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Tax Policy and the Economy, Volume 36

This volume presents five new studies on current topics in taxation and government spending. Natasha Sarin, Lawrence Summers, Owen Zidar, and Eric Zwick study how investors respond to taxes on capital gains, whether their incentives to invest are affected by those taxes, and whether that responsiveness has changed over time. Alan Auerbach and William Gale investigate whether the advantages and disadvantages of different types of taxation are affected when interest rates stay low for long periods, as has been the case in the United States for many years. Ethan Rouen, Suresh Nallareddy, and Juan Carlos Suárez Serrato revisit the question of whether cuts to corporate taxes increase income inequality, bringing new data and new statistical techniques to generate fresh findings. Jacob Goldin, Elaine Maag, and Katherine Michelmore investigate the fiscal cost of an expansion of the U.S. child tax credit, which has been discussed extensively in policy circles recently. They take into account not only the direct expenditure on the allowance but also how cost is affected by the existence of work incentives and by possible beneficial effects on children’s adult earnings. Nora Gordon and Sarah Reber study the distributional impact of emergency subsidies to schools made by the federal government during the recent COVID pandemic and whether those subsidies were sufficient to cover the increased school costs induced by the pandemic.

Table of Contents

Introduction
Robert A. Moffitt

1. Were Federal COVID Relief Funds for Schools Enough?
Nora Gordon and Sarah Reber

2. Estimating the Net Fiscal Cost of a Child Tax Credit Expansion 
Jacob Goldin, Elaine Maag, and Katherine Michelmore

3. Rethinking How We Score Capital Gains Tax Reform
Natasha Sarin, Lawrence Summers, Owen Zidar, Eric Zwick

4. Tax Policy Design with Low Interest Rates
Alan J. Auerbach and William G. Gale

5. Do Corporate Tax Cuts Increase Income Inequality?
Suresh Nallareddy, Ethan Rouen, and Juan Carlos Suárez Serrato
 

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