By Martin Feldstein
Destined to turn into the normal consultant to the commercial coverage of the us in the course of the Reagan period, this ebook presents an authoritative list of the commercial reforms of the 1980s.In his advent, Martin Feldstein presents compelling research of guidelines with which he was once heavily concerned as chairman of the Council of monetary Advisers through the Reagan management: financial and alternate price coverage, tax coverage, and price range concerns. different best economists and policymakers learn quite a few family and overseas concerns, together with financial and alternate price coverage, legislation and antitrust, in addition to alternate, tax, and price range policies.The participants to this quantity are Alberto Alesina, Phillip Areeda, Elizabeth Bailey, William F. Baxter, C. Fred Bergsten, James Burnley, Geoffrey Carliner, Christopher DeMuth, Douglas W. Elmendorf, Thomas O. Enders, Martin Feldstein, Jeffrey A. Frankel, Don Fullerton, William M. Isaac, Paul L Joskow, Paul Krugman, Robert E. Litan, Russell B. lengthy, Michael Mussa, William A. Niskanen, Roger G. Noll, Lionel H. Olmer, Rudolph Penner, William Poole, James M. Poterba, Harry M. Reasoner, William R. Rhodes, J. David Richardson, Charles Schultze, Paula Stern, David Stockman, William Taylor, James Tobin, W. Kip Viscusi, Paul A. Volcker, Charles E. Walker, David A. clever, and Richard G. Woodbury.
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Extra info for American Economic Policy in the 1980s (National Bureau of Economic Research Conference Report)
I7 The report of the committee, released in 1983, called for raising the payroll tax and including half the benefits of higher-income individuals in income subject to personal taxation. The income level at which this inclusion began was fixed in nominal terms, permitting the tax to fall only on relatively high-income individuals in the near term, but gradually extending future taxation to all beneficiaries without the political pain of enacting additional legislation to increase taxes. The resulting rise in tax revenue made a substantial contribution to shrinking projected deficits over the next five years and beyond.
I cannot judge the extent to which economists and defense analysts who criticized particular weapons systems did affect the shape of the defense budget. But the overall level of defense spending was not the result of adding up a series of individual decisions. The administration’s target level for total defense spending was decided by the president and Defense Secretary Casper Weinberger and then negotiated with the Congress in similarly aggregate terms. The national mood at the beginning of the 1980s favored increased defense spending.
20. For a discussion of the evolution of the tax changes proposed by the Treasury staff as part of the TRA86 legislative process, see the chapter in this volume by Fullerton. 33 American Economic Policy in the 1980s: A Personal View an antibusiness tax reform bill. In part, this reflected the president’s primary interest in personal rather than business taxes and his great desire to reduce the top tax rate. Increasing the corporate tax by $25 billion a year or approximately 25 percent was of course opposed by those businesses that would expect to pay higher taxes.
American Economic Policy in the 1980s (National Bureau of Economic Research Conference Report) by Martin Feldstein