Holdings: Public finance and public policy

Public finance and public policy:

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Bibliographic Details
Main Author:	Gruber, Jonathan 1965- (Author)
Format:	Book
Language:	English
Published:	New York, NY Worth Publ. c 2013
Edition:	4. ed.
Subjects:	Finanzwirtschaft Steuer Finance, Public Fiscal policy Public welfare > Finance Taxation Finanzpolitik Finanzwissenschaft
Online Access:	Inhaltsverzeichnis
Item Description:	Includes bibliographical references and index
Physical Description:	getr. Zählung Ill., graph. Darst.
ISBN:	9781429278454 1429278455

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adam_text	Titel: Public finance and public policy Autor: Gruber, Jonathan Jahr: 2013 Brief Contents Contents.......................................................................................vii Preface.....................................................................................xxvii PART I Introduction and Background 1 Why Study Public Finance?..............................................................................1 2 Theoretical Tools of Public Finance ..............................................................25 3 Empirical Tools of Public Finance.................................................................63 4 Budget Analysis and Deficit Financing...........................................................91 PART II Externalities and Public Goods 5 Externalities: Problems and Solutions.........................................................121 6 Externalities in Action: Environmental and Health Externalities.......................149 7 Public Goods.............................................................................................183 8 Cost-Benefit Analysis..................................................................................207 9 Political Economy......................................................................................229 10 State and Local Government Expenditures...................................................263 11 Education..................................................................................................291 PART III Sodai Insurance and Redistribution 12 Social Insurance: The New Function of Government....................................321 13 Social Security .........................................................................................355 14 Unemployment Insurance, Disability Insurance, and Workers Compensation . 391 15 Health Insurance I: Health Economics and Private Health Insurance..............419 16 Health Insurance II: Medicare, Medicaid, and Health Care Reform.................453 17 Income Distribution and Welfare Programs .................................................489 PART IV Taxation in Theory and Practice 18 Taxation in the United States and Around the World......................................523 19 The Equity Implications of Taxation: Tax Incidence........................................557 20 Tax Inefficiencies and Their Implications for Optimal Taxation........................589 21 Taxes on Labor Supply...............................................................................623 22 Taxes on Savings.......................................................................................647 23 Taxes on Risk Taking and Wealth.................................................................675 24 Corporate Taxation....................................................................................703 25 Fundamental Tax Reform............................................................................739 Glossary .....................................................................................G-l References...................................................................................R-l Index...........................................................................................M vi Contents Contents.......................................................................................vii Preface......................................................................................xxvii Introduction and Background CHAPTER 1 Why Study Public Finance?........ 1.1 The Four Questions of Public Finance................................3 When Should the Government Intervene in the Economy? 3 Application: The Measles Epidemic of 1989-1991 5 How Might the Government Intervene? 7 What Are the Effects of Alternative Interventions? 8 Application: The CBO: Government Scorekeepers 9 Why Do Governments Do What They Do? 9 1.2 Why Study Public Finance? Facts on Government in the United States and Around the World.............................. 10 The Size and Growth of Government 10 Decentralization 12 Spending, Taxes, Deficits, and Debts 13 Distribution of Spending 16 Distribution of Revenue Sources 17 Regulatory Role of the Government 19 1.3 Why Study Public Finance Now? Policy Debates over Sodai Security, Health Care, and Education........................ 20 Social Security 20 Health Care 21 Education 21 1.4 Conclusion.............................................................. 22 Highlights.................................................................... 22 j Questions and Problems.................................................... 23 :: Advanced Questions......................................................... 24 vii CHAPTER 2 Theoretical Tools of Public Finance....................25 2.1 Constrained Utility Maximization................................... 26 Preferences and Indifference Curves 27 Utility Mapping of Preferences 29 Budget Constraints 31 Putting It All Together: Constrained Choice 33 The Effects of Price Changes: Substitution and Income Effects 35 2.2 Putting the Tools to Work: TANF and Labor Supply Among Single Mothers............................................. 37 Identifying the Budget Constraint 38 The Effect of TANF on the Budget Constraint 39 2.3 Equilibrium and Social Welfare...................................... 43 Demand Curves 44 Supply Curves 46 Equilibrium 48 Social Efficiency 49 Competitive Equilibrium Maximizes Social Efficiency 50 From Social Efficiency to Social Welfare: The Role of Equity 52 Choosing an Equity Criterion 54 2.4 Welfare Implications of Benefit Reductions: The TANF Example Continued.............................................. 55 2.5 Conclusion.............................................................. 57 Highlights.................................................................... 57 Questions and Problems.................................................... 58 Advanced Questions......................................................... 59 APPENDIX TO CHAPTER 2 The Mathematics of Utility Maximization... 60 CHAPTER 3 Empirical Tools of Public Finance......................63 3.1 The Important Distinction Between Correlation and Causality.... 64 The Problem 65 3.2 Measuring Causation with Data We d Like to Have: Randomized Trials................................................ 66 Randomized Trials as a Solution 67 The Problem of Bias 67 Randomized Trials of ERT 69 vili Randomized Trials in the TANF Context 69 1 Why We Need to Go Beyond Randomized Trials 70 \| i I 3.3 Estimating Causation with Data We Actually j Get: Observational Data.................................................... 71 j Time Series Analysis 71 1 Cross-Sectional Regression Analysis 74 j Quasi-Experiments 79 j Structural Modeling 82 \| 3.4 Conclusion.............................................................. 84 J i Highlights.................................................................... 84 I Questions and Problems.................................................... 85 1 Advanced Questions......................................................... 86 APPENDIX TO CHAPTER 3 Cross-Sectional Regression Analysis......... 87 CHAPTER 4 Budget Analysis and Deficit Financing................91 4.1 Government Budgeting............................................... 93 The Budget Deficit in Recent Years 93 The Budget Process 94 Application: Efforts to Control the Deficit 96 Budget Policies and Deficits at the State Level 98 4.2 Measuring the Budgetary Position of the Government: Alternative Approaches..................................... 98 Real vs. Nominal 98 Economic Conditions 100 Cash vs. Capital Accounting 100 I Static vs. Dynamic Scoring 102 4.3 Do Current Debts and Deficits Mean Anything? A Long-Run Perspective.................................................... 103 Background: Present Discounted Value 104 Why Current Labels May Be Meaningless 104 Alternative Measures of Long-Run Government Budgets 105 What Does the U.S. Government Do? 109 Application: The Financial Shenanigans of 2001 112 4.4 Why Do We Care About the Government s Fiscal Position?.....113 Short-Run vs. Long-Run Effects of the Government on the Macroeconomy 113 Background: Savings and Economic Growth 114 be The Federal Budget, Interest Rates, and Economic Growth 115 Intergenerational Equity 118 4.5 Conclusion............................................................. 118 Highlights................................................................... 119 Questions and Problems................................................... 119 ! ! ? Advanced Questions........................................................ 120 \| part TT I Externalities and Public Goods ï I i CHAPTER 5 Externalities: Problems and Solutions...............121 I J 5.1 Externality Theory.................................................... 123 Economics of Negative Production Externalities 123 Negative Consumption Externalities 126 Application: The Externality of SUVs 127 Positive Externalities 128 , 5.2 Private-Sector Solutions to Negative Externalities.............. 130 1 The Solution 130 The Problems with Coasian Solutions 132 j 5.3 Public-Sector Remedies for Externalities......................... 134 I Corrective Taxation 134 Subsidies 135 Regulation 137 ! 5.4 Distinctions Between Price and Quantity Approaches ; to Addressing Externalities............................................... 137 I Basic Model 138 1 Price Regulation (Taxes) vs. Quantity Regulation in This Model 139 Multiple Plants with Different Reduction Costs 140 j Uncertainty About Costs of Reduction 143 I 5.5 Conclusion............................................................. 146 \| Highlights................................................................... 146 I Questions and Problems................................................... 147 I Advanced Questions........................................................ 148 CHAPTER 6 Externalities in Action: Environmental and Health Externalities...............................................149 6.1 Acid Rain............................................................... 150 The Damage of Acid Rain 151 Empirical Evidence: Estimating the Adverse Health Effects of Particulates 152 History of Acid Rain Regulation 152 Has the CAA Been a Success? 155 6.2 Global Warming....................................................... 155 Application: The Montreal Protocol 158 The Kyoto Treaty 158 Can Trading Make Kyoto More Cost-Effective? 159 What Does the Future Hold? 162 Application: Congress Takes on Global Warming 163 6.3 The Economics of Smoking.......................................... 165 The Externalities of Smoking 167 Should We Care Only About Externalities, or Do Internalities Matter Also? 171 6.4 The Economics of Other Addictive Behaviors..................... 174 Drinking 174 Illicit Drugs 175 Empirical Evidence: The Effect of Legal Drinking at Age 21 176 Application: Public Policy Toward Obesity 178 Summary 180 6.5 Conclusion............................................................. 181 Highlights................................................................... 181 Questions and Problems................................................... 181 Advanced Questions........................................................ 182 CHAPTER 7 Public Goods...............................................183 7.1 Optimal Provision of Public Goods................................. 184 Optimal Provision of Private Goods 185 Optimal Provision of Public Goods 187 7.2 Private Provision of Public Goods.................................. 189 Private-Sector Underprovision 189 Application: The Free Rider Problem in Practice 191 Can Private Providers Overcome the Free Rider Problem? 192 Application: Business Improvement Districts 192 When Is Private Provision Likely to Overcome the Free Rider Problem? 194 xi I 7.3 Public Provision of Public Goods................................... 196 Private Responses to Public Provision: The Problem of Crowd-Out 197 Measuring the Costs and Benefits of Public Goods 199 How Can We Measure Preferences for the Public Good? 199 Empirical Evidence: Measuring Crowd-Out 200 7.4 Conclusion.............................................................201 Highlights...................................................................202 Questions and Problems...................................................202 Advanced Questions........................................................203 APPENDIX TO CHAPTER 7 The Mathematics of Public Goods Provision.................................................204 CHAPTER 8 Cost-Benefit Analysis...................................207 8.1 Measuring the Costs of Public Projects............................208 The Example 209 Measuring Current Costs 209 8.2 Measuring the Benefits of Public Projects........................212 Valuing Driving Time Saved 213 Application: The Problems of Contingent Valuation 214 Empirical Evidence: Valuing Time Savings 216 Valuing Saved Lives 216 Application: Valuing Life 217 Discounting Future Benefits 222 Cost-Effectiveness Analysis 222 8.3 Putting It All Together..............................................223 Other Issues in Cost-Benefit Analysis 223 8.4 Conclusion.............................................................225 Highlights...................................................................225 Questions and Problems...................................................226 Advanced Questions........................................................227 CHAPTER 9 Political Economy........................................229 9.1 Unanimous Consent on Public Goods Levels......................231 Lindahl Pricing 231 Problems with Lindahl Pricing 233 xil 9.2 Mechanisms for Aggregating Individual Preferences............234 Application: Direct Democracy in the United States 234 Majority Voting: When It Works 235 Majority Voting: When It Doesn t Work 237 Arrow s Impossibility Theorem 238 Restricting Preferences to Solve the Impossibility Problem 239 Median Voter Theory 241 The Potential Inefficiency of the Median Voter Outcome 241 Summary 242 9.3 Representative Democracy..........................................242 Vote-Maximizing Politicians Represent the Median Voter 243 Assumptions of the Median Voter Model 244 Lobbying 246 : Application: Farm Policy in the United States 247 j Evidence on the Median Voter Model for Representative Democracy 249 I Empirical Evidence: Testing the Median Voter Model 250 I 9.4 Public Choice Theory: The Foundations j of Government Failure.....................................................251 f Size-Maximizing Bureaucracy 251 Problems with Privatization 252 1 Application: Contracting Out with Noncompetitive Bidding 253 j Leviathan Theory 255 j Corruption 256 Application: Government Corruption 256 Í The Implications of Government Failure 259 9.5 Conclusion.............................................................259 ] Empirical Evidence: Government Failures and Economic Growth 260 ; Highlights...................................................................261 : 1 Questions and Problems...................................................261 5 Advanced Questions........................................................262 i \| f I CHAPTER 10 State and Local Government Expenditures........263 i 10.1 Fiscal Federalism in the United States and Abroad............265 Spending and Revenue of State and Local Governments 266 Fiscal Federalism Abroad 268 10.2 Optimal Fiscal Federalism.........................................269 The Tiebout Model 269 Problems with the Tiebout Model 271 xiii Evidence on the Tiebout Model 273 Optimal Fiscal Federalism 275 Empirical Evidence: Evidence for Capitalization from California s Proposition 13 276 10.3 Redistribution Across Communities..............................276 Should We Care? 278 Tools of Redistribution: Grants 279 Redistribution in Action: School Finance Equalization 284 Empirical Evidence: The Flypaper Effect 285 Application: School Finance Equalization and Property Tax Limitations in California 287 10.4 Conclusion........................................................... 287 Highlights...................................................................288 Questions and Problems...................................................288 Advanced Questions........................................................289 CHAPTER 11 Education.................................................291 11.1 Why Should the Government Be Involved in Education?......294 Productivity 294 Citizenship 295 Credit Market Failures 295 Failure to Maximize Family Utility 295 Redistribution 296 11.2 How Is the Government Involved in Education?................296 Free Public Education and Crowding Out 297 Solving the Crowd-Out Problem: Vouchers 299 Problems with Educational Vouchers 301 11.3 Evidence on Competition in Education Markets................306 Direct Experience with Vouchers 306 Experience with Public School Choice 306 Empirical Evidence: Estimating the Effects of Voucher Programs 307 Experience with Public School Incentives 308 Bottom Line on Vouchers and School Choice 308 11.4 Measuring the Returns to Education.............................309 Effects of Education Levels on Productivity 309 Empirical Evidence: Estimating the Return to Education 311 Effect of Education Levels on Other Outcomes 312 The Impact of School Quality 312 Empirical Evidence: Estimating the Effects of School Quality 313 xiv 11.5 The Role of the Government in Higher Education..............313 Current Government Role 314 What Is the Market Failure, and How Should It Be Addressed? 316 11.6 Conclusion........................................................................317 Highlights...................................................................317 Questions and Problems...................................................318 Advanced Questions........................................................319 PART TTT Social Insurance and Redistribution CHAPTER 12 Sodai Insurance: The New Function of Government............................................................321 12.1 What Is Insurance and Why Do Individuals Value It?.........323 What Is Insurance? 323 Why Do Individuals Value Insurance? 324 Formalizing This Intuition: Expected Utility Model 325 12.2 Why Have Social Insurance? Asymmetric Information and Adverse Selection.....................................................328 \| Asymmetric Information 328 j Example with Full Information 329 Example with Asymmetric Information 329 1 The Problem of Adverse Selection 331 ( Does Asymmetric Information Necessarily Lead to Market Failure 331 Application: Adverse Selection and Health Insurance Death Spirals 333 ; How Does the Government Address Adverse Selection? 334 Í 12.3 Other Reasons for Government Intervention : in Insurance Markets.......................................................335 j Externalities 335 \| I Administrative Costs 335 \| Redistribution 335 i Paternalism 336 ! Application: Flood Insurance and the Samaritan s Dilemma 336 I 12.4 Social Insurance vs. Self-Insurance: How \| Much Consumption Smoothing?..........................................339 j Example: Unemployment Insurance 339 f Lessons for Consumption-Smoothing Role of Social Insurance 343 ! xv 12.5 The Problem with Insurance: Moral Hazard.....................344 Application: The Problems with Assessing Workers Compensation Injuries 345 What Determines Moral Hazard? 346 Moral Hazard Is Multidimensional 346 The Consequences of Moral Hazard 347 12.6 Putting It All Together: Optimal Social Insurance.............348 12.7 Conclusion...........................................................349 Highlights...................................................................349 Questions and Problems...................................................350 Advanced Questions........................................................350 APPENDIX TO CHAPTER 12 Mathematical Models of Expected Utility.... 352 CHAPTER 13 Social Security .........................................355 13.1 What Is Sodai Security, and How Does It Work?...............357 Program Details 357 Application: Why Choose 35 Years? 358 How Does Social Security Work Over Time? 361 Application: Ida May Fuller 363 How Does Social Security Redistribute in Practice? 364 13.2 Consumption-Smoothing Benefits of Social Security..........367 Rationales for Social Security 367 Does Social Security Smooth Consumption? 368 Social Security and Private Savings 368 Living Standards of the Elderly 369 Empirical Evidence: Measuring the Crowd-Out Effect of Social Security on Savings 370 13.3 Social Security and Retirement...................................370 Theory 371 Evidence 371 Application: Implicit Social Security Taxes and Retirement Behavior 375 Implications 376 13.4 Social Security Reform...................................... ......376 Reform Round I: The Greenspan Commission 378 Application: The Social Security Trust Fund and National Savings 378 Incremental Reforms 379 Fundamental Reforms 382 Application: Company Stock in 401(k) Plans 385 Application: Mixed Proposals for Social Security Reform 386 xvi 13.5 Conclusion...........................................................387 Highlights...................................................................388 Questions and Problems...................................................388 Advanced Questions........................................................389 CHAPTER 14 Unemployment Insurance, Disability Insurance, and Workers Compensation.............................391 14.1 Institutional Features of Unemployment Insurance, Disability Insurance, and Workers Compensation......................393 Institutional Features of Unemployment Insurance 393 Institutional Features of Disability Insurance 395 Institutional Features of Workers Compensation 396 Comparison of the Features of Ul, DI, and WC 397 Application: The Duration of Social Insurance Benefits Around the World 398 14.2 Consumption-Smoothing Benefits of Sodai Insurance Programs ... 399 14.3 Moral Hazard Effects of Social Insurance Programs............400 Moral Hazard Effects of Unemployment Insurance 400 Empirical Evidence: Moral Hazard Effects of Unemployment Insurance 402 Evidence for Moral Hazard in DI 404 Evidence for Moral Hazard in WC 405 Empirical Evidence: Moral Hazard Effects of Disability Insurance 406 Empirical Evidence: Moral Hazard Effects of Workers Compensation 407 14.4 The Costs and Benefits of Social Insurance to Firms..........408 The Effects of Partial Experience Rating in Ul on Layoffs 408 The Benefits of Partial Experience Rating 410 Application: The Cash Cow of Partial Experience Rating 410 Workers Compensation and Firms 411 14.5 Implications for Program Reform.................................412 Benefits Generosity 412 Targeting 412 Experience Rating 413 Worker Self-Insurance? 413 Application: Reforming Ul 413 14.6 Conclusion...........................................................414 Highlights...................................................................415 Questions and Problems...................................................415 Advanced Questions........................................................416 APPENDIX TO CHAPTER 14 Advanced Quasi-Experimental Analysis ... 417 xvll CHAPTER 15 Health Insurance I: Health Economics and Private Health Insurance.........................................419 15.1 An Overview of Health Care in the United States..............421 How Health Insurance Works: The Basics 422 Private Insurance 423 Medicare 427 Medicaid 427 TRICARE/CHAMPVA 428 The Uninsured 428 Empirical Evidence: Health Insurance and Mobility 431 15.2 How Generous Should Insurance Be to Patients?..............432 Consumption-Smoothing Benefits of Health Insurance for Patients 432 Moral Hazard Costs of Health Insurance for Patients 433 Application: The Problem with McAllen, Texas 436 How Elastic Is the Demand for Medical Care? The RAND Health Insurance Experiment 438 Empirical Evidence: Estimating the Elasticity of Demand for Medical Care 440 Optimal Health Insurance 440 Why Is Insurance So Generous in the United States? 441 Application: Health Savings Accounts 443 15.3 How Generous Should Insurance Be to Medical Providers?................................................. 445 Managed Care and Prospective Reimbursement 446 The Impacts of Managed Care 448 How Should Providers Be Reimbursed? 449 15.4 Conclusion...........................................................449 \| Highlights...................................................................449 Questions and Problems...................................................450 Advanced Questions........................................................451 CHAPTER 16 Health Insurance II: Medicare, Medicaid, and Health Care Reform................................................453 16.1 The Medicaid Program for Low-Income Mothers and Children......................................................454 How Medicaid Works 455 Who Is Eligible for Medicaid? 455 xviii What Health Services Does Medicaid Cover? 456 j How Do Providers Get Paid? 456 j 16.2 What Are the Effects of the Medicaid Program?................457 \| How Does Medicaid Affect Health? A Framework 457 1 How Does Medicaid Affect Health? Evidence 458 ¡ Empirical Evidence: Using State Medicaid Expansions to Estimate Program I Effects 460 ) 16.3 The Medicare Program..............................................461 f How Medicare Works 462 I Application: The Medicare Prescription Drug Debate 463 j 16.4 What Are the Effects of the Medicare Program?................466 j The Prospective Payment System 466 j Empirical Evidence: On the Move to the PPS 467 1 Problems with PPS 467 1 Lesson: The Difficulty of Partial Reform 469 ! Medicare Managed Care 469 j Should Medicare Move to a Full Choice Plan? Premium Support 472 \| Application: A Premium Support System for Medicare 472 1 Gaps in Medicare Coverage 474 I S 16.5 Long-term Care.....................................................475 I I Financing Long-term Care 475 J 16.6 Health Care Reform in the United States.......................476 j The Historical Impasse 476 The Massachusetts Experiment with Incremental Universalism 478 I The Affordable Care Act 480 ! j Application: Rising Health Care Costs and Cost Control Efforts in the ACA 481 16.7 Conclusion...........................................................485 Highlights...................................................................485 Questions and Problems...................................................486 Advanced Questions........................................................486 CHAPTER 17 Income Distribution and Welfare Programs......489 17.1 Facts on Income Distribution in the United States............491 Relative Income Inequality 491 Absolute Deprivation and Poverty Rates 494 Application: Problems in Poverty Line Measurement 495 What Matters-Relative or Absolute Deprivation? 496 i i xix 17.2 Welfare Policy in the United States..............................497 Cash Welfare Programs 497 In-Kind Programs 499 17.3 The Moral Hazard Costs of Welfare Policy.......................500 Moral Hazard Effects of a Means-Tested Transfer System 501 Solving Moral Hazard by Lowering the Benefit Reduction Rate 504 The Iron Triangle of Redistributive Programs 505 17.4 Redudng the Moral Hazard of Welfare...........................506 Moving to Categorical Welfare Payments 506 Using Ordeal Mechanisms 509 Application: An Example of Ordeal Mechanisms 510 Increasing Outside Options 511 Empirical Evidence: The Canadian Self-Sufficiency Project 514 17.5 Welfare Reform.....................................................517 Changes Due to Welfare Reform 517 Empirical Evidence: Estimating the Impact of Welfare Reform 518 Effects of the 1996 Welfare Reform 518 17.6 Conclusion........................................................... 520 Highlights...................................................................520 Questions and Problems...................................................520 Advanced Questions........................................................521 PART TY Taxation in Theory and Practice CHAPTER 18 Taxation in the United States and Around the World........................................................523 18.1 Types of Taxation...................................................524 Taxes on Earnings 524 Taxes on Individual Income 525 Taxes on Corporate Income 525 Taxes on Wealth 525 Taxes on Consumption 525 Taxation Around the World 525 18.2 Structure of the Individual Income Tax in the United States.......................................................527 Computing the Tax Base 527 xx Tax Rates and Taxes Paid 529 Application: The Coming AMT Timebomb 530 18.3 Measuring the Fairness of Tax Systems..........................532 Average and Marginal Tax Rates 532 Vertical and Horizontal Equity 533 Measuring Vertical Equity 534 Application: The Political Process of Measuring Tax Fairness 534 18.4 Defining the Income Tax Base....................................536 The Haig-Simons Comprehensive Income Definition 536 Deviations Due to Ability-to-Pay Considerations 537 Deviations Due to Costs of Earning Income 538 Application: What Are Appropriate Business Deductions? 538 18.5 Externality/Public Goods Rationales for Deviating from Haig-Simons..........................................540 Charitable Giving 540 Spending Crowd-Out Versus Tax Subsidy Crowd-In 541 Consumer Sovereignty Versus Imperfect Information 543 Housing 543 Empirical Evidence: The Social Benefits of Homeownership 545 Tax Deductions Versus Tax Credits 546 Application: The Readability Debate 547 Bottom Line: Tax Expenditures 549 18.6 The Appropriate Unit of Taxation.................................550 The Problem of the Marriage Tax 550 Marriage Taxes in Practice 552 18.7 Conclusion...........................................................554 Highlights...................................................................554 Questions and Problems...................................................555 Advanced Questions........................................................556 CHAPTER 19 The Equity Implications of Taxation: Tax Incidence.............................................557 19.1 The Three Rules of Tax Inddence.................................559 The Statutory Burden of a Tax Does Not Describe Who Really Bears the Tax 559 The Side of the Market on Which the Tax Is Imposed Is Irrelevant to the Distribution of the Tax Burdens 561 Parties with Inelastic Supply or Demand Bear Taxes; Parties with Elastic Supply or Demand Avoid Them 564 Reminder: Tax Incidence Is about Prices, Not Quantities 567 xxi 19.2 Tax Inddence Extensions..........................................568 Tax Incidence in Factor Markets 568 Tax Incidence in Imperfectly Competitive Markets 571 Balanced Budget Tax Incidence 573 19.3 General Equilibrium Tax Inddence...............................574 Effects of a Restaurant Tax: A General Equilibrium Example 574 Issues to Consider in General Equilibrium Incidence Analysis 577 19.4 The Inddence of Taxation in the United States................579 Empirical Evidence: The Incidence of Excise Taxation 580 CBQ/TPC Incidence Assumptions 580 Results of CBO/TPC Incidence Analysis 581 Current Versus Lifetime Income Incidence 583 19.5 Conclusion...........................................................584 Highlights...................................................................584 Questions and Problems...................................................585 Advanced Questions........................................................585 APPENDIX TO CHAPTER 19 The Mathematics of Tax Inddence.........587 CHAPTER 20 Tax Inefficiencies and Their Implications for Optimal Taxation....................................................589 20.1 Taxation and Economic Efficiency................................590 Graphical Approach 590 Elasticities Determine Tax Inefficiency 592 Application: Tax Avoidance in Practice 593 Determinants of Deadweight Loss 594 Deadweight Loss and the Design of Efficient Tax Systems 596 Application: The Deadweight Loss of Taxing Wireless Communications 600 20.2 Optimal Commodity Taxation.....................................601 Ramsey Taxation: The Theory of Optimal Commodity Taxation 601 Inverse Elasticity Rule 602 Equity Implications of the Ramsey Model 603 Application: Price Reform in Pakistan 604 20.3 Optimal Income Taxes..............................................607 A Simple Example 607 General Model with Behavioral Effects 608 An Example 610 xxll 20.4 Tax-Benefit Linkages and the Finandng of Sodai Insurance Programs.............................................612 The Model 612 Issues Raised by Tax-Benefit Linkage Analysis 614 Empirical Evidence: A Group-Specific Employer Mandate 616 20.5 Conclusion...........................................................616 Highlights...................................................................617 Questions and Problems...................................................617 Advanced Questions........................................................618 APPENDIX TO CHAPTER 20 The Mathematics of Optimal Taxation.... 619 CHAPTER 21 Taxes on Labor Supply.................................623 21.1 Taxation and Labor Supply-Theory..............................625 Basic Theory 625 Limitations of the Theory: Constraints on Hours Worked and Overtime Pay Rules 627 21.2 Taxation and Labor Supply-Evidence...........................628 Empirical Evidence: Estimating the Elasticity of Labor Supply 629 Limitations of Existing Studies 630 21.3 Tax Policy to Promote Labor Supply: The Earned Income Tax Credit..........................................................631 Background on the EITC 631 Impact of EITC on Labor Supply: Theory 633 Impact of EITC on Labor Supply: Evidence 634 Empirical Evidence: The Effect of the EITC on Single-Mother Labor Supply 636 Summary of the Evidence 637 Application: EITC Reform 637 21.4 The Tax Treatment of Child Care and Its ^ Impact on Labor Supply...................................................639 ìì The Tax Treatment of Child Care 639 Empirical Evidence: The Effect of Child Care Costs on Maternal Labor Supply 640 Options for Resolving Tax Wedges 641 Comparing the Options 642 21.5 Conclusion...........................................................643 Highlights...................................................................644 Questions and Problems...................................................644 Advanced Questions........................................................645 xxlll CHAPTER 22 Taxes on Savings........................................647 22.1 Taxation and Savings-Theory and Evidence....................649 Traditional Theory 649 Evidence: How Does the After-Tax Interest Rate Affect Savings? 653 Inflation and the Taxation of Savings 654 22.2 Alternative Models of Savings....................................656 Precautionary Savings Models 656 Self-Control Models 657 Empirical Evidence: Social Insurance and Personal Savings 658 22.3 Tax Incentives for Retirement Savings...........................659 Available Tax Subsidies for Retirement Savings 659 Why Do Tax Subsidies Raise the Return to Savings? 661 Theoretical Effects of Tax-Subsidized Retirement Savings 662 Application: The Roth IRA 666 Implications of Alternative Models 668 Private vs. National Savings 669 Empirical Evidence: Estimating the Impact of Tax Incentives for Savings on Savings Behavior 670 Evidence on Tax Incentives and Savings 671 22.4 Conclusion...........................................................672 Highlights...................................................................673 Questions and Problems...................................................673 Advanced Questions........................................................674 CHAPTER 23 Taxes on Risk Talcing and Wealth...................675 23.1 Taxation and Risk Taking..........................................677 Basic Financial Investment Model 677 Real-World Complications 678 Evidence on Taxation and Risk Taking 680 Labor Investment Applications 680 23.2 Capital Gains Taxation.............................................681 Current Tax Treatment of Capital Gains 681 What Are the Arguments for Tax Preferences for Capital Gains? 683 What Are the Arguments Against Tax Preferences for Capital Gains? 688 Application: Capital Gains Taxation of Carried Interesf 688 23.3 Transfer Taxation...................................................690 Why Tax Wealth? Arguments for the Estate Tax 691 Arguments Against the Estate Tax 692 xxhr 23.4 Property Taxation...................................................695 Who Bears the Property Tax? 696 Types of Property Taxation 697 Application: Property Tax Breaks to Businesses 698 23.5 Conclusion...........................................................700 Highlights...................................................................700 Questions and Problems...................................................701 Advanced Questions........................................................701 CHAPTER 24 Corporate Taxation.....................................703 24.1 What Are Corporations and Why Do We Tax Them?............ 705 Ownership versus Control 706 Application: Executive Compensation and the Agency Problem 707 Firm Financing 709 Why Do We Have a Corporate Tax? 710 24.2 The Structure of the Corporate Tax...............................711 Revenues 712 Expenses 712 Application: What Is Economic Depreciation? The Case of Personal Computers 713 Corporate Tax Rate 714 Tax Credits 715 24.3 The Inddence of the Corporate Tax..............................715 24.4 The Consequences of the Corporate Tax for Investment.......716 Theoretical Analysis of Corporate Tax and Investment Decisions 716 Negative Effective Tax Rates 721 Policy Implications of the Impact of the Corporate Tax on Investment 722 Application: The Impact of the 1981 and 1986 Tax Reforms on Investment Incentives 722 Evidence on Taxes and Investment 724 24.5 The Consequences of the Corporate Tax for Finandng.........724 The Impact of Taxes on Financing 724 Why Not All Debt? 726 The Dividend Paradox 728 How Should Dividends Be Taxed? 729 Application: The 2003 Dividend Tax Cut 730 Corporate Tax Integration 731 24.6 Treatment of International Corporate Income..................732 How to Tax International Income 732 Application: A Tax Holiday for Foreign Profits 733 XXV 24.7 Conclusion...........................................................736 Highlights...................................................................737 Questions and Problems...................................................737 Advanced Questions........................................................738 CHAPTER 25 Fundamental Tax Reform..............................739 25.1 Why Fundamental Tax Reform?................................... 741 Improving Tax Compliance 741 Application: Tax Evasion 741 Application: The 1997 1RS Hearings and Their Fallout for Tax Collection 744 Making the Tax Code Simpler 746 Improving Tax Efficiency 747 Summary: The Benefits of Fundamental Tax Reform 750 25.2 The Politics and Economics of Tax Reform...................... 750 Political Pressures for a Complicated Tax Code 751 Economic Pressures Against Broadening the Tax Base 751 Application: Grandfathering in Virginia 754 The Conundrum 755 Application: TRA 86 and Tax Shelters 755 25.3 Consumption Taxation............................................. 756 Why Might Consumption Make a Better Tax Base? 757 Why Might Consumption Be a Worse Tax Base? 759 Designing a Consumption Tax 762 Backing into Consumption Taxation: Cash-Flow Taxation 765 25.4 The Flat Tax......................................................... 765 Advantages of a Flat Tax 766 Problems with the Flat Tax 767 Application: The 2005 Panel on Tax Reform 768 25.5 Conclusion...........................................................769 Highlights................................................................... 769 Questions and Problems...................................................770 Advanced Questions........................................................770 Glossary..................................................................... G-l References...................................................................R-l Index..........................................................................1-1 xxvl
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author	Gruber, Jonathan 1965-
author_GND	(DE-588)124510345
author_facet	Gruber, Jonathan 1965-
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discipline	Wirtschaftswissenschaften
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id	DE-604.BV041293243
illustrated	Illustrated
indexdate	2024-07-10T00:53:33Z
institution	BVB
isbn	9781429278454 1429278455
language	English
lccn	2012951469
oai_aleph_id	oai:aleph.bib-bvb.de:BVB01-026742181
oclc_num	829739527
open_access_boolean
owner	DE-M382 DE-2070s DE-92 DE-29 DE-945
owner_facet	DE-M382 DE-2070s DE-92 DE-29 DE-945
physical	getr. Zählung Ill., graph. Darst.
publishDate	2013
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publishDateSort	2013
publisher	Worth Publ.
record_format	marc
spelling	Gruber, Jonathan 1965- Verfasser (DE-588)124510345 aut Public finance and public policy Jonathan Gruber 4. ed. New York, NY Worth Publ. c 2013 getr. Zählung Ill., graph. Darst. txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index Finanzwirtschaft Steuer Finance, Public Fiscal policy Public welfare Finance Taxation Finanzpolitik (DE-588)4127795-8 gnd rswk-swf Finanzwissenschaft (DE-588)4121273-3 gnd rswk-swf Finanzwirtschaft (DE-588)4017214-4 gnd rswk-swf Finanzwirtschaft (DE-588)4017214-4 s DE-188 Finanzpolitik (DE-588)4127795-8 s Finanzwissenschaft (DE-588)4121273-3 s HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=026742181&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis
spellingShingle	Gruber, Jonathan 1965- Public finance and public policy Finanzwirtschaft Steuer Finance, Public Fiscal policy Public welfare Finance Taxation Finanzpolitik (DE-588)4127795-8 gnd Finanzwissenschaft (DE-588)4121273-3 gnd Finanzwirtschaft (DE-588)4017214-4 gnd
subject_GND	(DE-588)4127795-8 (DE-588)4121273-3 (DE-588)4017214-4
title	Public finance and public policy
title_auth	Public finance and public policy
title_exact_search	Public finance and public policy
title_full	Public finance and public policy Jonathan Gruber
title_fullStr	Public finance and public policy Jonathan Gruber
title_full_unstemmed	Public finance and public policy Jonathan Gruber
title_short	Public finance and public policy
title_sort	public finance and public policy
topic	Finanzwirtschaft Steuer Finance, Public Fiscal policy Public welfare Finance Taxation Finanzpolitik (DE-588)4127795-8 gnd Finanzwissenschaft (DE-588)4121273-3 gnd Finanzwirtschaft (DE-588)4017214-4 gnd
topic_facet	Finanzwirtschaft Steuer Finance, Public Fiscal policy Public welfare Finance Taxation Finanzpolitik Finanzwissenschaft
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=026742181&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
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