Experts discuss fiscal reforms intended to address the U.S. debt problem, examining entitlements, federal budgetary processes, and individual and corporate income taxes.
The United States and other advanced economies in the Eurozone and elsewhere face severe fiscal problems. The United States is on an unsustainable dynamic path; absent corrective fiscal policies, federal deficits and debts relative to gross domestic product will continue to increase dramatically. In this book, experts consider possible fiscal reforms aimed at addressing the debt problem, focusing on entitlement programs, budgetary issues and processes, and individual and corporate income tax reform.
The contributors address such topics as the interaction of rising health care costs and the level of federal expenditures; alternative methods for evaluating the fiscal health and sustainability of Social Security; the effectiveness of budgetary constraints imposed on the states, including balanced budget amendments and debt ceilings; approaches to curtailing individual tax expenditures and methods for increasing the progressivity of the tax system; and the effects of traditional base-broadening, rate-reducing corporate income tax reforms.
ContributorsHenry J. Aaron, James Alm, Rosanne Altshuler, Daniel Baneman, Joe Barnes, Robert J. Carroll, Ruud A. de Mooij, John W. Diamond, Jagadeesh Gokhale, Jane G. Gravelle, Peter R. Hartley, Vivian Ho, John Kitchen, Edward D. Kleinbard, John Mutti, Thomas S. Neubig, Mark V. Pauly, Rudolph G. Penner, Andrew J. Rettenmaier, Shanna Rose, Joseph Rosenberg, Daniel Smith, Eric Toder, Alan D. Viard, Roberton Williams, George R. Zodrow
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About the Author
John W. Diamond is Edward A. and Hermena Hancock Kelly Fellow in Public Finance at Rice University's James A. Baker III Institute for Public Policy.
George R. Zodrow is Allyn R. and Gladys M. Cline Chair of Economics and Rice Scholar, Baker Institute for Public Policy, at Rice University.
Table of Contents
List of Figures xi
List of Tables xv
1 Directions for Fiscal Reform in the United States John W. Diamond George R. Zodrow 3
I Expenditure Programs 17
2 Medical Spending Reform and the Fiscal Future of the United States Mark V. Pauly 19
Discussion Vivian Ho 54
Discussion Andrew J. Rettenmaier 64
3 Social Security's Financial Outlook and Reforms: An Independent Evaluation Jagadeesh Gokhale 77
Discussion Henry J. Aaron 115
Discussion James Alm 121
II Budgetary Issues and Processes 133
4 Federal Budget Reform: Lessons from State and Local Governments Shanna Rose Daniel L. Smith 135
Discussion Joe Barnes 163
Discussion Rudolph G. Penner 171
5 The Challenges of Funding U.S. Deficits and Debt John Kitchen 177
Discussion Peter R. Hartley 214
Discussion John Mutti 228
III Individual and Corporate Income Tax Reform 237
6 Curbing Tax Expenditures Daniel Baneman Joseph Rosenberg Eric Toder Roberton Williams 239
Discussion Edward D. Kleinbard 273
Discussion Thomas S. Neubig 283
7 Raising Revenue from Reforming the Corporate Tax Base Jane G. Gravelle 291
Discussion Rosanne Altshuler 335
Discussion Robert J. Carroll 338
8 The Dynamic Economic Effects of a U.S. Corporate Income Tax Rate Reduction John W. Diamond George R. Zodrow Thomas S. Neubig Robert J. Carroll 343
Discussion Ruud A. de Mooij 387
Discussion Alan D. Viard 397