Transition Costs of Fundamental Tax Reform

  • Title:

    Transition Costs of Fundamental Tax Reform
  • Edited By:

    R. Glenn Hubbard,
  • Edited By:

    R. Glenn Hubbard
  • Format:

    Paperback
  • Paperback Price:

    16.95
  • Paperback ISBN:

    0844741124
  • Paperback Dimensions:

    9'' x 6''
  • 140 Paperback pages
  • Hardcover Price:

    34.95
  • Hardcover ISBN:

    0844741116
  • Buy the Book

Click here to view the full book as an Adobe PDF.

Or read by chapter:

Chapter 1: Introduction
Chapter 2: The Impact of Tax Reform in Modern Dynamic Economies
Chapter 3: Asset Price Effects of Fundamental Tax Reform
Chapter 4: Will a Consumption Tax Kill the Housing Market?

 

The Tax Reform Act of 1986 lowered marginal tax rates and broadened the tax base. Because the law won great bipartisan support and boasted a sound economic base, many economists believed that the sweeping reform would endure for years. But subsequent legislation significantly increased marginal tax rates and narrowed the tax base to produce a hodgepodge far from the economic ideal.

Once again economists and politicians are calculating and debating how another fundamental tax reform could benefit the economy and the nation. And although most economists agree that excluding capital from taxation would tremendously boost the economy, they do not agree that a sudden switch to a consumption tax would be an obvious improvement.

The authors of this volume challenge the common perception that the removal of old distortions from the tax system would seriously hurt segments of the economy. The three essays consider the understatement of benefits from fundamental reform, the perniciousness of the current tax system, the distribution of benefits from reform, the strengthening of the stock market from reforms past and future, and the stability of the housing market in the process of reform. Click here for the book summary of this book.

Authors include Donald Bruce, Center for Business and Economic Research and University of Tennessee; Kenneth L. Judd, Hoover Institution; Douglas Holtz-Eakin, Syracuse University; Andrew B. Lyon, University of Maryland; and Peter R. Merrill, PricewaterhouseCoopers. Commentators include Alan J. Auerbach, University of California; William G. Gale, Brookings Institution; and James R. Hines Jr., University of Michigan.

Kevin A. Hassett is a resident scholar at AEI. R. Glenn Hubbard is a visiting scholar at AEI and the Russell L. Carson Professor of Economics and Finance at Columbia University; President Bush has nominated him to be chairman of the Council of Economic Advisers.

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About the Author

 

Kevin A.
Hassett
  • Kevin A. Hassett is the State Farm James Q. Wilson Chair in American Politics and Culture at the American Enterprise Institute (AEI). He is also a resident scholar and AEI's director of economic policy studies.



    Before joining AEI, Hassett was a senior economist at the Board of Governors of the Federal Reserve System and an associate professor of economics and finance at Columbia (University) Business School. He served as a policy consultant to the US Department of the Treasury during the George H. W. Bush and Bill Clinton administrations.

    Hassett has also been an economic adviser to presidential candidates since 2000, when he became the chief economic adviser to Senator John McCain during that year's presidential primaries. He served as an economic adviser to the George W. Bush 2004 presidential campaign, a senior economic adviser to the McCain 2008 presidential campaign, and an economic adviser to the Mitt Romney 2012 presidential campaign.

    Hassett is the author or editor of many books, among them "Rethinking Competitiveness" (2012), "Toward Fundamental Tax Reform" (2005), "Bubbleology: The New Science of Stock Market Winners and Losers" (2002), and "Inequality and Tax Policy" (2001). He is also a columnist for National Review and has written for Bloomberg.

    Hassett frequently appears on Bloomberg radio and TV, CNBC, CNN, Fox News Channel, NPR, and "PBS NewsHour," among others. He is also often quoted by, and his opinion pieces have been published in, the Los Angeles Times, The New York Times, The Wall Street Journal, and The Washington Post.

    Hassett has a Ph.D. in economics from the University of Pennsylvania and a B.A. in economics from Swarthmore College.

  • Phone: 202-862-7157
    Email: khassett@aei.org
  • Assistant Info

    Name: Emma Bennett
    Phone: 202-862-5862
    Email: emma.bennett@aei.org

 

R. Glenn
Hubbard
  • Glenn Hubbard, a former chairman of the President's Council of Economic Advisers, is currently the dean of Columbia Business School. He specializes in public and corporate finance and financial markets and institutions. He has written more than ninety articles and books, including two textbooks, on corporate finance, investment decisions, banking, energy economics, and public policy. He has served as a deputy assistant secretary at the U.S. Treasury Department and as a consultant to, among others, the Federal Reserve Board and the Federal Reserve Bank of New York.
  • Assistant Info

    Name: Brittany Pineros
    Email: brittany.pineros@aei.org

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