Budget Rules - Urban Institute
... Republican Congress. This was the first deficit reduction agreement of the 1990s that allowed tax cuts. It was the goal of BEA to prevent the tax cuts from being increased unless they were paid for. It ultimately failed to achieve this goal. BEA was allowed to expire at the end of fiscal 2002. Ther ...
... Republican Congress. This was the first deficit reduction agreement of the 1990s that allowed tax cuts. It was the goal of BEA to prevent the tax cuts from being increased unless they were paid for. It ultimately failed to achieve this goal. BEA was allowed to expire at the end of fiscal 2002. Ther ...
The U.S. Deficit/Debt Problem: A Longer-Run Perspective
... government spending between 1979 and 2011, while mandatory spending increased from 44 percent to 56 percent of total spending. Interest payments on the public debt increased from 8.5 percent to 15.5 percent of total spending between 1979 and 1997 but declined to just 6 percent of total spending in 2 ...
... government spending between 1979 and 2011, while mandatory spending increased from 44 percent to 56 percent of total spending. Interest payments on the public debt increased from 8.5 percent to 15.5 percent of total spending between 1979 and 1997 but declined to just 6 percent of total spending in 2 ...
Week12
... In another sense the answer is yes. For example, if future bondholders are rich, then the rich receive the interest income while the poor only bear the burden of higher taxes. ...
... In another sense the answer is yes. For example, if future bondholders are rich, then the rich receive the interest income while the poor only bear the burden of higher taxes. ...
A Proposal to Reduce the Federal Deficit and the National Debt
... spending on current programs the surplus that will be needed to pay benefits in the next century. When the bill comes due, the options will be sharp reductions in other expenditures, higher taxes, or huge deficits. Senator Daniel Moynihan (D-New York) has proposed that the Social Security Tax be red ...
... spending on current programs the surplus that will be needed to pay benefits in the next century. When the bill comes due, the options will be sharp reductions in other expenditures, higher taxes, or huge deficits. Senator Daniel Moynihan (D-New York) has proposed that the Social Security Tax be red ...
Chap012
... • If AD falls short, there is a gap between what the economy can produce and what people want to buy. • The GDP gap is the difference between full-employment output and the amount of output demanded at current price levels. LO-4 ...
... • If AD falls short, there is a gap between what the economy can produce and what people want to buy. • The GDP gap is the difference between full-employment output and the amount of output demanded at current price levels. LO-4 ...
fiscal policy
... FIGURE 10.1 Fiscal Policy in Action Panel A shows that an increase in government spending shifts the aggregate demand curve from AD0 to AD1, restoring the economy to full employment. This is an example of expansionary policy. Panel B shows that an increase in taxes shifts the aggregate demand curv ...
... FIGURE 10.1 Fiscal Policy in Action Panel A shows that an increase in government spending shifts the aggregate demand curve from AD0 to AD1, restoring the economy to full employment. This is an example of expansionary policy. Panel B shows that an increase in taxes shifts the aggregate demand curv ...
Tax Reform Trends in OECD Countries
... The rate of personal taxation on dividends has fallen in recent years, largely as a result of falls in corporate income tax rates, though there have also been cuts in the rates of personal income tax applied to dividends. Figure 3 shows the top marginal tax rates on distributions of domestic source ...
... The rate of personal taxation on dividends has fallen in recent years, largely as a result of falls in corporate income tax rates, though there have also been cuts in the rates of personal income tax applied to dividends. Figure 3 shows the top marginal tax rates on distributions of domestic source ...
towards a law of sustainable fiscal resources
... efficiency depends on other factors, which, if content having financial fiscal rules, that we will stop here briefly. First, be noted that the rules having financial content-tax figure composition to financial law and regulates many aspects of public finance, as funds available to the state (or loca ...
... efficiency depends on other factors, which, if content having financial fiscal rules, that we will stop here briefly. First, be noted that the rules having financial content-tax figure composition to financial law and regulates many aspects of public finance, as funds available to the state (or loca ...
1 - EcoMod
... others are of the opposing view. Those in support of the tax system posit that it will have an upward effect on the country’s stable revenue base and hence economic growth thus achieving the first two objectives. Second, they argue that since the proposal is approved by the federal executive council ...
... others are of the opposing view. Those in support of the tax system posit that it will have an upward effect on the country’s stable revenue base and hence economic growth thus achieving the first two objectives. Second, they argue that since the proposal is approved by the federal executive council ...
6. Public Finance
... public investment expenditures was particularly noteworthy, while on the revenues side, tax revenues as well as non-tax revenues like privatization revenues had an upward trend. Hikes in tax rates in September 2012 and early 2013, payments by TEDAŞ and BOTAŞ on overdue liabilities and remarkable inc ...
... public investment expenditures was particularly noteworthy, while on the revenues side, tax revenues as well as non-tax revenues like privatization revenues had an upward trend. Hikes in tax rates in September 2012 and early 2013, payments by TEDAŞ and BOTAŞ on overdue liabilities and remarkable inc ...
International ramifications of US tax-policy changes
... dividend-exclusion proposal is not nearly as large. Many of our results would carry over to a variety of other policies for capital-tax reduction, including the proposed dividend exclusion. Of course, however, the efficiency effects will be smaller when the policy is smaller. Note that the Bush prop ...
... dividend-exclusion proposal is not nearly as large. Many of our results would carry over to a variety of other policies for capital-tax reduction, including the proposed dividend exclusion. Of course, however, the efficiency effects will be smaller when the policy is smaller. Note that the Bush prop ...
William Gale, Samuel Brown, and Fernando Saltiel Urban-Brookings Tax Policy Center
... GDP in the four years after passage while the 1990 and 1993 budget deals reduced deficits by about 1.4 percent of GDP and 1.2 percent of GDP, respectively, over the 5 years after passage.2 The recently enacted tax bill only raised 0.3 percent of GDP in revenue over the next decade. In addition, Ame ...
... GDP in the four years after passage while the 1990 and 1993 budget deals reduced deficits by about 1.4 percent of GDP and 1.2 percent of GDP, respectively, over the 5 years after passage.2 The recently enacted tax bill only raised 0.3 percent of GDP in revenue over the next decade. In addition, Ame ...
macroeconomic policy and us competitiveness abstract
... and many state colleges, junior colleges and state universities are funded by state governments, the U.S. Department of Education manages national programs with a 2011 budget of $50 billion (plus an additional expenditure of $22 billion for Pell Grants to low-income families pursuing post-secondary ...
... and many state colleges, junior colleges and state universities are funded by state governments, the U.S. Department of Education manages national programs with a 2011 budget of $50 billion (plus an additional expenditure of $22 billion for Pell Grants to low-income families pursuing post-secondary ...
Commentary “Stimulating Growth for Development and Job Creation”
... at broadening the tax base. Reforms in the administration of taxes that began in 2010 are expected to continue through 2011. Significant is the initiative to consolidate the process of granting of exemptions and concessions under the Ghana Revenue Authority (GRA). We hope however that this will not ...
... at broadening the tax base. Reforms in the administration of taxes that began in 2010 are expected to continue through 2011. Significant is the initiative to consolidate the process of granting of exemptions and concessions under the Ghana Revenue Authority (GRA). We hope however that this will not ...
Carbon Taxes as Part of the Fiscal Solution
... GDP in the four years after passage while the 1990 and 1993 budget deals reduced deficits by about 1.4 percent of GDP and 1.2 percent of GDP, respectively, over the 5 years after passage. 2 The recently enacted tax bill only raised 0.3 percent of GDP in revenue over the next decade. In addition, Am ...
... GDP in the four years after passage while the 1990 and 1993 budget deals reduced deficits by about 1.4 percent of GDP and 1.2 percent of GDP, respectively, over the 5 years after passage. 2 The recently enacted tax bill only raised 0.3 percent of GDP in revenue over the next decade. In addition, Am ...
File
... 26. Inflation can be explained based on the Phillips Curve analysis that when the actual rate of inflation is greater than the expected rate, the unemployment rate will: A) rise temporarily, but decreases in nominal wages will decrease unemployment to its natural rate and bring the expected and actu ...
... 26. Inflation can be explained based on the Phillips Curve analysis that when the actual rate of inflation is greater than the expected rate, the unemployment rate will: A) rise temporarily, but decreases in nominal wages will decrease unemployment to its natural rate and bring the expected and actu ...
Revenue Statistics 2016
... from taxes on income (personal and corporate income taxes together) as a percentage of GDP increased from 11.4% in 2013 to 11.5% in 2014 on average (Table 1). The largest increases were in Denmark (2.9 percentage points) and Iceland (1.3 percentage points). Norway and Italy reported the largest fall ...
... from taxes on income (personal and corporate income taxes together) as a percentage of GDP increased from 11.4% in 2013 to 11.5% in 2014 on average (Table 1). The largest increases were in Denmark (2.9 percentage points) and Iceland (1.3 percentage points). Norway and Italy reported the largest fall ...
Fiscal Policy of Sri Lanka, Past and Future (PDF Available)
... in low-income, middle-income and high income countries. The reality is that high-income countries tend to tax income and property, whereas low-income countries tend to rely on indirect taxes on international trade and goods and services. The situation of Sri Lanka is alarming in this regard because, ...
... in low-income, middle-income and high income countries. The reality is that high-income countries tend to tax income and property, whereas low-income countries tend to rely on indirect taxes on international trade and goods and services. The situation of Sri Lanka is alarming in this regard because, ...
PDF - Mercatus Center
... Such tax rates would significantly reduce economic activity and would create serious problems with tax avoidance and tax evasion. Revenues would probably fall significantly short of the amount needed to finance the growth of spending; therefore, tax rates at such levels would probably not be econom ...
... Such tax rates would significantly reduce economic activity and would create serious problems with tax avoidance and tax evasion. Revenues would probably fall significantly short of the amount needed to finance the growth of spending; therefore, tax rates at such levels would probably not be econom ...
Tax Cuts and the Budget - University of California, Berkeley
... budgeting practices, and it employs a series of unrealistic assumptions regarding future taxes and spending. Our goal in adjusting the 10-year surplus figures is to derive an estimate of the resources that policymakers may reasonably choose to allocate, having incorporated responsible budget practic ...
... budgeting practices, and it employs a series of unrealistic assumptions regarding future taxes and spending. Our goal in adjusting the 10-year surplus figures is to derive an estimate of the resources that policymakers may reasonably choose to allocate, having incorporated responsible budget practic ...
Slides
... i. All agents gain from trade, although these gains are not proportionally distributed; ii. Inequality of relative revenues and utilities is higher in an open economy than in autarky given that some agents do not export; iii. Falling trade costs first increase and then decrease inequality. • Replica ...
... i. All agents gain from trade, although these gains are not proportionally distributed; ii. Inequality of relative revenues and utilities is higher in an open economy than in autarky given that some agents do not export; iii. Falling trade costs first increase and then decrease inequality. • Replica ...
fiscal policy
... investment spending because of its volatility. But changes in consumption, net exports, and government purchases can also lead to the multiplier effect. 2) “Initial change in spending” refers to an upshift or downshift of the aggregate expenditures schedule due to an upshift or downshift of one of i ...
... investment spending because of its volatility. But changes in consumption, net exports, and government purchases can also lead to the multiplier effect. 2) “Initial change in spending” refers to an upshift or downshift of the aggregate expenditures schedule due to an upshift or downshift of one of i ...
Short–Run Effects of Fiscal Policy with Forward–Looking Financial
... macroeconomic effects would have large budget consequences, and thus could significantly impede other objectives of tax policy such as efficiency and equity. Second, forward–looking financial markets offset much of the incipient short–run stimulus of a sustained personal income tax cut—roughly half ...
... macroeconomic effects would have large budget consequences, and thus could significantly impede other objectives of tax policy such as efficiency and equity. Second, forward–looking financial markets offset much of the incipient short–run stimulus of a sustained personal income tax cut—roughly half ...
The Impact of the FairTax on the Economy
... incentive for people to work more. During the first year, this leads to total employment growth of 3.5 percent in excess of the baseline scenario, which continues to grow through year 10 such that total employment is 9.0 percent above what it would have been under the baseline scenario. The impact o ...
... incentive for people to work more. During the first year, this leads to total employment growth of 3.5 percent in excess of the baseline scenario, which continues to grow through year 10 such that total employment is 9.0 percent above what it would have been under the baseline scenario. The impact o ...
Public Finance
... 1) Direct tax: where the burden (incidence) of tax is paid by the person being imposed by tax, i.e. the taxpayer & the burden of tax cannot be shifted to others. e.g: income tax, petroleum income tax, profit tax, stamp duty, road tax and real property gains tax. 2) Indirect tax: where burden of tax ...
... 1) Direct tax: where the burden (incidence) of tax is paid by the person being imposed by tax, i.e. the taxpayer & the burden of tax cannot be shifted to others. e.g: income tax, petroleum income tax, profit tax, stamp duty, road tax and real property gains tax. 2) Indirect tax: where burden of tax ...
Supply-side economics
Supply-side economics is a school of macroeconomics which argues that economic growth can be most effectively created by investing in capital, and by lowering barriers on the production of goods and services. According to supply-side economics, consumers will then benefit from a greater supply of goods and services at lower prices; furthermore, the investment and expansion of businesses will increase the demand for employees and therefore create jobs. Typical policy recommendations of supply-side economists are lower marginal tax rates and less regulation.The term ""supply-side economics"" was thought, for some time, to have been coined by journalist Jude Wanniski in 1975, but according to Robert D. Atkinson's Supply-Side Follies, the term ""supply side"" (""supply-side fiscalists"") was first used by Herbert Stein, a former economic adviser to President Nixon, in 1976, and only later that year was this term repeated by Jude Wanniski. Its use connotes the ideas of economists Robert Mundell and Arthur Laffer. Supply-side economics is likened by critics to ""trickle-down economics,"" a rhetorical term which is not an economic theory.The Laffer curve illustrates a central theory of supply-side economics, that lowering tax rates may have a positive impact on work, output, and employment and generate more government revenue than would otherwise be expected at the lower tax rate due to the tax cut's economic effect. However, the Laffer curve only measures the rate of taxation, not tax incidence, which is a stronger predictor of whether a tax code change is stimulative or dampening. In addition, studies have shown that tax cuts seldom recoup revenue losses and have minimal impact on GDP growth.