Fundamental Issues in Consumption Taxation
David F. Bradford discusses key concepts in consumption and income taxes and identifies the problems of a transition to a consumption-based system. He addresses how such a transition would affect interest rates and shows how price changes would alter the distribution of gains and losses.
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Moderating Transition Effects
K Should Old Capital Be Taxed?
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added tax adjustment costs American Enterprise Institute amount Arthur Andersen asset prices basis Bradford burden business tax cash flow Chairman and CEO compensating consumption tax consumption type consumption-based tax consumption-type tax deduction difference discussed Economic economists equity example flat tax fundamental tax reform gains Glenn Hubbard holders incentive income type increase individual interest rate inventory investor invoice-and-credit Kaplow loss lump-sum tax market value ment oil gusher old savings one-time tax outlays owner-occupied housing percent Policy Studies President and CEO price level purchases rate of interest rate of return rate of tax recipient Resident Fellow Resident Scholar result retail sales tax revenue risk taking risk-free interest rate saving and investment self-averaging sition stage of production subject to tax subtraction-method value-added tax sumption tax switch tax base tax liability tax paid tax policy tax rate tax system taxable tion tran transactions U.S. Treasury USA tax Visiting Scholar wages wealth owners workers