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Working Paper
Measuring Income and Wealth at the Top Using Administrative and Survey Data
Volz, Alice Henriques; Sabelhaus, John Edward; Bricker, Jesse; Krimmel, Jacob (2015-04-28)
Administrative tax data indicate that U.S. top income and wealth shares are substantial and increasing rapidly (Piketty and Saez 2003, Saez and Zucman 2014). A key reason for using administrative data to measure top shares is to overcome the under-representation of families at the very top that plagues most household surveys. However, using tax records alone restricts the unit of analysis for measuring economic resources, limits the concepts of income and wealth being measured, and imposes a rigid correlation between income and wealth. The Survey of Consumer Finances (SCF) solves the ...
Finance and Economics Discussion Series , Paper 2015-30

Working Paper
Majority Voting in a Model of Means Testing
Glomm, Gerhard; Ravikumar, B.; Cardak, Buly A. (2018-06-01)
We study a model of endogenous means testing where households differ in their income and where the in-kind transfer received by each household declines with income. Majority voting determines the two dimensions of public policy: the size of the welfare program and the means-testing rate. We establish the existence of a sequential majority voting equilibrium and show that the means-testing rate increases with the size of the program but the fraction and the identity of the households receiving the transfers are independent of the program size. Furthermore, the set of subsidy recipients does ...
Working Papers , Paper 2018-14

Report
Addressing Housing Shortages through Tax Abatement
Willen, Paul S. (2024-03-28)
Rising rents, often attributed to a shortage of available housing, spotlight the urgent need to accelerate housing construction, particularly in Boston and other “superstar cities” where rents have been rising acutely. This report looks at the potential efficacy and costs of one particular policy option to jump-start residential construction: incentivizing developers to build by granting them tax abatements for new construction.
Current Policy Perspectives , Paper 2024-2

Working Paper
The Value of Unemployment Insurance: Liquidity vs. Insurance Value
Liu, Kaixin; Hernandez Martinez, Victor (2022-05-18)
This paper argues that the value of unemployment insurance (UI) can be decomposed into a liquidity component and an insurance component. While the liquidity component captures the value of relieving the cost to access liquidity during unemployment, the insurance component captures the value of protecting the worker against a potential permanent future income loss. We develop a novel sufficient statistics method to identify each component that requires only the labor supply responses to changes in the potential duration of UI and severance payment and implement it using Spanish administrative ...
Working Papers , Paper 22-16

Working Paper
Report on the Potential Impacts of Property Tax Abatement on Rental Housing Construction in Boston
Alejandro, Patricia; Carter, Mary Ellen; DiPasquale, Denise; Glaeser, Edward Ludwig; Guren, Adam M.; Willen, Paul S. (2024-01-01)
Boston’s high housing costs reflect a historic failure to build enough units to satisfy demand. Interest rates and construction costs have risen recently, and the flow of new market-rate residential housing projects has slowed. To spur more construction, the City of Boston is considering various policy options. Our committee was asked by Boston Mayor Michelle Wu to assess the market impacts of one of these options: real estate tax abatements. This report presents our analysis of the likely effects on the number of units constructed and the costs to taxpayers of various tax abatement ...
Working Papers , Paper 24-1

Working Paper
The TCJA and Domestic Corporate Tax Rates
Dobridge, Christine L.; Kennedy, Patrick; Landefeld, Paul; Mortenson, Jacob (2023-12-15)
We study changes in tax positions for U.S. C corporations following passage of the 2017 tax legislation commonly known as the Tax Cuts and Jobs Act (TCJA). While existing research has focused primarily on publicly traded companies, data limitations have prevented more holistic analyses of the corporate sector. Using a representative sample of U.S. corporate tax returns, we highlight how trends in effective tax rates (ETRs) and exposure to the legislationâ€™s main provisions varied for public, private, multinational, domestic, and large versus small firms. We document several novel facts, ...
Finance and Economics Discussion Series , Paper 2023-078

Discussion Paper
Declines in Low-Cost Rented Housing Units in Eight Large Southeastern Cities
Lueders, Abram; Carpenter, Ann; Immergluck, Daniel (2016-05-01)
From the last quarter of 2012 to the last quarter of 2015, median rents rose 23.4 percent in the South, according to the Census Bureau. Accordingly, an increasing number of households in the South are cost-burdened, which is defined as a household spending more than 30 percent of its income on housing. A growing number of households spend over 50 percent of their income on rent, making them severely cost-burdened. The percentage of such severely cost-burdened households with incomes below $35,000 reached 80 percent in 2014 in eight central cities in the Southeast (Atlanta, Birmingham, ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2016-3

Working Paper
How Taxes and Required Returns Drove Commercial Real Estate Valuations over the Past Four Decades
Ling, David C.; Hendershott, Patric H.; Duca, John V. (2017-01-27)
We document the evolution of U.S. tax law regarding commercial real estate (CRE) since 1975, noting changes in income and capital gains tax rates and tax depreciation methods. The most prominent changes were the 1981 and 1986 Tax Acts, but numerous significant changes occurred in the last dozen years. We then compute the present value of tax depreciation per dollar of acquisition price and an effective tax rate for CRE. We explain the quarterly variation in CRE capitalization rates using an error correction framework and find that the long run estimates are statistically significant in the ...
Working Papers , Paper 1703

Working Paper
Fiscal Forward Guidance: A Case for Selective Transparency
Waki, Yuichiro; Fujiwara, Ippei (2017-06-01)
Should the fiscal authority use forward guidance to reduce future policy uncertainty perceived by private agents? Using dynamic stochastic general equilibrium models, we examine the welfare effects of announcing future fiscal policy shocks. Analytical as well as numerical experiments show that selective transparency is desirable?announcing future fiscal policy shocks that are distortionary can be detrimental to ex ante social welfare, whereas announcing nondistortionary shocks generally improves welfare. Sizable welfare gains are found with constructive ambiguity regarding the timing of a ...
Globalization Institute Working Papers , Paper 318

Working Paper
Effects of Gentrification on Homeowners: Evidence from a Natural Experiment
Ding, Lei; Hwang, Jackelyn (2020-04-16)
A major overhaul of the property tax system in 2013 in the city of Philadelphia has generated significant variations in the amount of property taxes across properties. This exogenous policy shock provides a unique opportunity to identify the causal effects of gentrification, which is often accompanied by increased property values, on homeowners’ tax payment behavior and residential mobility. The analysis, based on a difference-in-differences framework, suggests that gentrification leads to a higher risk of delinquency on homeowners’ tax bills on average, but there was no sign of a ...
Working Papers , Paper 20-16

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