This study uses tax reform data for U.S. nonfinancial corporations for the period 1971-82 to estimate the importance of restrictions on the ability of firms to use tax credits and to obtain refunds for tax losses. The authors' results suggest that the incidence of such unused tax benefits...

The population of the United States is aging. The authors review a variety of the implications this has for U.S. national saving rates and discuss the policy issues that they raise. After reviewing what different models would predict for household saving over the next several decades, they...