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accounts addition adjustment after-tax aggregate allows alternative analysis assets assumed assumptions average base baseline behavior benefits budget calculator capital stock changes consumer consumption tax corporate cost deduction demand depends determined discussed dynamic economic effects efficiency elasticity equal equation estimates example existing factors Federal Federal Reserve Board flat tax function gains growth higher households housing impact important income tax increase individual industry inflation initial interest intertemporal investment issues labor supply long run lower macroeconomic ment output parameters pension percent period present production proposals rate of return reduce relative replacement Reserve response rise Rogers rules saving saving rate sector share shows simulations spending structure studies substitution Table tax base tax policy tax rate tax reform tax system taxation tion transition University wage tax
Page 105 - Both are substantial in magnitude, but could be taxed by the "prepayment method" described by David Bradford (1986). In this approach taxes on the consumption of the services would be prepaid by including investment rather than consumption in the definition of the tax base. The prepayment of taxes on services of owner-occupied housing would remove an important political obstacle to substitution of a consumption tax for existing income taxes. At the time the substitution takes place all owner-occupiers...
Page 104 - The key assumption of our submodel of the government sector is that the government budget deficit can be specified exogenously. We add the deficit to total revenue to obtain total government spending. To arrive at government purchases of goods and services, we subtract interest paid to domestic and foreign holders of government bonds together with government transfer payments to domestic and foreign recipients. We allocate the remainder among commodity groups according to fixed shares constructed...
Page 1 - Revenue estimates. For the purposes of revenue legislation which is income, estate and gift, excise, and payroll taxes (ie, Social Security), considered or enacted in any session of Congress, the Congressional Budget Office shall use exclusively during that session of Congress revenue estimates provided to it by the Joint Committee on Taxation.
Page 117 - Prices in 1996 Agriculture Metal Mining Coal Mining Crude Oil Other Mining Construction Food Products Tobacco Textiles Apparel Lumber. Wood Furniture Paper Printing Chemicals Refining Rubber. Plastic Leather Glass, etc. Primary Metals Fab. Metals None lee.
Page 105 - For simplicity we propose to consider the economic impact of substitution at all levels simultaneously. Since an important advantage of a fundamental tax reform is the possibility, at least at the outset, of radically simplifying tax rules, it does not make much sense to assume that these rules would continue to govern state and local income taxes, even if the federal income tax were abolished. The third issue in the debate will be the economic impact of the federal deficit.
Page 251 - Gale was an assistant professor in the Department of Economics at the University of California at Los Angeles, and a senior staff economist for the Council of Economic Advisers.
Page 110 - Lumber and wood products 12 Furniture and fixtures 13 Paper and allied products 14 Printing and publishing 15 Chemicals and allied products...
Page 105 - These are politically sensitive issues and it is important to be clear about the implications of prepayment as the debate proceeds. Housing and consumers' durables must be included in the tax base in order to reap the substantial economic benefits of putting household and business capital onto the same footing.
Page 106 - Nearly two decades of economic dispute over this issue has failed to produce resolution. No doubt this dispute could continue well into the next century and preoccupy the next generation of fiscal economists, as it has the previous generation. An effective rhetorical device for insolating the discussion of fundamental tax reform from the budget debate is to limit the consideration to deficit-neutral proposals.
Page 105 - The second issue to be debated is fiscal federalism or the role of state and local governments. Since state and local income taxes usually employ the same tax bases as the corresponding federal taxes, it is reasonable to assume that substitution of consumption for income taxes at the federal level would be followed by similar substitutions at the state and local level. For simplicity we propose to consider the economic impact of substitution at all levels simultaneously.