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Vol 21 No 9 Sept/Oct 2016

Book of the Month

Cover of Goode on Commercial Law

Goode on Commercial Law

Edited by: Ewan McKendrick
Price: £170.00

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Who Bears the Lifetime Tax Burden?

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Don FullertonProfessor of Economics, University of Virginia, USA, Diane Lim RogersAssistant Professor of Economics, Pennsylvania State University, USA

ISBN13: 9780815729938
ISBN: 0815729936
Published: August 1992
Publisher: The Brookings Institution
Format: Paperback
Price: £19.50

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Debates about tax policy arise every year in Washington, and legislative changes occur almost as often. In just the past decade, corporate tax burdens were dramatically reduced and then subsequently increased. But who really bears the burden of taxation? Finding a satisfactory way to address this question remains one of the biggest challenges for economists. While much research has explored this issue using annual data on household incomes and expenditures, this book considers the multiple effects of taxes on individuals over their entire lifetimes.;Since annual incomes typically vary from year to year, and change systematically over the course of a lifetime, annual income is not necessarily a good indicator of a person's relative well-being. Instead, Don Fullerton and Diane Lim Rogers estimate lifetime wage profiles, categorize individuals into lifetime income groups, and re-estimate the pattern of earnings over the lifetime of each group. They utilize a general equilibrium model that encompasses household demands, work effort and savings, and they calculate the distribution of each current tax. Because their model includes all major US federal, state, and local taxes, it can be used to simulate the effects of changes in any of those taxes on investment, productivity, resource allocation and the distribution of burdens.

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