Desperately Seeking Revenue
AbstractIn August 2009 the Congressional Budget Office warned that the budget was on an unsustainable path. Preventing federal debt from growing faster than the economy over the long-run requires large increases in revenues and/or decreases in spending. We explore, using the Urban-Brookings Tax Policy Center Model, whether incremental reforms of the current tax system could raise enough revenue to reduce the deficit to a sustainable level over the last five years of the current 10-year budget window. We conclude that feasible tax increases within the current tax structure cannot generate sufficient revenues to bring federal budget deficits under control.
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Bibliographic InfoPaper provided by Rutgers University, Department of Economics in its series Departmental Working Papers with number 201121.
Length: 20 pages
Date of creation: 18 May 2011
Date of revision:
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budget deficit; tax reform; individual taxation;
Other versions of this item:
- H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
- H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
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- Emmanuel Saez & Joel Slemrod & Seth H. Giertz, 2012.
"The Elasticity of Taxable Income with Respect to Marginal Tax Rates: A Critical Review,"
Journal of Economic Literature,
American Economic Association, vol. 50(1), pages 3-50, March.
- Emmanuel Saez & Joel B. Slemrod & Seth H. Giertz, 2009. "The Elasticity of Taxable Income with Respect to Marginal Tax Rates: A Critical Review," NBER Working Papers 15012, National Bureau of Economic Research, Inc.
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