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Joseph Stiglitz, Aaron Edlin, and J. Bradford DeLong

Print publication date: 2011

Print ISBN-13: 9780231143653

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231143653.001.0001

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PRINTED FROM COLUMBIA SCHOLARSHIP ONLINE (www.columbia.universitypressscholarship.com). (c) Copyright University of Minnesota Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CUPSO for personal use.date: 24 September 2021

A Broader Perspective on the Tax Reform Debate

A Broader Perspective on the Tax Reform Debate

(p.141) Chapter 17 A Broader Perspective on the Tax Reform Debate
The Economists' Voice

Michael J. Boskin

Columbia University Press

This chapter takes a broad-ranging look at the tax reform debate. The publication of the 2005 report of the President's Advisory Panel on Tax Reform prompted many economists to think about the problems of the U.S. tax system. The nine members of the panel outlined two reform plans: The Simplified Income Tax Plan (SIT) and the Growth and Investment Tax Plan (GIT). The SIT and GIT, in essence, swap capping or eliminating the popular deductions for abolition of the alternative minimum tax (which would eventually prevent a growing fraction of Americans from fully realizing the value of these deductions in any event). They also make the Bush tax rate cuts permanent. Both plans stabilize federal taxes at the 18 percent of GDP historical average. This is by far the most important aspect of the proposals. The remainder of the chapter discusses five big-picture tests to judge tax reform proposals.

Keywords:   tax policy, taxation, President's Advisory Panel on Tax Reform, tax system, economic growth, tax reform, simplified income tax, growth and investment tax

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