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Feldstein revision
A reply from Martin Feldstein
RELATED ARTICLES
Explain
⌅
Visualizing the Romney Tax Debate
Visualizing the Romney Tax Debate☜Tax reform has emerged as a major bone of contention in the 2012 Presidential election campaign. While President Obama has identified some tax changes, Governor Romney proposes major systemic reform. But is his plan - especially the proposals for individual taxation - viable?☜F1CEB7
⌃
Romney's plan stated
Romney's plan stated☜For individual taxation, Romney proposes rate cuts for all taxpayers to be funded by reducing or eliminating various tax preferences. His plan aims to do this without raising the tax burden on low and middle income taxpayers, defined as $200,000 or less. It also abolishes several other taxes.☜59C6EF
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But does it compute?
But does it compute?☜In early August the Tax Policy Center produced an analysis showing that achieving all the goals of the Romney plan is mathematically impossible. Romney cited six studies in reply. Economists, journalists, bloggers and others then joined in on both sides. So is the plan mathematically possible?☜FFB597
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Yes - it does compute
Yes - it does compute☜In the Presidential debates Obama referred to the TPC finding that Romneys individual tax plan did not add up. Romney responded by citing six studies that, he claims, refute the TPC. As discussed in the parent But does it compute? node, we have decided to make the No case the main locus.☜59C6EF
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The cited studies
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Feldstein revision
Feldstein revision☜A reply from Martin Feldstein☜98CE71
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Figure is arbitrary
Figure is arbitrary☜Some have suggested the benchmark definition of high income set by the TPC (and in the general political debate) is too high and have called for analysis where it is set at lower levels. For example Martin Feldstein has defended a $100,000 since this only subjects the top 21% to base broadening.☜FFFACD
⇤
Elasticity too high
Elasticity too high☜In his original paper Feldstein assumes that raising the after-tax share of earnings an individual keeps by 10% increases taxable income by 5% - the elasticity of the tax base is 0.5 - reducing the cost of rate reduction by $33 billion. Critics claim this elasticity is too high.☜FFFACD
⇤
Revised Feldstein
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Graph of this discussion
Graph of this discussion☜Click this to see the whole debate, excluding comments, in graphical form☜dcdcdc
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Peter Baldwin
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Entry date (GMT):
10/31/2012 4:53:00 AM
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