Reform of the federal income tax system has become a perennial item on the domestic policy agenda of the United States, although there is considerable uncertainty over specifics. Indeed the recent report of the President's Advisory Panel on Federal Tax Reform recommended not one but two...

Although much academic and policy discussion has focused on replacing the income tax with a consumption-based tax, very few consumption-based direct tax reforms have been enacted. Much more common are approaches that reduce the level of capital-income taxation under an income tax, including the...

Trade-offs between economic efficiency, growth, and distributional equity permeate economics, including discussions of tax policy and tax reform. Computable general equilibrium (CGE) modeling is one tool that is often used to estimate the magnitudes of the variables that determine the...

We examine the use of dynamic overlapping generations (OLG) computable general equilibrium (CGE) models to analyze the economic effects of tax reforms, using as a paradigm our Diamond–Zodrow (DZ) model. Such models are especially well-suited to analyzing both the short-run transitional and the...

This paper focuses on a reduction in the statutory corporate income tax rate. Of course, a reduction in the corporate tax rate would have to be financed by expansion of the corporate tax base, an increase in other taxes, a reduction in spending, and/or an increase in the deficit. The analysis...

Contents -- Contributors -- List of Figures -- List of Tables -- Preface -- Overview -- 1 Directions for Fiscal Reform in the United States -- I Expenditure Programs -- 2 Medical Spending Reform and the Fiscal Future of the United States -- Discussion by Vivian Ho -- Discussion by Andrew J....

Although consumption-based direct taxation has long been advocated in academic and policy circles, very few countries have actually implemented such taxes. This article analyzes numerous attempts to implement various forms of consumption-based direct taxation around the world, drawing on the...

Section II briefly reviews the literature on the efficiency effects of the property tax. Section III presents the details of our model of local use of the property tax. Simulation results for the efficiency costs of local property taxation are presented in section IV for a variety of model...