Constraints aimed at controlling the deficit place a premium on the revenue effects of proposals within the budget horizon, which is typically five years. Yet, many tax provisions have uneven patterns of cost: long-run costs may differ in magnitude, and even direction, from the short-run costs. Examples include tax treatment of intangibles, investment subsidies, prospective indexation of capital gains and "backloaded" vs. "frontloaded" individual retirement accounts. Some provisions, such as tax payment speedups, may be driven solely by budget considerations. This paper proposes one solution-to require a standardized form of revenue estimating, based on present value calculations.
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Volume (Year): 19 (1993) Issue (Month): 4 (Fall) Pages: 481-494 Download reference. The following formats are available: HTML
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Find related papers by JEL classification: E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy K34 - Law and Economics - - Other Substantive Areas of Law - - - Tax Law
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