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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

196. Uncovering the Unknown: An Analysis of Tax Evasion in Zambia 2014

Author:
Shebo Nalishebo and Albert Halwampa
Publication Date:
12-2014
Content Type:
Working Paper
Institution:
Zambia Institute for Policy Analysis and Research (ZIPAR)
Abstract:
The Government of the Republic of Zambia, like many other governments in the world, significantly relies on tax revenue to finance both its key infrastructure development and social services. Zambia’s tax revenue declined from 30% of GDP in the 1970s to only an average of 13% of GDP in the 1990s mainly due to the decline in mining revenue and weak tax administration. To address this decline, significant tax reforms were undertaken that included the creation of the Zambia Revenue Authority (ZRA). Despite these reforms, tax revenue collection has to a large extent been unsatisfactory, recording average tax revenue-to-GDP of 17% in the last five years. This study investigates the extent and causes of tax evasion in Zambia including the review of the current legal and administrative measures used by the ZRA in addressing this problem. To investigate tax evasion in Zambia, several methodologies or approaches are used. These include carrying out a qualitative survey on a small sample of large taxpayers to find out their perceptions on the causes of tax evasion in Zambia. In investigating the extent of tax evasion, the tax gap with respect to Pay-As-You-Earn (PAYE) personal income tax of the self-employed and paid employees is estimated using data from the nationally representative 2010 Living Conditions and Monitoring Survey (LCMS). Further, a comparative assessment of Zambia‘s tax revenue performance relative to countries in the Southern Africa Customs Union (SACU) and Sub-Saharan Africa (SSA) is undertaken. The study also reviews the current legal and administrative measures used to address tax evasion.
Topic:
Government, Tax Systems, and Tax Evasion
Political Geography:
Africa and Zambia

197. Institutions of the Russian fiscal federalism: 20 years of evolution

Author:
Elena Jarocinska
Publication Date:
06-2014
Content Type:
Policy Brief
Institution:
Center for Social and Economic Research - CASE
Abstract:
In this brief, Elena Jarocinska summarizes the main thrust of Russian federal fiscal institutions and discusses their specific features. She describes the evolution of federal fiscal regulations since the establishment of the Russian federal state. As a conclusion, she offers the following policy recommendations: tax autonomy of subnational governments which is currently very limited should be increased; federal aid should be further formalized and made more transparent; regulations should not be changed from year to year to provide for a more stable environment; and subnational interests should be better protected at the institutional level.
Topic:
Monetary Policy, Reform, Tax Systems, Institutions, Fiscal Policy, Trade, and Post-Socialist Economies
Political Geography:
Russia, Europe, Central Asia, Caucasus, and Eastern Europe

198. Africa's Willing Taxpayers Thwarted by Opaque Tax systems, Corruption

Author:
Rose Aiko and Carolyn Logan
Publication Date:
03-2014
Content Type:
Policy Brief
Institution:
Afrobarometer
Abstract:
Afrobarometer survey data, covering 29 countries in sub-Saharan Africa reveal widespread citizen commitment to the principle of taxation and to taking responsibility – by paying their taxes – for national development. But taxation systems across the continent remain opaque to large majorities. Most find it difficult to know what they owe, and the public is even more in the dark when it comes to understanding how tax revenues are actually used by governments. Moreover, perceived corruption among tax authorities remains significant, and evidence suggests these perceptions undermine public commitment to the integrity of the tax system and increase the likelihood of non-compliance.
Topic:
Corruption, Governance, Tax Systems, and Bureaucracy
Political Geography:
Africa

199. Inference Based on SVARs Identified with Sign and Zero Restrictions: Theory and Applications

Author:
Jonas E. Arias, Juan F. Rubio-Ramirez, and Daniel F. Waggoner
Publication Date:
03-2014
Content Type:
Commentary and Analysis
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Are optimism shocks an important source of business cycle fluctuations? Are deficit-financed tax cuts better than deficit-financed spending to increase output? These questions have been previously studied using SVARs identified with sign and zero restrictions and the answers have been positive and definite in both cases. While the identification of SVARs with sign and zero restrictions is theoretically attractive because it allows the researcher to remain agnostic with respect to the responses of the key variables of interest, we show that current implementation of these techniques does not respect the agnosticism of the theory. These algorithms impose additional sign restrictions on variables that are seemingly unrestricted that bias the results and produce misleading confidence intervals. We provide an alternative and efficient algorithm that does not introduce any additional sign restriction, hence preserving the agnosticism of the theory. Without the additional restrictions, it is hard to support the claim that either optimism shocks are an important source of business cycle fluctuations or deficit-financed tax cuts work best at improving output. Our algorithm is not only correct but also faster than current ones.
Topic:
Economics, Business, Tax Systems, Economic Theory, and Deficit
Political Geography:
Global Focus

200. Taxes and International Risk Sharing

Author:
Brendan Epstein, Rahul Mukherjee, and Shanthi Ramnath
Publication Date:
06-2014
Content Type:
Commentary and Analysis
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We examine the extent to which differences in international tax rates may account for the small correlations of per capita consumption fluctuations across countries. Theory implies a close relationship between relative consumption growth, and consumption and capital income tax rate differentials. We find strong empirical evidence for this relationship. Idiosyncratic output fluctuations account for the majority of cross country consumption growth variability, but trends in tax differentials are informative about the dynamic evolution of international risk sharing. In particular, adjusting for capital taxes reveals an intuitive positive relationship between financial connectedness and risk sharing that is absent in baseline measures.
Topic:
Tax Systems, Risk, Capital, and Consumerism
Political Geography:
Global Focus