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Investment - Lifting the Burden: Tax Reform, the Cost of Capital, and U.S. Economic Growth (Paperback)
Loot Price: R1,332
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Investment - Lifting the Burden: Tax Reform, the Cost of Capital, and U.S. Economic Growth (Paperback)
Series: Investment
Expected to ship within 10 - 15 working days
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This book presents a comprehensive treatment of the cost-of-capital
approach for analyzing the economic impact of tax policy. This
approach has provided an intellectual impetus for reforms of
capital income taxation in the United States and around the world.
The cost of capital and the marginal effective tax rate are
combined with estimates of substitution possibilities by businesses
and households in analyzing tax and spending programs. This makes
it possible to evaluate tax reforms and changes in government
spending. Studies of the economic impact of tax policies have taken
two forms. First, the cost of capital has been incorporated into
investment functions in macroeconomic models, which are used to
model the short-run responses to tax policy changes. Second, the
cost-of-capital approach has been integrated into applied
general-equilibrium models used in evaluating the long-run economic
effects of tax reforms. The cost-of-capital approach suggests two
avenues for tax reform. One would retain the income tax base of the
existing U.S. tax system, but would equalize tax burdens on all
forms of assets as well as average and marginal tax rates on labor
income. The other would substitute consumption for income as a tax
base, while equating average and marginal tax rates on labor
income.
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