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The Impact of Labor Taxes on Labor Supply - An International Perspective (Hardcover)
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The Impact of Labor Taxes on Labor Supply - An International Perspective (Hardcover)
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As the Bush-era tax cuts are set to expire in 2010, ambitious
health care legislation is moving through Congress, and entitlement
programs are growing at unsustainable rates, U.S. policymakers face
important questions about the optimal size and scope of federal
spending. The federal government finances its spending through
labor taxes, including taxes on income, payroll, and
consumption-taxes that generate significant disincentives for
employment. In Taxes, Transfers, and Labor Supply: An International
Perspective, Richard Rogerson contends that the unintended
consequences of increased labor taxes would be too large for
policymakers to ignore. Rogerson compares fifty years of time
series data from the United States and fourteen other OECD
countries. He finds that a 10 percentage point increase in the tax
rate on labor leads to a 10 to 15 percent decrease in hours of
work. Even a 5 percent decrease in hours worked would mean a
decline in labor market productivity equating to a serious
recession. But, whereas recessions are temporary, changes in
government spending patterns have permanent repercussions. Although
government spending provides citizens with many important benefits,
these benefits must be weighed against the disincentivizing effects
of increased labor taxes. Policymakers who fail to account for this
decrease in labor productivity risk expanding government programs
beyond the economy's ability to support them.
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