Macroeconomic Effects Of Social Security And Tax Reform In The United States
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Macroeconomic Effects Of Social Security And Tax Reform In The United States
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Author : Dennis P. J. Botman
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2005-11-01
Macroeconomic Effects Of Social Security And Tax Reform In The United States written by Dennis P. J. Botman and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-11-01 with categories.
We use the IMF's Global Fiscal Model to evaluate recent proposals to reform social security and the tax system in the United States. Introducing personal retirement accounts is unlikely to yield significant macroeconomic benefits unless it spurs additional fiscal consolidation to prevent a large increase in government debt. Similar benefits are obtained if the social security surplus is placed in a lockbox while maintaining the same debt target. Lowering the taxation of investment income is beneficial, but only if the reform is revenue neutral. Debtneutral social security and tax reform in the United States has large positive effects on the rest of the world.
Macroeconomic And Distributional Effects Of Personal Income Tax Reforms
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Author : Mrs.Sandra V Lizarazo Ruiz
language : en
Publisher: International Monetary Fund
Release Date : 2017-09-01
Macroeconomic And Distributional Effects Of Personal Income Tax Reforms written by Mrs.Sandra V Lizarazo Ruiz and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-01 with Business & Economics categories.
This paper assesses the macroeconomic and distributional impact of personal income tax (PIT) reforms in the U.S. drawing on a multi-sector heterogenous agents model in which consumers have non-homothetic preferences and sectors differ in terms of their relative labor and skill intensity. The model is calibrated to key characteristics of the US economy. We find that (i) PIT cuts stimulate growth but the supply side effects are never large enough to offset the revenue loss from lower marginal tax rates; (ii) PIT cuts do “trickle-down” the income distribution: tax cuts stimulate demand for non-tradable services which raise the wages and employment prospects of low-skilled workers even if the tax cut is not directly incident on them; (iii) A revenue neutral tax plan that reduces PIT for middle-income groups, raises the consumption tax, and expands the Earned Income Tax Credit can have modestly positive effects on growth while reducing income polarization; (iv) The growth effects from lower income taxes are concentrated in non-tradable service sectors although the increased demand for tradable goods generate positive spillovers to other countries; (v) Tax cuts targeted to higher income groups have a stronger growth impact than tax cuts for middle income households but significantly worsen income polarization, even after taking into account trickle-down effects and an expansion of the Earned Income Tax Credit.
Taxation In The United States And Europe
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Author : Anthonie Knoester
language : en
Publisher: Springer
Release Date : 2016-07-27
Taxation In The United States And Europe written by Anthonie Knoester and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-27 with Business & Economics categories.
This book focuses on taxation and economic policy making. It contains a variety of contributions devoted to important theoretical and empirical topics of taxation. Among the issues discussed are tax reforms, the poverty trap and the Laffer curve, taxation and the inverted Haavelmo effect, the excess burden of taxation in the United States, corporation tax harmonisation and taxation policy and economic integration. In addition, it contains a survey of the tax policies actually pursued by Austria, France, Germany, Italy, the Netherlands, the United Kingdom and the United States in the 1980s and the 1990s thus providing an unique documentation for an international comparison. The book will be of interest for anyone who is professionally involved with the theory and practise of taxation.
Macroeconomic Effects Of Tax Rate And Base Changes Evidence From Fiscal Consolidations
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Author : Ms.Era Dabla-Norris
language : en
Publisher: International Monetary Fund
Release Date : 2018-09-28
Macroeconomic Effects Of Tax Rate And Base Changes Evidence From Fiscal Consolidations written by Ms.Era Dabla-Norris and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-28 with Business & Economics categories.
This paper examines the macroeconomic effects of tax changes during fiscal consolidations. We build a new narrative dataset of tax changes during fiscal consolidation years, containing detailed information on the expected revenue impact, motivation, and announcement and implementation dates of nearly 2,500 tax measures across 10 OECD countries. We analyze the macroeconomic impact of tax changes, distinguishing between tax rate and tax base changes, and further separating between changes in personal income, corporate income, and value added tax. Our results suggest that base broadening during fiscal consolidations leads to smaller output and employment declines compared to rate hikes, even when distinguishing between tax types.
The Economic Effects Of Uncompensated Changes In The Funding Of Social Security
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Author : United States. Congressional Budget Office
language : en
Publisher:
Release Date : 1991
The Economic Effects Of Uncompensated Changes In The Funding Of Social Security written by United States. Congressional Budget Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Social security categories.
Social Security Programs And Retirement Around The World
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Author : Jonathan Gruber
language : en
Publisher: University of Chicago Press
Release Date : 2009-02-15
Social Security Programs And Retirement Around The World written by Jonathan Gruber and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-02-15 with Business & Economics categories.
The future of Social Security is troubled, both in the United States and in most other developed countries with aging populations. As improvements in health care and changes in life styles enable retirees to live longer than ever before, the stress on national budgets will increase substantially. In Social Security Programs and Retirement around the World, Jonathan Gruber, David A. Wise, and experts in many countries examine the consequences of reforming retirement benefits in a dozen nations. Drawing on the work of an international group of noted economists, the editors argue that social security programs provide strong incentives for workers to leave the labor force by retiring and taking the benefits to which they are entitled. By penalizing work, social security systems magnify the increased financial burden caused by aging populations, thus contributing to the insolvency of the system. This book is a model of comparative analysis that evaluates the effects of illustrative policies for countries facing the impending rapid growth of social security benefits. Its insights will help inform one of the most pressing debates.
Privatizing Social Security
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Author : Martin Feldstein
language : en
Publisher: University of Chicago Press
Release Date : 2008-04-15
Privatizing Social Security written by Martin Feldstein and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-04-15 with Political Science categories.
This volume represents the most important work to date on one of the pressing policy issues of the moment: the privatization of social security. Although social security is facing enormous fiscal pressure in the face of an aging population, there has been relatively little published on the fundamentals of essential reform through privatization. Privatizing Social Security fills this void by studying the methods and problems involved in shifting from the current system to one based on mandatory saving in individual accounts. "Timely and important. . . . [Privatizing Social Security] presents a forceful case for a radical shift from the existing unfunded, pay-as-you-go single national program to a mandatory funded program with individual savings accounts. . . . An extensive analysis of how a privatized plan would work in the United States is supplemented with the experiences of five other countries that have privatized plans." —Library Journal "[A] high-powered collection of essays by top experts in the field."—Timothy Taylor, Public Interest
The United States Economy
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Author : Mr.Yusuke Horiguchi
language : en
Publisher: International Monetary Fund
Release Date : 1992-01-15
The United States Economy written by Mr.Yusuke Horiguchi and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-01-15 with Business & Economics categories.
This book, by a staff team headed by Yusuke Horiguchi, examines U.S. economic policy and performance in the 1980s, during which the United States enjoyed its longest peacetime expansion. Notwithstanding the buoyant growth and declines in inflation, the economy experienced low savings, current account deficits, swings in the dollar exchange rate, and structural problems--relating to the strength of financial institutions, the tax system, health care, and productivity.
Macroeconomic And Welfare Costs Of U S Fiscal Imbalances
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Author : Bertrand Gruss
language : en
Publisher: International Monetary Fund
Release Date : 2012-01-01
Macroeconomic And Welfare Costs Of U S Fiscal Imbalances written by Bertrand Gruss and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
In this paper we use a general equilibrium model with heterogeneous agents to assess the macroeconomic and welfare consequences in the United States of alternative fiscal policies over the medium-term. We find that failing to address the fiscal imbalances associated with current federal fiscal policies for a prolonged period would result in a significant crowding-out of private investment and a severe drag on growth. Compared to adopting a reform that gradually reduces federal debt to its pre-crisis level, postponing debt stabilization for two decades would entail a permanent output loss of about 17 percent and a welfare loss of almost 7 percent of lifetime consumption. Moreover, the long-run welfare gains from the adjustment would more than compensate the initial losses associated with the consolidation period.
The U S Savings Challenge
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Author : Charls E. Walker
language : en
Publisher: Westview Press
Release Date : 1990-10-25
The U S Savings Challenge written by Charls E. Walker and has been published by Westview Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990-10-25 with Business & Economics categories.
A collection of essays, studies, and discussions on the low rate of savings in the United States as compared to other industrial countries. The authors are prominent policymakers, academians and business leaders. Topics covered include the US savings and investment rate, the impact of tax policies on savings, and strategies for increasing personal and business savings.