because the small increments in all future tax rates to finance interest payments involves a smaller excess burden than the … single large tax rate increase that would be required to avoid an initial increase in the national debt. This argument … tax rates can be explicitly balanced against the disadvantage of the excess burden that arises from additional debt. The …

The SVAR and narrative approaches to estimating tax multipliers deliver significantly different results. The former … mechanism. This paper uses a DSGE-model approach to evaluate the hypothesis that the different tax multipliers stemming from the … differences in estimated multipliers are due either to both models failing to identify the same tax shock, or to small …

Tax rates have fluctuated considerably since federal income taxes were introduced in the United States in 1913. This … taxation affects the after-tax returns of both risky and safe assets. Whenever taxes change, bond and equity prices adjust to … for the risk introduced by tax changes …

The paper studies the effects of tax policy on venture capital activity. Entrepreneurs pursue a single high risk … managerial advice. It considers dierential wage and capital income taxes, a comprehensive income tax, incomplete loss offset …

Much criticism of the income tax involves administration: the enormous complexity of the system is responsible for … large compliance costs, public and private, and the tax gap is large despite substantial resources devoted to enforcement … fundamental restructuring of the tax system. But evaluation of such changes is difficult because the underlying problems have not …

I examine Ronald Coase's criticism of standard regulatory and tax policies to address environmental externalities. I …. Regulation, tax, and Coasean exchange, such as through cap-and-trade regimes, are presented as substitutes, based on the relative … and tax policies, although these costs have received somewhat more attention with cap and trade regimes. Coasean exchange …

without commitment. This policy features a state-contingent macroprudential debt tax that is strictly positive at date t if a …

We propose a model consistent with two observations. First, the tax rates adopted by different countries are generally … their growth performance. In our model, the effects of taxation on growth are highly non-linear. Low or moderate tax rates … have a very small impact on long-run growth rates. But as tax rates rise, their negative impact on growth rises …