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Taxation
Louis Kaplow is smart, here is his 119-page overview of the topic.
Posted by Tyler Cowen on March 7, 2006 at 06:53 AM in Economics | Permalink
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It's $5 per copy for non-members.
Posted by: Robert Schwartz at Mar 7, 2006 9:06:11 AM
Kaplow is very, very smart. He's made a point that's stuck with me.
You can't discuss taxes as separable from government spending. Each government program implies a tax that can finance that government program without creating any distortionary cost, so long as the distribution of the tax follows the distribution of the government program. (Roughly speaking.)
In addition, any government spending that produces benefits greater than costs can be financed so that everyone is made better off by the government program. This would imply, for instance, that a government program that benefits the poor more than the rich should be financed with regressive taxation if you want to avoid distortionary costs.
One implication of this that I find interesting: We could achieve most welfare-enhancing government spending even under a Buchanan-Tullock Calculus of Consent supermajority state.
Another interesting point: Anybody who claims that X government intervention (like National Health Care) is efficient should be able to come up with the tax schedule to pay for it that would make the program beneficial to everyone, rich and poor alike.
Posted by: Keith at Mar 7, 2006 9:24:16 AM
I can link to it for free...
Posted by: Tyler Cowen at Mar 7, 2006 9:41:41 AM
Louis Kaplow is perhaps so smart that he has neglected the obvious. Doing a quick electronic search, I found no mention of the words "Laffer curve." The curve is probably the single most important practical concept in taxation. An idea whose importance was understood and stated by Alexander Hamilton, John C. Calhoun, and Andrew Mellon, among others, should not be neglected merely because it is simple and correct.
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