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Lessons for Tax Policy in the Great Recession

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  • Slemrod, Joel

Abstract

While policymakers struggle with identifying and enacting the appropriate short-term policy response to the financial crisis and economic downturn of 2008, 2009, and perhaps beyond, both academics and policymakers are examining the causes of the crisis and what lessons this might bring to bear on longer-term policy. In this paper, I offer some speculations about the lessons for tax policy, and the analysis of tax policy, from the Great Recession. What did we get wrong? What did we underestimate the importance of? What do we need to think more about? One conclusion is that public finance economists need to better integrate the economic analysis of taxation with the concerns and expertise of macroeconomists, finance economists, and accountants. This is especially important for obtaining a better understanding of financial institutions, whose behavior is affected by the tax, accounting, and regulatory rules they face, rules that are inter-related but not coordinated.

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Bibliographic Info

Article provided by National Tax Association in its journal National Tax Journal.

Volume (Year): 62 (2009)
Issue (Month): 3 (September)
Pages: 387-97

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Handle: RePEc:ntj:journl:v:62:y:2009:i:3:p:387-97

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Cited by:
  1. Ruud A. de Mooij & Michael Keen & Masanori Orihara, 2013. "Taxation, Bank Leverage, and Financial Crises," IMF Working Papers 13/48, International Monetary Fund.
  2. José Mª Durán-Cabré & Alejandro Esteller-Moré, 2014. "Tax professionals' view of the Spanish tax system: efficiency, equity and tax planning," Working Papers 2014/5, Institut d'Economia de Barcelona (IEB).
  3. Michael Keen & Ruud A. de Mooij, 2012. "Debt, Taxes, and Banks," IMF Working Papers 12/48, International Monetary Fund.
  4. Horvath, B.L., 2013. "The impact of Taxation on Bank Leverage and Asset Risk," Discussion Paper 2013-076, Tilburg University, Center for Economic Research.

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