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5072. Reforming Tax Incentives into Uniform Refundable Tax Credits
- Author:
- Lily L. Batchelder, Jr. Fred T. Goldberg, and Peter R. Orszag
- Publication Date:
- 08-2006
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- The federal tax code provides about $500 billion each year in incentives intended to encourage socially-valued activities, including homeownership, charitable contributions, health insurance, and education. The vast majority of these incentives operate through deductions or other approaches that link the size of the tax break to a household's marginal tax bracket, which means that higher-income taxpayers receive larger incentives than lower-income taxpayers. Such an approach is often appropriate for provisions, such as deductions for business expenses, designed to measure income or ability to pay. But such an approach for incentives intended to promote socially-valued activities excludes more than a third of America, and misses an important opportunity to increase efficiency and economic growth.
- Topic:
- Civil Society, Development, and Economics
- Political Geography:
- United States
5073. Untangling China's Quest for Oil through State-backed Financial Deals
- Author:
- Erica Downs and Peter C. Evans
- Publication Date:
- 05-2006
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- The efforts of China's national oil companies to secure upstream oil assets abroad have attracted attention from U.S. officials and policymakers. Congress has taken notice, as indicated by the request of the Chairman of the U.S. House of Representatives Resources Committee Richard W. Pombo—triggered by the bid made by China National Offshore Oil Corporation Ltd. for Unocal in 2005—for a study by the Department of Energy of the economic and national security implications of China's energy demand. The report, released in February 2006, concludes that the foreign investments of China's national oil companies do not pose an economic challenge to the U.S. However, one issue the report mentions only in passing that merits further attention is how the Chinese government's financial support for some of these investments can undermine an open and competitive world oil market.
- Topic:
- Security, Economics, and Energy Policy
- Political Geography:
- United States, China, and Asia
5074. The Effects of Investing in Early Education on Economic Growth
- Author:
- Jeffrey Tebbs, Isabel V. Sawhill, and William T. Dickens
- Publication Date:
- 04-2006
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- Many in Congress and the administration have called for new investments in education in order to make the United States more competitive, with President Bush stressing the importance of education in preparing young Americans to “fill the jobs of the 21st century.” Yet advocates of early childhood education have only recently stressed the economic benefits of preschool programs, and it has been difficult to win support for these short-term investments given the long-term nature of the benefits to the economy.
- Topic:
- Development, Economics, Education, and Government
- Political Geography:
- America
5075. Reducing Unwed Childbearing: The Missing Link in Efforts to Promote Marriage
- Author:
- Daniel T. Lichter and Andrea Kane
- Publication Date:
- 04-2006
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- Most social scientists acknowledge that, on balance, single parents, stepparents, or cohabiting couples are no substitute for childrearing by two married parents. Yet, new data from the federal government show that a record number of babies—nearly 1.5 million—were born to unmarried women in the United States in 2004. Empirical evidence of this sort has leveraged political support for the Bush administration's “Healthy Marriage Initiative.” Congress recently approved major funding for this initiative as part of welfare reform reauthorization. Approximately $100 million per year will be available for research, demonstration, and technical assistance projects to promote healthy marriage through such activities as public advertising campaigns, relationship and marriage education in high schools, and relationship and marriage skills for both unmarried and married couples. In addition, about $50 million per year will be available to promote responsible fatherhood.
- Topic:
- Civil Society, Economics, Government, and Human Welfare
- Political Geography:
- United States
5076. Building Automatic Solvency into U.S. Social Security: Insights from Sweden and Germany
- Author:
- James C. Capretta
- Publication Date:
- 03-2006
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- Although Social Security reform appears to be off of the national agenda for now, real funding problems remain for America's popular retirement program that policymakers need to address. The payroll taxes that support Social Security's “pay–as-you-go” system will begin to fall short of outlays in 2017 and will be sufficient to finance only 74 percent of scheduled annual benefits by 2041, when the Social Security trust fund is projected to be exhausted.
- Topic:
- International Relations and Economics
- Political Geography:
- United States, Europe, Germany, and Sweden
5077. Preparing for Future "Katrinas"
- Author:
- Robert E. Litan
- Publication Date:
- 03-2006
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- While policymakers and leaders continue to debate the rebuilding of Gulf areas devastated by Hurricane Katrina, a much greater loss looms on the horizon. Katrina exposed more than problems with poverty, emergency management, and infrastructure. The storm also illustrated the inability of private insurance markets to handle large-scale losses. “Mega-catastrophes” are catastrophic events, like Katrina, whose costs are so large and unpredictable that private insurers either are unwilling to insure against them, or charge premiums so high that significant numbers of customers do not want or cannot afford the insurance.
- Topic:
- Development, Economics, Environment, and Politics
5078. The Decline of the Underclass
- Author:
- Paul A. Jargowsky and Isabel V. Sawhill
- Publication Date:
- 01-2006
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- Hurricane Katrina reminded the nation of the consequences of entrenched poverty, and Congress now faces complicated policy questions set against the backdrop of class and race. As America confronts these issues in cities and states beyond the Gulf Coast, it is important to realize that the number of poor people living in troubled neighborhoods—often described by journalists as the “underclass”—are actually fewer now than in the 1980s. Yet public policies that encourage education, work, and opportunity are urgently needed to keep that positive trend from reversing.
- Topic:
- Demographics, Development, Economics, and Government
- Political Geography:
- America
5079. Autism and Hope
- Publication Date:
- 01-2006
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- Autism spectrum disorders have become among the most common and severe developmental disabilities facing children—and thus future generations of adults—in the United States today. More than in 200 young children may now be affected by a neurological condition on the spectrum (which includes autism, pervasive development disorder, and Asperger's syndrome or disorder). This fact has become increasingly well reported in recent months.
- Topic:
- Development, Economics, Health, and Human Welfare
- Political Geography:
- United States
5080. China's Social Unrest: The Story Behind the Stories
- Author:
- Albert Kiedel
- Publication Date:
- 09-2006
- Content Type:
- Policy Brief
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- China is confronting widespread violent and even deadly social unrest, raising Communist Party alarms about national security. Some observers speculate that unrest could undermine China's national leadership, as it did in the Ukraine and the Philippines. Some U.S. policy makers might welcome unrest in China as a path to democracy and “freedom.” But rather than an opportunity to transform China's political order, China's social unrest should be understood as the unavoidable side effects—worsened by local corruption—of successful market reforms and expanded economic and social choice. Managing this unrest humanely requires accelerated reform of legal and social institutions with special attention to corruption. More violence would generate more suffering, potentially destabilizing East Asia and harming U.S. interests. The United States should encourage China to strengthen its social reconciliation capabilities, without making electoral political reform a prerequisite for intensifying engagement across the board.
- Topic:
- Civil Society, Development, and Economics
- Political Geography:
- United States, China, Ukraine, East Asia, and Asia