Investment: Lifting the Burden: Tax Reform, the Cost of Capital, and U.S. Economic Growth

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Dale W. Jorgenson (Harvard University) Kun-Young Yun

Investment

Name: Investment
Price: 85 AUD
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ISBN: 9780262529655

Lifting the Burden: Tax Reform, the Cost of Capital, and U.S. Economic Growth

Dale W. Jorgenson (Harvard University), Kun-Young Yun

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English

MIT Press
27 June 2001

Economic growth; Investment & securities

Series: Investment

A presentation of the cost-of-capital approach for analyzing the economic impact of tax policy.

This book presents a comprehensive treatment of the cost-of-capital approach for analyzing the economic impact of tax policy. This approach has provided an intellectual impetus for reforms of capital income taxation in the United States and around the world. The cost of capital and the marginal effective tax rate are combined with estimates of substitution possibilities by businesses and households in analyzing tax and spending programs. This makes it possible to evaluate tax reforms and changes in government spending. Studies of the economic impact of tax policies have taken two forms. First, the cost of capital has been incorporated into investment functions in macroeconomic models, which are used to model the short-run responses to tax policy changes. Second, the cost-of-capital approach has been integrated into applied general-equilibrium models used in evaluating the long-run economic effects of tax reforms.

The cost-of-capital approach suggests two avenues for tax reform. One would retain the income tax base of the existing U.S. tax system, but would equalize tax burdens on all forms of assets as well as average and marginal tax rates on labor income. The other would substitute consumption for income as a tax base, while equating average and marginal tax rates on labor income.

By: Dale W. Jorgenson (Harvard University), Kun-Young Yun
Imprint: MIT Press
Country of Publication: United States
Dimensions: Height: 229mm, Width: 152mm, Spine: 32mm
Weight: 658g
ISBN: 9780262529655
ISBN 10: 0262529653
Series: Investment
Pages: 496
Publication Date: 27 June 2001
Recommended Age: From 18 years
Audience: Professional and scholarly , Undergraduate
Format: Paperback
Publisher's Status: Active

Dale W. Jorgenson is Samuel W. Morris University Professor of Economics at Harvard University. Kun-Young Yun is Professor of Economics at Yonsei University, Korea.