold were required to lower interest rates.
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State & Local Revenue
Taxes represent the largest single source of revenue for state and local governments. Additional sources of state and local government revenue include intergovernmental transfers from the federal government, or from state to local governments, selective sales taxes, and direct charges for utilities, licenses, or entities such as higher education institutions and insurance trusts. For the 20 years, 1996-2015 state and local governments derived approximately 45 percent of revenues from taxes, 18 percent of revenues from the federal government, and approximately 25 percent from service and utility charges.
State and local governments collect tax revenues from three primary sources: income, sales, and property taxes. Income and sales taxes make up the majority of combined state tax revenue, while property taxes are the largest source of tax revenue for local governments, including school districts. Tax revenues fluctuate in response to changes in economic conditions and tax policies.
For the past 20 years, property taxes have accounted for approximately 31 percent of all state and local government tax revenue, with sales and income taxes each accounting for approximately one-quarter of total revenues. Other levies, which includes selective sales taxes, such as for alcohol and tobacco, and licenses, such as for hunting and motor vehicle operation, account for nearly 18 percent. These percentages may be different for a given year within the period. Property taxes are the most volatile, ranging from 25 percent to nearly 57 percent, and sales taxes are the least volatile, ranging from 21 percent to 35 percent. Income taxes ranged from 21.5 percent to 44 percent.
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