Tax Reform And Public Sector Investment In Human Capital
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The Federal Reserve Bank of San Francisco presents the full text of an article entitled "Tax Reform and Public Sector Investment in Human Capital," by Steven P. Cassou and Kevin J. Lansing. The article discusses the welfare and growth effects of various fundamental tax reforms in an economy where public sector expenditures contribute to human capital formation.
Author | : Kevin J. Lansing |
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Total Pages | : 0 |
Release | : 2007 |
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This paper evaluates the efficiency implications of various fundamental tax reforms in an infinite-horizon endogenous growth model with public-sector investment in human capital. A fully optimal reform requires the government to adjust its expenditures on education, training, or R&D to take into account the tax incentives that are put in place to encourage private investment in these areas. So-called "revenue neutral" reforms (which address tax incentives but not public expenditures) can thus bring about a suboptimal mix of public and private investment in human capital. In quantitative simulations, we find that the appropriate size of government can be quite important for efficiency and that reforms which ignore this idea by maintaining public expenditures at pre-reform levels can miss out on a large portion of the available welfare gains from moving to a consumption-based tax system.
Author | : Steven P. Cassou |
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Total Pages | : 0 |
Release | : 2002 |
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This paper examines the economic effects of various fundamental tax reforms in a model with two types of public-sector expenditures; one type contributes to human capital formation while the other provides direct utility to households. We show that a fully-optimal reform requires the government to tax private consumption and adjust its spending to achieve the efficient levels of public investment and public consumption relative to output. Using quantitative simulations, we demonstate that the appropriate size of government can be quite important for efficiency. Revenue-neutral tax reforms (which adjust the tax structure but not the size of government) can miss out on a large portion of the available welfare gain from moving to a consumption-based tax system. Most studies of tax reform abstract from this issue completely because public-sector expenditures are assumed to be entirely wasteful. Our findings are robust to a variety of calibrations for which the optimal size of government can be either smaller or larger than the U.S. baseline. Under some calibrations, imposing revenue-neutrality can nearly erase the efficiency gains from shifting to a consumption tax. Overall, our results highlight the importance of taking into account both sides of the government's budget when assessing the potential benefits of fundamental tax reform.
Author | : Martin Feldstein |
Publisher | : University of Chicago Press |
Total Pages | : 134 |
Release | : 2007-12-01 |
Genre | : Business & Economics |
ISBN | : 0226241858 |
Economists have long recognized the importance of capital accumulation for productivity and economic growth. The National Bureau of Economic Research is currently engaged in a study of the relationship between such accumulation and taxation policies, with particular focus on saving, risk-taking, and corporate investment in the United States and abroad. The papers presented in Taxes and Capital Formation are accessible, nontechnical summaries of fourteen individual research projects within that study. Complete technical reports on this research are published in a separate volume, The Effects of Taxation on Capital Accumulation, also edited by Martin Feldstein. By addressing some of the most critical policy issues of the day with a minimum of economic jargon, Taxes and Capital Formation makes the results of Bureau research available to a wide audience of policy officials and staff as well as to members of the business community. The volume should also prove useful for courses in public policy, business, and law. In keeping with Bureau tradition, the papers do not contain policy recommendations; instead, they promote a better understanding of how the economy works and the effects of specific policies on particular aspects of the economy.
Author | : Bonnie G. Mani |
Publisher | : Rowman & Littlefield |
Total Pages | : 67 |
Release | : 2009 |
Genre | : Human capital |
ISBN | : 073912787X |
Women, Men, and Human Capital Development in the Public Sector: Return on Investments analyzes the gap in wages paid to women and men who work for federal, state, and local governments; factors that contribute to disparities in pay; and organizational strategies for narrowing the gap. The gender gap in wages and status is closing. Changes in public policies and social and organizational changes have facilitated the development of human capital. However, many systemic, sociopsychological, and social barriers still limit women's career advancement in the public sector. American women earn approximately eighty cents for every dollar earned by men. Women hold less than 30 percent of executive positions in the private sector as well as federal, state, and local governments. This study analyzes factors, both legal and illegal, that lead to inequities in the pay and status of men and women. In recent turbulent economic times many organizations have eliminated jobs, facilitated early retirements, and lost employees frustrated by the lack of opportunities for advancement. Proactive organizations prepare for the unexpected by fully developing their human capital. Public policies have been less than effective in closing the wage gap, due in part to American culture and individual women's choices. Women are more likely than men to complete lower levels of education, enter the workforce later in life, and occupy lower-level positions. For these reasons the gender-based wage gap may never close, but, as the author points out, investments in human capital development may facilitate women's career advancement and narrow the gap. The author develops specific strategies for narrowing the wage gap and explores avenues of implementation. Book jacket.
Author | : United States. Congress. Joint Economic Committee. Subcommittee on Economic Growth and Stabilization |
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Total Pages | : 288 |
Release | : 1978 |
Genre | : Capital investments |
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Author | : Nouriel Roubini |
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Total Pages | : 48 |
Release | : 1994 |
Genre | : Capital levy |
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This paper examines the effects of taxation of human capital, physical capital and foreign assets in a multi-sector model of endogenous growth. It is shown that in general the growth rate is reduced by taxes on capital and labor (human capital) income. When the government faces no borrowing constraints and is able to commit to a given set of present and future taxes, it is shown that the optimal tax plan involves high taxation of both capital and labor in the short run. This allows the government to accumulate sufficient assets to finance spending without any recourse to distortionary taxation in the long run. When restrictions to government borrowing and lending are imposed, the model implies that human and physical capital should be taxed similarly.
Author | : Douglas Allen Lauriston Auld |
Publisher | : |
Total Pages | : 50 |
Release | : 1985 |
Genre | : Business & Economics |
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Author | : OECD |
Publisher | : OECD Publishing |
Total Pages | : 157 |
Release | : 2010-11-03 |
Genre | : |
ISBN | : 9264091084 |
This report investigates how tax structures can best be designed to support GDP per capita growth.
Author | : United States. Congress. House. Committee on Ways and Means |
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Total Pages | : 172 |
Release | : 1973 |
Genre | : Taxation |
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