Write a 3-4 page summary memorandum for an assumed senior-level official (whether in the public or private sector) who is not well versed in public finance on the following two subjects: 1. Summarize operation and characteristics of the following sources of local/state revenue: sales/excise tax, property tax, personal income tax, and user fees. For each one of these revenue sources, briefly discuss their operation (how they work) and briefly note some of their characteristics (fairness—vertical and horizontal equity; adequacy—stability and elasticity; simplicity and neutrality). Of the above-cited revenue sources, which would you emphasize and why? Reference ITEP 2011, briefly NCSL 2004 and Brunori 2001. 

2. Based on the Tax Foundation Study—“Facts and Figures 2019: How Does Your State Compare?