Investment: Lifting the Burden: Tax Reform, the Cost of Capital, and U.S. Economic Growth

Neuausgabe 2001
ISBN: 978-0-262-10091-5
Verlag: Penguin Random House LLC

Buch, Englisch, 504 Seiten, Format (B × H): 162 mm x 235 mm, Gewicht: 803 g

Reihe: Investment

This book presents a comprehensive treatment of the cost-of-capital
approach for analyzing the economic impact of tax policy. This approach has provided
an intellectual impetus for reforms of capital income taxation in the United States
and around the world. The cost of capital and the marginal effective tax rate are
combined with estimates of substitution possibilities by businesses and households
in analyzing tax and spending programs. This makes it possible to evaluate tax
reforms and changes in government spending. Studies of the economic impact of tax
policies have taken two forms. First, the cost of capital has been incorporated into
investment functions in macroeconomic models, which are used to model the short-run
responses to tax policy changes. Second, the cost-of-capital approach has been
integrated into applied general-equilibrium models used in evaluating the long-run
economic effects of tax reforms.The cost-of-capital approach suggests two avenues
for tax reform. One would retain the income tax base of the existing U.S. tax
system, but would equalize tax burdens on all forms of assets as well as average and
marginal tax rates on labor income. The other would substitute consumption for
income as a tax base, while equating average and marginal tax rates on labor
income.

Autoren/Hrsg.

Jorgenson, Dale Weldeau

Jorgenson, Dale W.

Yun, Kun-Young

Fachgebiete

• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Anlagen & Wertpapiere
• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensfinanzen Betriebliches Steuerwesen
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Unternehmensfinanzierung
• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensfinanzen Finanzierung, Investition, Leasing

Über Autor(innen)

Jorgenson, Dale W.
Dale W. Jorgenson is Samuel W. Morris University Professor of Economics at Harvard
University.

Yun, Kun-Young
Kun-Young Yun is Professor of Economics at Yonsei University, Korea.

Kun-Young Yun is Professor of Economics at Yonsei University,
Korea.