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Articles 61 - 71 of 71
Full-Text Articles in Social and Behavioral Sciences
Notes On Displaced Ces Functional Forms, Don Fullerton
Notes On Displaced Ces Functional Forms, Don Fullerton
Don Fullerton
This document shows how to add another parameter to a Constant Elasticity of Substitution (CES) utility function, derive demand functions, and solve for indirect utility and expenditure functions for the evaluation of money metric utility welfare changes from a price or tax change. It also shows how to calibrate the model, by solving backwards for the parameters that must have existed to generate the observed data.
Tax Neutrality And Intangible Capital, Don Fullerton, Andrew Lyon
Tax Neutrality And Intangible Capital, Don Fullerton, Andrew Lyon
Don Fullerton
The Tax Reform Act of 1986 (TRA) attempts to "level the playing field" between equipment and other tangible assets by repealing the investment tax credit that was available only for equipment. This change may not increase economic efficiency, however, if there exist substantial amounts of intangible capital. Advertising along with research and development (R & D) are viewed as investments in goodwill and production expertise. As forms of intangible capital, they receive the significant tax advantage of immediate expensing rather than delayed depreciation deductions. This chapter finds that effective tax rates are mismeasured when this investment is ignored. The United …
The Indexation Of Interest, Depreciation, And Capital Gains And Tax Reform In The U.S., Don Fullerton
The Indexation Of Interest, Depreciation, And Capital Gains And Tax Reform In The U.S., Don Fullerton
Don Fullerton
The Treasury's 1984 plan is a more comprehensive income tax, including the indexation of interest, depreciation, and capital gains. The 1985 President's proposal retains some of this indexation. The author measures the incentives under each regime to make marginal investments in the corporate, noncorporate and housing sectors. Inflation causes current effective tax rates to rise for some assets and fall for others. Overall rates fall with inflation, and the corporate tax is completely offset by credits, allowances, and deductions. Under the proposals, the corporate tax reemerges, effective tax rates are much more uniform, and the interference of inflation is virtually …
Uncertain Parameter Values And The Choice Among Policy Options, Don Fullerton, Andrew Lyon
Uncertain Parameter Values And The Choice Among Policy Options, Don Fullerton, Andrew Lyon
Don Fullerton
We use a tax policy example to show how debate on the value of an elasticity parameter translates into a debate about policy choices. To construct this example, suppose that the choice among four particular tax reform options is based on a single measure of efficiency gain. For each reform, we show how the size of this gain depends upon the elasticity of saving with respect to the net rate of return. Moreover, within quite narrow and reasonable bounds for the elasticity parameter, we find regions in which each of three different tax reforms turns out to dominate the others.
Long-Run Effects Of The Accelerated Cost Recovery System, Don Fullerton, Yolanda K. Henderson
Long-Run Effects Of The Accelerated Cost Recovery System, Don Fullerton, Yolanda K. Henderson
Don Fullerton
No abstract provided.
Which Effective Tax Rate?, Don Fullerton
Transition Losses Of Partially Mobile Industry-Specific Capital, Don Fullerton
Transition Losses Of Partially Mobile Industry-Specific Capital, Don Fullerton
Don Fullerton
No abstract provided.
Replacing The U.S. Income Tax With A Progressive Consumption Tax : A Sequenced General Equilibrium Approach, Don Fullerton, John B. Shoven, John Whalley
Replacing The U.S. Income Tax With A Progressive Consumption Tax : A Sequenced General Equilibrium Approach, Don Fullerton, John B. Shoven, John Whalley
Don Fullerton
This paper examines the welfare consequences of changing the current U.S. income tax system to a progressive consumption tax. We compute a sequence of single period equilibria in which savings decisions depend on the expected future return to capital. In the presence of existing income taxes, the U.S. economy is assumed to lie on a balanced growth path. With the change to a consumption tax, individuals save more and initially consume less. As the capital stock grows, consumption eventually overtakes that of the original path, and the economy approaches the new balanced growth path with higher consumption and a greater …
On The Possibility Of An Inverse Relationship Between Tax Rates And Government Revenues, Don Fullerton
On The Possibility Of An Inverse Relationship Between Tax Rates And Government Revenues, Don Fullerton
Don Fullerton
When Arthur Laffer and other 'supply side advocates' plot total tax revenue as a function of a particular tax rate, they draw an upward-sloping segment called the normal range, followed by a downward-sloping segment called the prohibitive range. A brief literature review indicates that tax rates on the prohibitive range in theoretical and empirical models have been the result of particularly high tax rates, high elasticity parameters, or both. The labor tax rate which maximizes total revenue, for example, will depend on the assumed labor supply elasticity. This paper introduces a new curve which summarizes the tax rate and elasticity …
Corporate Tax Integration In The United States: A General Equilibrium Approach, Don Fullerton, A. Thomas King, John B. Shoven, John Whalley
Corporate Tax Integration In The United States: A General Equilibrium Approach, Don Fullerton, A. Thomas King, John B. Shoven, John Whalley
Don Fullerton
This paper presents estimates of static and dynamic general equilibrium resource allocation effects for four alternative plans for corporation and personal income tax integration in the United States. A medium-scale numerical general equilibrium model is used which integrates the U.S. tax system with consumer demand behavior by household and producer behavior by industry.
Estimating The Distribution Of Tax Burdens: A Comparison Of Different Approaches, Don Fullerton, Shantayanan Devarajan, Richard A. Musgrave
Estimating The Distribution Of Tax Burdens: A Comparison Of Different Approaches, Don Fullerton, Shantayanan Devarajan, Richard A. Musgrave
Don Fullerton
No abstract provided.