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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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A Broader Perspective on the Tax Reform Debate

A Broader Perspective on the Tax Reform Debate

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

Michael J. Boskin

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231143653.003.0017

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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