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Conference Paper
Tax reform and capital formation
Journal Article
Consumption taxes : macroeconomic effects and policy issues
Proposals for fundamental reform of the federal tax code are receiving increased attention in the business press and among economic analysts and policymakers. President Bush has identified tax reform as a top priority, calling for a tax system that is ?pro-growth, easy to understand, and fair to all.? Moreover, the President has appointed a commission to consider different approaches to tax reform. One approach might be to improve the current income-based federal tax code, perhaps by broadening the tax base and lowering income-tax rates. However, another approach might be to replace current ...
Journal Article
Tax reform and aggregate spending
Journal Article
Legislative update : Dividend tax cuts
Working Paper
Why Has the Stock Market Risen So Much Since the US Presidential Election?
This paper looks at the evolution of U.S. stock prices from the time of the Presidential elections to the end of 2017. It concludes that a bit more than half of the increase in the aggregate U.S. stock prices from the presidential election to the end of 2017 can be attributed to higher actual and expected dividends. A general improvement in economic activity and a decrease in economic policy uncertainty around the world were the main factors behind the stock market increase. The prospect and the eventual passage of the corporate tax bill nevertheless played a role. And while part of the rise ...
Journal Article
Assessing the generational gap in future living standards through generational accounting
Figuring out how to equalize the tax burden across generations is easy. Deciding who's going to pay for it is the hard part.
Conference Paper
Tax reform and financial markets
Journal Article
The dynamic impact of fundamental tax reform part 2 : extensions
In this second of two articles on the economic impact of fundamental tax reform, Gregory Huffman and Evan Koenig extend their earlier framework for analyzing how the adoption of a flat-rate consumption tax would affect the economy over time. They argue that if tax reform is to be successful in stimulating investment and raising long-run living standards, then it is important that ways be found to avoid increasing the rate of labor-income taxation. Increases in labor-income tax rates can undo the positive economic effects of a cut in the rate of capital-income taxation. Conversely, cuts in ...
Journal Article
Interview with James Poterba
James Poterba, MIT economist and incoming president of the National Bureau of Economic Research, on the potential for tax reform, the wealth effect of housing prices, and the future of economic research.