This paper analyzes a new way of reducing the major individual tax expenditures: capping the total amount that tax expenditures as a whole can reduce each individual's tax burden. More specifically, we examine the effect of limiting the total value of the tax reduction resulting from tax...

Medicare currently transfers roughly $200 billion annually to the elderly. The difference between Medicare expenditures flowing into the state and annual Medicare taxes leaving the state - both on an annual and a lifetime basis - varies widely across states. Lifetime Medicare transfers, defined...