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Author:Kotlikoff, Laurence J. 

Working Paper
Generational accounting: a new approach for understanding the effects of fiscal policy on saving

An application of generational accounting to fiscal policies that feature intergenerational redistribution. The authors consider different policies, only some of which show up as a change in the deficit, and explore their impact on the net national saving rate.
Working Papers (Old Series) , Paper 9107

Working Paper
Generational accounts: a meaningful alternative to deficit accounting

A presentation of a set of generational accounts that can be used as an alternative to the federal budget deficit in assessing intergenerational policy, concluding that the fiscal burdens on future generations will be significantly larger than those on existing generations if current tax policy remains unchanged.
Working Papers (Old Series) , Paper 9103

Journal Article
Assessing the impact of income tax, social security tax, and health care spending on U.S. saving rates

An assessment of the effects of proposed reductions in income and Social Security taxes on middle-income Americans and of cuts in health care spending, using the generational accounting method to examine their likely impact on both current and future national saving rates.
Economic Review , Volume 28 , Issue Q IV , Pages 13-21

Working Paper
The impact of Social Security and other factors on the distribution of wealth

Auerbach et al. (1995), document the dramatic postwar increase in the annuitization of the resources of America?s elderly. Gokhale et al. (1996) suggest that greater annuitization may explain the significant postwar rise in the consumption propensity of the elderly out of remaining lifetime resources. Gokhale et al. (2000) consider the related point that increased annuitization will reduce bequests, especially for lower and middle-income households, whose entire earnings are taxed under Social Security. By differentially disenfranchising the children of the poor from receipt of inheritances, ...
Working Papers (Old Series) , Paper 9913

Working Paper
Understanding the postwar decline in United States saving: a cohort analysis

An analysis of the postwar decline in U.S. national saving that decomposes changes in the net national saving rate into those due to changes in cohort-specific consumption propensities, the intergenerational distribution of resources, the rate of government spending, and demographics. ; A review and expansion of Calomiris, Kahn, and Longhofer's (1994) cultural affinity theory of discrimination in the residential mortgage market, which is based on the idea that lenders find it easier or less costly to evaluate the creditworthiness of applicants with whom they have a common experiential ...
Working Papers (Old Series) , Paper 9518

Journal Article
Generational accounts and lifetime tax rates, 1900-1991

An update of the baseline generational accounts reported in the 1993 federal budget that extends the analysis to lifetime net tax rates--the taxes that a generation pays, less the Social Security and other transfer benefits that it receives, as a share of income over its entire lifetime.
Economic Review , Volume 29 , Issue Q I , Pages 2-13

Working Paper
Did the 2017 Tax Reform Discriminate against Blue State Voters?

The Tax Cut and Jobs Act of 2017 (TCJA) made significant changes to corporate and personal federal income taxation, including limiting the SALT (state and local property, income and sales taxes) deductibility to $10,000. States with high SALT tend to vote Democratic. This paper estimates the differential effect of the TCJA on red- and blue-state taxpayers and investigates the importance of the SALT limitation to this differential. We calculate the effect of permanent implementation of the TCJA on households using The Fiscal Analyzer: a life-cycle, consumption-smoothing program incorporating ...
FRB Atlanta Working Paper , Paper 2019-7

Journal Article
Restoring generational balance in U.S. fiscal policy: what will it take?

A study of the magnitudes of tax increases, transfer cuts, or reductions in government purchases that would be needed to rectify the huge imbalance in the generational stance of U.S. fiscal policy, concluding that congressionally proposed outlay reductions in nondefense and non-Social Security spending would still be insufficient to bridge the gap.
Economic Review , Issue Q I , Pages 2-12

Working Paper
Social Security's treatment of postwar Americans: how bad can it get?

The authors consider Social Security?s treatment of postwar Americans under alternative tax increases and benefit cuts that would help bring the system?s finances into present-value balance. The alternatives include immediate tax increases, eliminating the ceiling on taxable payroll, immediate and sustained benefit cuts, raising the system?s normal retirement age, switching from wage to price indexing in calculating benefits, and limiting the price indexing of benefits. The choices made among these and other alternatives have important consequences for which postwar generations (and which of ...
Working Papers (Old Series) , Paper 9912

Working Paper
How much should Americans be saving for retirement?

How much should Americans save prior to retirement? Given Social Security's shaky financial condition, this is a critical question for baby boomers. A financial planning program-ESPlanner-is applied to data from the Health and Retirement Survey (HRS) to consider the amount that households approaching retirement should save.
Working Papers (Old Series) , Paper 0002

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