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The papers in Tax Policy and the Economy Volume 31 are all directly
related to important and often long-standing issues, often
including how transfer programs affect tax rates and behavior. In
the first paper, Alan Auerbach, Laurence Kotlikoff, Darryl Koehler,
and Manni Yu take a lifetime perspective on the marginal tax rates
facing older individuals and families arising from a comprehensive
set of sources. In the second, Gizem Kosar and Robert A. Moffitt
provide new estimates of the cumulative marginal tax rates facing
low-income families over the period 1997-2007. In the third paper,
Emmanuel Saez presents evidence on the elasticity of taxable income
with respect to tax rates, drawing on data from the 2013 federal
income tax reform. In the fourth, Conor Clarke and Wojciech Kopczuk
survey the treatment of business income taxation in the United
States since the 1950s, providing new data on how business income
and its taxation have evolved over time. In the fifth paper, Louis
Kaplow argues that the reduction in statutory tax rates from
base-broadening may not reduce effective marginal tax rates on
households.
This volume presents five new studies on taxation and government
transfer programs. Alexander Blocker, Laurence Kotlikoff, Stephen
Ross, and Sergio Villar Vallenas show how asset pricing can be used
to value implicit fiscal debts, which are currently rarely measured
or adjusted for risk, while accounting for risk properties. They
apply their methodology to study Social Security. Michelle Hanson,
Jeffrey Hoopes, and Joel Slemrod examine the effects of the Tax
Cuts and Jobs Act on corporation behavior and on firms' statements
about their behavior. They focus on for four outcomes: bonuses,
investment, share repurchases, and dividends. Scott Baker, Lorenz
Kueng, Leslie McGranahan, and Brian Melzer explore whether
"unconventional" fiscal policy in the form of pre-announced
consumption tax changes can shift durables purchases
intertemporally, how it such shifts are affected by consumer
credit. Alan Auerbach discusses "tax equivalences," disparate sets
of policies that have the same economic effects, and also
illustrates when these equivalences break down. Jeffrey Liebman and
Daniel Ramsey use data from NBER's TAXSIM model to investigate the
equity implications of a switch from joint to independent taxation
that could occur in conjunction with adoption of return-free tax
filing.
The six research studies in Volume 32 of Tax Policy and the Economy
analyze the U.S. tax and transfer system, in particular its effects
on revenues, expenditures, and economic behavior. First, James
Andreoni examines donor advised funds, which are financial vehicles
offered by investment houses to provide savings accounts for
tax-free charitable giving, and weighs their effects on donations
against their tax cost. Second, Caroline Hoxby analyzes the use of
tax credits by students enrolled in online post-secondary
education. Third, Alex Rees-Jones and Dmitry Taubinsky explore
taxpayers' psychological biases that lead to incorrect perceptions
and understanding of tax incentives. Fourth, Jeffrey Clemens and
Benedic Ippolito investigate the implications of block grant
reforms of Medicaid for receipt of federal support by different
states. Fifth, Andrew Samwick examines means-testing of Medicare
and federal health benefits under the Affordable Care Act. Sixth,
Bruce Meyer and Wallace Mok study the incidence and effects of
disability among U.S. women from 1968 to 2015, examining the
impacts of disability on income, consumption, and public transfers.
This volume presents six new studies on current topics in taxation
and government spending. The first study looks at the costs of
income tax filing, which have risen over time because of the
numerous tax forms families have to fill out when filing their
taxes and because of increased costs of itemizing deductions, and
explores ways to simplify filing and reduce those costs. The second
study investigates the design of income tax schedules when there is
uncertainty about the way taxation affects household behavior. The
third study provides new and comprehensive estimates of the impact
of the US Earned Income Tax Credit on the employment of low-income
men and women, finding that the large majority of the various
expansions of that credit over the last forty years have increased
employment of single mothers. The fourth study reviews the
structure of business taxation in China and describes a number of
tax distortions and potential inefficiencies in the system. The
next paper considers how the Affordable Care Act has affected the
health insurance and labor market choices of individuals who are
between the ages of 60 and 64, and it finds increases in insurance
coverage and reductions in employment for some groups. The last
study considers how reimbursement rates for health care providers
under various government insurance programs affect providers'
willingness to take on new patients and expand their patient
capacity.
This volume presents five new studies on current topics in taxation
and government spending. Mark Shepard, Katherine Baicker, and
Jonathan Skinner explore implementation aspects of a
Medicare-for-All program, which provides a uniform health insurance
benefit to everyone, and contrast it with a program providing a
basic benefit that can be supplemented voluntarily. John Beshears,
James Choi, Mark Iwry, David John, David Laibson, and Brigitte
Madrian examine the design and feasibility of firm-sponsored "rainy
day funds," short-term savings accounts for employees that can be
used when faced with temporary periods of high expenditure. Robert
Barro and Brian Wheaton investigate the impact of taxation on
choice of corporate form, on the formation and legal structure of
new businesses, and indirectly on productivity in the economy.
Jonathan Meer and Benjamin Priday examine the impact of the 2017
federal income tax reform, which reduced marginal tax rates and the
incentive for charitable giving, on such giving. Finally, Casey
Mulligan analyzes the impact of the Affordable Care Act on whether
firms employ fewer than 50 employees, the employment threshold
below which they are exempt from the requirement to provide health
insurance to their employees.
This volume presents five new studies on current topics in taxation
and government spending. Natasha Sarin, Lawrence Summers, Owen
Zidar, and Eric Zwick study how investors respond to taxes on
capital gains, whether their incentives to invest are affected by
those taxes, and whether that responsiveness has changed over time.
Ethan Rouen, Suresh Nallareddy, and Juan Carlos Suarez Serrato
revisit the question of whether cuts to corporate taxes increase
income inequality, bringing new data and new statistical techniques
to generate fresh findings. Alan Auerbach and William Gale
investigate whether the advantages and disadvantages of different
types of taxation are affected when interest rates stay low for
long periods, as has been the case in the U.S. for many years. Nora
Gordon and Sarah Reber study the distributional impact of emergency
subsidies to schools made by the federal government during the
recent COVID pandemic and whether those subsidies were sufficient
to cover the increased school costs induced by the pandemic. Jacob
Goldin, Elaine Maag, and Katherine Michelmore investigate the
fiscal cost of an expansion of the U.S. child tax credit, which has
been discussed extensively in policy circles recently. They take
into account not only the direct expenditure on the allowance but
how cost is affected by the existence of work incentives and by
possible beneficial effects on childrens' adult earnings.
Few government programs in the United States are as controversial
as those designed to help the poor. From tax credits to medical
assistance, the size and structure of the American safety net is an
issue of constant debate. These two volumes update the earlier
Means-Tested Transfer Programs in the United States with a
discussion of the many changes in means-tested government programs
and the results of new research over the past decade. While some
programs that that experienced falling outlays in the years prior
to the previous volume have remained at low levels of expenditure,
many others have grown, including Medicaid, the Earned Income Tax
Credit, the Supplemental Nutrition Assistance Program, and
subsidized housing programs. For each program, the contributors
describe its origins and goals, summarize its history and current
rules, and discuss recipients' characteristics and the types of
benefits they receive. This is an invaluable reference for
researchers and policy makers that features detailed analyses of
many of the most important transfer programs in the United States.
Few government programs in the United States are as controversial
as those designed to help the poor. From tax credits to medical
assistance, the size and structure of the American safety net is an
issue of constant debate. These two volumes update the earlier
Means-Tested Transfer Programs in the United States with a
discussion of the many changes in means-tested government programs
and the results of new research over the past decade. While some
programs that that experienced falling outlays in the years prior
to the previous volume have remained at low levels of expenditure,
many others have grown, including Medicaid, the Earned Income Tax
Credit, the Supplemental Nutrition Assistance Program, and
subsidized housing programs. For each program, the contributors
describe its origins and goals, summarize its history and current
rules, and discuss recipients' characteristics and the types of
benefits they receive. This is an invaluable reference for
researchers and policy makers that features detailed analyses of
many of the most important transfer programs in the United States.
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