By John W. Diamond, George R. Zodrow, James A. Baker III
Major specialists on tax coverage research the complicated matters inquisitive about primary tax reform, together with the relative benefits of income-based and consumption-based taxation.
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Extra info for Fundamental Tax Reform: Issues, Choices, and Implications
Sample text
They emphasize that increasing US competitiveness by lowering the corporate tax rate also increases the number of firms in an excess credit position, and thus reduces the benefit of reform. Grubert and Altshuler conclude that burden-neutral worldwide taxation dominates the current system and the dividend exemption proposal. However, they stress that this conclusion depends on the number of businesses that maintain an excess foreign tax credit position and the response of foreign governments to changes in the US corporate tax rate.
In between are models where there is some form of interest in the size of one’s bequest, either because of a joy of giving or because the prospect of bequests can be used to elicit favorable behavior from one’s potential heirs. While the empirical evidence strongly rejects the extreme version of Barro’s predictions (Altonji et al. 1997), it is likely that observed bequests reflect a mixture of motives. Indeed this is Bernheim’s (2002, p. 1196) conclusion based on a review of our knowledge from the empirical literature.
In addition the proposal would provide for a universal tax rebate designed to ensure that poverty-level consumption for all households is tax free, indexation of Social Security benefits for any reform-induced inflation, and a significant reduction in government services so that the 23 percent rate would be fiscally sustainable. Kotlikoff and Rapson use a highly sophisticated computer program to calculate average and marginal tax rates on labor supply and on saving under the current income tax and the proposed reform.