Journal Article

How capital taxes harm economic growth: Britain versus the United States

Abstract: The different methods used by Great Britain and the United States to finance World War II had a significant impact on postwar economic growth in the two countries. In this article, Lee Ohanian discusses the evolution of war-finance policies in the two countries and examines how the different approaches?taxing capital income versus issuing government debt?led to differences in economic performance after the war.

Keywords: Income tax; Great Britain; War - Economic aspects;

Access Documents


Bibliographic Information

Provider: Federal Reserve Bank of Philadelphia

Part of Series: Business Review

Publication Date: 1997

Issue: Jul

Pages: 17-27