By Louis Kaplow
the idea of Taxation and Public Economics provides a unified conceptual framework for interpreting taxation--the first to be systematically built in numerous a long time. An unique therapy of the topic instead of a textbook synthesis, the e-book includes new research that generates novel effects, together with a few that overturn long-standing traditional knowledge. This clean process should still swap considering, learn, and instructing for many years to come.
construction at the paintings of James Mirrlees, Anthony Atkinson and Joseph Stiglitz, and next researchers, and within the spirit of classics by way of A. C. Pigou, William Vickrey, and Richard Musgrave, this e-book steps again from specific traces of inquiry to contemplate the sector as a complete, together with the relationships between various economic tools. Louis Kaplow places ahead a framework that makes it attainable to scrupulously research either distributive and distortionary results of specific guidelines regardless of their advanced interactions with others. to take action, numerous reforms--ranging from commodity or property and present taxation to rules and public items provision--are mixed with a distributively offsetting adjustment to the source of revenue tax. The ensuing distribution-neutral reform package deal holds a lot consistent whereas leaving in play the particular results of the coverage device into consideration. through making use of this universal method to disparate matters, the idea of Taxation and Public Economics produces major cross-fertilization and yields ideas to formerly intractable problems.
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Sample text
There may exist a sort of political equilibrium regarding the extent of redistribution. Thus, there may be a tendency for policies—perhaps not individually, but taken as a whole over a period of time—to be implemented in a distribution-neutral fashion. Consider, for example, the 1986 Tax Reform Act in the United States, in which a vast array of tax changes, many primarily affecting particular income groups, were combined in a package, one that also included income tax rate adjustments, that purported to be both revenue neutral and distribution neutral.
Indd 27 10/16/2007 11:21:28 AM 28 chapter 2 qualitatively different from the question of whether the rich should pay more tax. How would one answer this type of query? In-depth analysis appears initially in chapter 6, but for the present consider two common features of the responses. First, efficiency will often be the central concern. As individuals are led to purchase more of some things and less of others, their utility will be affected; ordinarily, it will be reduced as distortions are introduced.
Moreover, it is difficult to link particular tax adjustments to specific reforms even in the short run because many reforms will be implemented and it may be hard to know which components would be different if others were omitted or amended. Furthermore, in the long run, a tax adjustment used to finance one program may well have been used instead to finance another program if the original one had not been enacted. And any tax adjustment made today may be modified tomorrow. Later discussion in this subsection addresses these issues in part.