Chapter I - Introduction Introductory paragraphs Chapter I begins with a few short introductory paragraphs a couple of pages at most. The primary goal of the introductory paragraphs is to catch the attention of the readers and to get them "turned on" about the subject.
The H-R tax presents policy issues that fall into four broad categories: Broad economic issues concern the economic effects of the flat tax on the entire national economy. Policymakers are concerned about the distributional or equity effects of taxation; the proposed flat tax is no exception.
There is both a horizontal and a vertical equity effect of a tax change. Horizontal equity concerns the equal treatment of households with the same ability-to-pay.
Vertical equity concerns the tax treatment of households with different abilities-to-pay. The most common measure of ability-to-pay is some measure of income, but some prefer a measure of consumption.
Tax incidence usually is measured by using a one-year time period although a 20 lifetime period sometimes is considered. Hall and Rabushka acknowledge that their proposed flat tax would cause some taxpayers to pay more taxes and some to pay less in the short run, but in the long run, they claim that a higher rate 21 of economic growth would cause many taxpayers who initially lost to eventually benefit.
ForH-R compare taxes on adjusted gross income consisting only of wage income with a hypothetical tax payments from the wage tax for a typical family a married couple with 1. But, H-R point out that there are limits to the preceding comparison.
The individual wage tax component of the flat tax, however, will raise less revenue than the personal income tax, and, correspondingly, the business tax component of the flat tax will 23 raise more revenue than the existing corporate income tax.
The comparison above only covered wage income. Forthe average tax rate on wage income under the flat tax would have been only 8. In contrast, forthe average tax rate on 25 wage income under the individual income tax was This group could not include the poor, who receive almost no business income.
Treasury analyzed the incidence of the proposed Armey-Shelby flat tax which is based 27 on the Hall-Rabushka concept.
In order for the Armey-Shelby flat tax to be revenue neutral, the U. Treasury maintained that a The Treasury calculated the incidence of the change to the flat tax on eight different FEI classes.
These distributional effects are partially the result of 30 assumptions concerning the incidence of different components of the flat tax.
Gravelle, a Senior Specialist at CRS, emphasizes that if a flat tax is passed, and the Federal Reserve does not change the money supply, then the flat tax would be shifted backwards onto owners of equities old capital and wage earners.
Gravelle also assesses the lifetime and intergenerational incidence of a consumption tax: The consumption tax tends to shift the burden to holders of old assets, who are likely to be old.The Online Writing Lab (OWL) at Purdue University houses writing resources and instructional material, and we provide these as a free service of the Writing Lab at Purdue.
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