The Economic Impact Of Taxes

THE ECONOMICS OF TAXATION Garett Jones BB&T Professor for the Study of Capitalism The Mercatus Center George Mason University [email_address]

Overview ,[object Object],[object Object],[object Object],[object Object],[object Object]

Not your usual recession ,[object Object],[object Object],[object Object]

Source: CBO Director Elmendorf, 2/25/10

Who pays ALL federal taxes? (SS, too) Source: CBO

Who pays federal taxes? (details) Year Lowest Quintile Second Quintile Middle Quintile Fourth Quintile Highest Quintile Top 10% Top 5% Top 1% Average Pre-Tax Income for All Households, by Household Income Category, 2005 2005 15,900 37,400 58,500 85,200 231,300 339,100 520,200 1,558,500 Tax Rates, All Federal Taxes, percent 2005 4.3 9.9 14.2 17.4 25.5 27.4 28.9 31.2 Total Federal Taxes paid, dollars 2005 684 3,703 8,307 14,825 58,982 92,913 150,338 486,252 Source: Congressional Budget Office. Notes: Income equals pretax cash income plus all in-kind benefits (Medicare, Medicaid, food stamps, school lunches and breakfasts, etc.).

Who thinks they pay federal taxes? ,[object Object],[object Object],[object Object]

Revenue Raisers: VAT? NRST? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

One revenue raiser: Taxing Sin ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Tax Expenditures: Loopholes we love ,[object Object],[object Object],A must-read: GAO, “Tax expenditures…” 2005

How people respond to tax changes ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Taxes and the Rich: Taxable Income Games ,[object Object],[object Object],[object Object],[object Object]

How much do the rich change their “taxable income” when taxes change? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

How real is the Laffer Curve? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Taxing Capital Income in Theory ,[object Object],[object Object],[object Object],[object Object],[object Object]

Really? How? ,[object Object],[object Object],[object Object],[object Object],[object Object]

Taxes, Capital, and Growth ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Who pays the corporate income tax? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Conclusion ,[object Object],[object Object],[object Object],[object Object],[object Object]

The Economic Impact Of Taxes

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