Macroeconomic Effects Of Social Security And Tax Reform In The United States

Author : Dennis P. J. Botman
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781451862270
Total Pages : 22 pages
Book Rating : 4.7X/5 ( download)

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Download or read book Macroeconomic Effects of Social Security and Tax Reform in the United States written by Dennis P. J. Botman and published by INTERNATIONAL MONETARY FUND. This book was released on 2005-11-01 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use the IMF's Global Fiscal Model to evaluate recent proposals to reform social security and the tax system in the United States. Introducing personal retirement accounts is unlikely to yield significant macroeconomic benefits unless it spurs additional fiscal consolidation to prevent a large increase in government debt. Similar benefits are obtained if the social security surplus is placed in a lockbox while maintaining the same debt target. Lowering the taxation of investment income is beneficial, but only if the reform is revenue neutral. Debtneutral social security and tax reform in the United States has large positive effects on the rest of the world.

Author :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.23/5 ( download)

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Download or read book Macroeconomic Effects of Social Security and Tax Reform in the United States written by and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Mrs.Sandra V Lizarazo Ruiz
Publisher : International Monetary Fund
ISBN 13 : 1484318226
Total Pages : 32 pages
Book Rating : 4.25/5 ( download)

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Download or read book Macroeconomic and Distributional Effects of Personal Income Tax Reforms written by Mrs.Sandra V Lizarazo Ruiz and published by International Monetary Fund. This book was released on 2017-09-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the macroeconomic and distributional impact of personal income tax (PIT) reforms in the U.S. drawing on a multi-sector heterogenous agents model in which consumers have non-homothetic preferences and sectors differ in terms of their relative labor and skill intensity. The model is calibrated to key characteristics of the US economy. We find that (i) PIT cuts stimulate growth but the supply side effects are never large enough to offset the revenue loss from lower marginal tax rates; (ii) PIT cuts do “trickle-down” the income distribution: tax cuts stimulate demand for non-tradable services which raise the wages and employment prospects of low-skilled workers even if the tax cut is not directly incident on them; (iii) A revenue neutral tax plan that reduces PIT for middle-income groups, raises the consumption tax, and expands the Earned Income Tax Credit can have modestly positive effects on growth while reducing income polarization; (iv) The growth effects from lower income taxes are concentrated in non-tradable service sectors although the increased demand for tradable goods generate positive spillovers to other countries; (v) Tax cuts targeted to higher income groups have a stronger growth impact than tax cuts for middle income households but significantly worsen income polarization, even after taking into account trickle-down effects and an expansion of the Earned Income Tax Credit.

Author : Wayne G. Vroman
Publisher :
ISBN 13 :
Total Pages : 104 pages
Book Rating : 4.63/5 ( download)

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Download or read book Macroeconomic Effects of Social Insurance on Aggregate Demand written by Wayne G. Vroman and published by . This book was released on 1969 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Jonathan Gruber
Publisher : University of Chicago Press
ISBN 13 : 0226310000
Total Pages : 552 pages
Book Rating : 4.08/5 ( download)

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Download or read book Social Security Programs and Retirement around the World written by Jonathan Gruber and published by University of Chicago Press. This book was released on 2009-02-15 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: The future of Social Security is troubled, both in the United States and in most other developed countries with aging populations. As improvements in health care and changes in life styles enable retirees to live longer than ever before, the stress on national budgets will increase substantially. In Social Security Programs and Retirement around the World, Jonathan Gruber, David A. Wise, and experts in many countries examine the consequences of reforming retirement benefits in a dozen nations. Drawing on the work of an international group of noted economists, the editors argue that social security programs provide strong incentives for workers to leave the labor force by retiring and taking the benefits to which they are entitled. By penalizing work, social security systems magnify the increased financial burden caused by aging populations, thus contributing to the insolvency of the system. This book is a model of comparative analysis that evaluates the effects of illustrative policies for countries facing the impending rapid growth of social security benefits. Its insights will help inform one of the most pressing debates.

Author : National Research Council
Publisher : National Academies Press
ISBN 13 : 0309261961
Total Pages : 230 pages
Book Rating : 4.68/5 ( download)

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Download or read book Aging and the Macroeconomy written by National Research Council and published by National Academies Press. This book was released on 2013-01-10 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.

Author : United States. Congressional Budget Office
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.34/5 ( download)

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Download or read book The Economic Effects of Uncompensated Changes in the Funding of Social Security written by United States. Congressional Budget Office and published by . This book was released on 1991 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Anthonie Knoester
Publisher : Springer
ISBN 13 : 1349228842
Total Pages : 428 pages
Book Rating : 4.43/5 ( download)

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Download or read book Taxation in the United States and Europe written by Anthonie Knoester and published by Springer. This book was released on 2016-07-27 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on taxation and economic policy making. It contains a variety of contributions devoted to important theoretical and empirical topics of taxation. Among the issues discussed are tax reforms, the poverty trap and the Laffer curve, taxation and the inverted Haavelmo effect, the excess burden of taxation in the United States, corporation tax harmonisation and taxation policy and economic integration. In addition, it contains a survey of the tax policies actually pursued by Austria, France, Germany, Italy, the Netherlands, the United Kingdom and the United States in the 1980s and the 1990s thus providing an unique documentation for an international comparison. The book will be of interest for anyone who is professionally involved with the theory and practise of taxation.

Author : Ms.Era Dabla-Norris
Publisher : International Monetary Fund
ISBN 13 : 1484377451
Total Pages : 47 pages
Book Rating : 4.51/5 ( download)

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Download or read book Macroeconomic Effects of Tax Rate and Base Changes: Evidence from Fiscal Consolidations written by Ms.Era Dabla-Norris and published by International Monetary Fund. This book was released on 2018-09-28 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the macroeconomic effects of tax changes during fiscal consolidations. We build a new narrative dataset of tax changes during fiscal consolidation years, containing detailed information on the expected revenue impact, motivation, and announcement and implementation dates of nearly 2,500 tax measures across 10 OECD countries. We analyze the macroeconomic impact of tax changes, distinguishing between tax rate and tax base changes, and further separating between changes in personal income, corporate income, and value added tax. Our results suggest that base broadening during fiscal consolidations leads to smaller output and employment declines compared to rate hikes, even when distinguishing between tax types.

Author : Martin Feldstein
Publisher : University of Chicago Press
ISBN 13 : 0226241823
Total Pages : 484 pages
Book Rating : 4.21/5 ( download)

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Download or read book Privatizing Social Security written by Martin Feldstein and published by University of Chicago Press. This book was released on 2008-04-15 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume represents the most important work to date on one of the pressing policy issues of the moment: the privatization of social security. Although social security is facing enormous fiscal pressure in the face of an aging population, there has been relatively little published on the fundamentals of essential reform through privatization. Privatizing Social Security fills this void by studying the methods and problems involved in shifting from the current system to one based on mandatory saving in individual accounts. "Timely and important. . . . [Privatizing Social Security] presents a forceful case for a radical shift from the existing unfunded, pay-as-you-go single national program to a mandatory funded program with individual savings accounts. . . . An extensive analysis of how a privatized plan would work in the United States is supplemented with the experiences of five other countries that have privatized plans." —Library Journal "[A] high-powered collection of essays by top experts in the field."—Timothy Taylor, Public Interest