Tackling the tax code efficient and equitable ways to raise revenue edited by Jay Shambaugh and Ryan Nunn (1/2020).
“Taxation is an enduring focus of economic policy debates. Substantial reforms and changes in tax rates happen every decade: as policymakers propose new ideas, they tend to match them with new revenues or a revised tax code. This volume contributes to that vital discussion with policy options for raising revenue in efficient and equitable ways. In this volume we present a series of policy options, authored by leading tax experts and backed by rigorous analysis, to increase federal revenue in ways that are both efficient and equitable. The policies include better tax enforcement, improved corporate taxation, increased taxation of wealth and inheritances, and taxes on financial and other transactions. Some options represent alternatives to each other; these provide informed choices for policymakers tasked with raising federal revenue. But the proposals share the goal of efficiently raising more revenue in a way that increases the burden on high earners while largely shielding low earners. Th ere are many reasons to raise more tax revenue. For example, the latest budget forecasts suggest that a persistent gap between federal revenue and federal spending will grow over time and thus generate a persistently increasing debt-to-GDP ratio. Even policymakers comfortable with current debt levels may wish to phase in additional revenue over time to stabilize or slow the increase in debt…”
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