Found 38 article(s) for author 'tax reform'

A ‘wealth tax’ presents a revenue estimation puzzle

A ‘wealth tax’ presents a revenue estimation puzzle. Lawrence Summers, April 4, 2019, Opinion,“Sen. Elizabeth Warren (D-Mass.) recently proposed a 2 percent “wealth tax” on those worth more than $50 million. Emmanuel Saez and Gabriel Zucman, economists at the University of California at Berkeley, have played a major role in developing and validating this proposal. They estimate that the tax would raise $187 billion in 2019 (Warren’s additional 1 percent “billionaire surcharge” brings their total revenue estimate to $212 billion). This represents a substantial sum and has been widely quoted in both academic and policy discussions of wealth taxation.Link

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Fair, comprehensive tax reform is the right path forward

Fair, comprehensive tax reform is the right path forward. Lawrence Summers, March 28, 2019, Opinion, “Over the last several weeks, we have paid careful attention to tax proposals by Representative Alexandria Ocasio-Cortez of New York, for a 70 percent marginal tax rate on top earners, and by Senator Elizabeth Warren of Massachusetts, for a wealth tax on those worth more than $50 million.Link

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A broader tax base that closes loopholes would raise more money than plans by Ocasio-Cortez and Warren

A broader tax base that closes loopholes would raise more money than plans by Ocasio-Cortez and Warren. Lawrence Summers, March 28, 2019, Opinion, “Tax reform debates have been transformed in recent weeks by a shift in emphasis from revenue raising and progressivity to an emphasis on going after the rich for the sake of equality and justice. Bold proposals from Representative Alexandria Ocasio-Cortez of New York, for a 70 percent marginal tax rate on top earners, and from Senator Elizabeth Warren of Massachusetts — a 2020 Democratic presidential candidate — for a wealth tax on those worth more than $50 million have attracted widespread attention.Link

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Economy is fragile, recession could occur, Harvard professor warns

Economy is fragile, recession could occur, Harvard professor warns. Martin Feldstein, July 18, 2018, Video, “Renowned Harvard professor and economist Martin Feldstein said the Federal Reserve would not be prepared if a recession were to occur soon. Feldstein told FOX Business Opens a New Window. ’ Maria Bartiromo during an interview on “Mornings with Maria Opens a New Window. ” on Wednesday that the economy is in good shape because of low unemployment Opens a New Window. and inflation, but despite that, it is still very fragile.Link

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Is tax reform working? Not if you’re a worker in need of a raise

Is tax reform working? Not if you’re a worker in need of a raise. Jason Furman, July 10, 2018, Opinion, “We now have about six months of macroeconomic data since the passage of the 2017 tax cut, reform, scam, or whatever you want to call it — since the “Tax Cut and Jobs Act” name was removed in the amendment process.Link

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Tax Reform, Round One

Tax Reform, Round One. Mihir Desai, May-June 2018, Opinion, “The Trump Administration’s successful efforts at tax legislation stand out as the primary achievement of its first year. But the hurried, largely furtive drafting, and rush to passage at the end of 2017, have helped obscure the new tax regime’s real impact. Much of the reporting and debate has focused on the politicking that went into passing the bill, and the purported effect on the federal budget deficit.Link

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The macroeconomic effects of the 2017 tax reform

The macroeconomic effects of the 2017 tax reform. Robert Barro, Jason Furman, March 4, 2018, Paper, “In December 2017, Congress enacted the most sweeping set of tax changes in a generation, lowering statutory tax rates for individuals and businesses and altering the tax base—in some cases to remove distortionary tax preferences and in some cases to create new ones. The law generated substantial debate on many issues, notably about its long-term impact on the capital-labor ratio, GDP per worker, real wages and, in the transition to the new steady state, economic growth. One of us (Robert) joined a group of economists (Wall Street Journal, November 26, 2017) to argue that the corporate-tax part of the tax reform would have substantially positive long-term effects in all of these dimensions. Another of us (Jason) was a consistent critic of the law.Link

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Employee bonuses are a tax reform ‘gimmick,’

Employee bonuses are a tax reform ‘gimmick,’. Lawrence Summers, January 28, 2018, Opinion, “Larry Summers Employee bonuses are a tax reform ‘gimmick,’ Larry Summers says Former Treasury Secretary and Obama administration economic advisor Larry Summers said Friday that recent employee bonuses are stunts and not reflective of long-term hopes for prosperity that tax cuts are supposed to bring.Link

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