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191. Wealth Concentration, Income Distribution, and Alternatives for the USA

Author:
Lance Taylor, Özlem Ömer, and Armon Rezai
Publication Date:
09-2015
Content Type:
Working Paper
Institution:
Institute for New Economic Thinking (INET)
Abstract:
US household wealth concentration is not likely to decline in response to fiscal interventions alone. Creation of an independent public wealth fund could lead to greater equality. Similarly, once-off tax/transfer packages or wage increases will not reduce income inequality significantly; on-going wage increases in excess of productivity growth would be needed. These results come from the accounting in a simulation model based on national income and financial data. The theory behind the model borrows from ideas that originated in Cambridge UK (especially from Luigi Pasinetti and Richard Goodwin).
Topic:
Inequality, Income Inequality, Tax Systems, Redistribution, and Wealth
Political Geography:
North America and United States of America

192. The New York Times and American Tax Policy: Representing Citizens or Echoing Elites?

Author:
Daniel Chomsky
Publication Date:
04-2015
Content Type:
Working Paper
Institution:
Institute for New Economic Thinking (INET)
Abstract:
A recent New York Times article observed that Americans want action to address inequality. 2016 presidential candidates from both parties also acknowledge that inequality is a pressing concern. But not one of the candidates has proposed to do anything meaningful about it, sharing wealthy Americans’ (understandable) opposition to any solution (Scheiber 2015). Perhaps nothing has been done because there is nothing to do about it. Some treat inequality as an inevitable or intractable feature of the global economy, or at least impossible to alter at acceptable cost (Cowen 2013). But inequality may be subject to political circumstances, and public policies including progressive taxes might reduce it without adversely affecting economic growth (Diamond and Saez 2011, Piketty 2014). It may be that Americans are just unwilling to support policies that would reduce inequality. Progressive taxation and other policies may reduce inequality. But policy reflects public preferences (Stimson, Mackuen, and Erikson 2002), and the American people just hate taxes. Martin Gilens (2012) effectively demonstrated that policy makers favor the wealthy over the majority when opinions diverge. Yet he accepted that the Bush tax cuts in the early 2000s reflected broad consensus opinion. Public opposition to taxes is seen as so powerful that even observers seeking programs to promote economic equality often abandon progressive taxes as a remedy (Kenworthy 2013).
Topic:
Race, Science and Technology, History, Culture, Ethics, Philosophy, Tax Systems, and Innovation
Political Geography:
North America and United States of America

193. Top incomes and the glass ceiling

Author:
Tony Atkinson, Alessandra Casarico, Sarah Voitchovsky, Facundo Alvaredo, Jorgen Modalsli, and Jakob Søgaard
Publication Date:
03-2015
Content Type:
Working Paper
Institution:
Institute for New Economic Thinking (INET)
Abstract:
This paper studies the glass ceiling by analyzing the presence of women at the top of the income distribution using tax record data reported for a sample of countries with individual taxation. Extending most of the associated literature, the glass ceiling is examined in relation to the distribution of total incomes, thereby bringing self-employment and capital income into the picture. We show that female presence at the top of the distribution has increased, but that these changes do not seem to apply to the very top percentiles, especially in Denmark and the UK. When we look at the gradient in income as one moves up the distribution, we note that the difference between men and women has become larger in the UK, but not in Norway, although Norway displays a lower share of women in almost all top percentiles compared to the other countries in our sample. The analysis of the composition of income reveals that in the UK women have more investment income and less earned income, with the proportion from self-employment being similar for men and women over time. More dramatic changes in composition appear for Spain.
Topic:
Gender Issues, Women, Inequality, Income Inequality, Tax Systems, and Glass Ceiling
Political Geography:
Europe

194. Parliamentary Briefing: Fiscal Regimes

Author:
Natural Resource Governance Institute
Publication Date:
03-2015
Content Type:
Policy Brief
Institution:
Natural Resource Governance Institute
Abstract:
A fiscal regime is the set of instruments (e.g., taxes, royalties, dividends) that determines how the often-vast sums of funds generated by oil, gas and mining projects are shared between the state and investors. Fiscal instruments are generally set by legislation or specific contracts and can vary significantly from one extractive project to another. In addition, the way in which royalty and taxes are applied can also have a significant effect on the actual size of the revenues that are collected. This factsheet provides an introduction to the different elements of a fiscal regime and suggests various questions and strategies members of parliament can follow for establishing effective fiscal policies and conducting oversight.
Topic:
Natural Resources, Tax Systems, Fiscal Policy, and Revenue Management
Political Geography:
Global Focus

195. Managing and Spending Natural Resource Revenues

Author:
Natural Resource Governance Institute
Publication Date:
03-2015
Content Type:
Policy Brief
Institution:
Natural Resource Governance Institute
Abstract:
Oil, gas and mineral resources are distinctly different from other sources of government income. Only through good macroeconomic policy and public financial management can a country take full advantage of natural resources. This briefing examines the different tools available to a country and the role that members of parliament can play in overseeing the management of natural resource revenues. Furthermore it offers parliamentary questions and strategies for effective policy and oversight.
Topic:
Oil, Natural Resources, Gas, Tax Systems, Macroeconomics, Revenue Management, and Minerals
Political Geography:
United Kingdom and Europe