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Tax Policy and the Economy, Volume 1

Tax Policy and the Economy Volume Tax policy debates generated by one of the most sweeping reforms of the Federal income tax system since its inception are certain to continue for years to come providing a fertile field for economi

  • Title: Tax Policy and the Economy, Volume 1
  • Author: Lawrence H. Summers
  • ISBN: 9780262192637
  • Page: 469
  • Format: Hardcover
  • Tax policy debates, generated by one of the most sweeping reforms of the Federal income tax system since its inception, are certain to continue for years to come, providing a fertile field for economic research This book is the first in a series of annual publications on tax policy and the economy initiated by the National Bureau of Economic Research and designed to conveTax policy debates, generated by one of the most sweeping reforms of the Federal income tax system since its inception, are certain to continue for years to come, providing a fertile field for economic research This book is the first in a series of annual publications on tax policy and the economy initiated by the National Bureau of Economic Research and designed to convey research results in a way that is accessible to a wide body of lawyers, policymakers, and businesspeople involved in formulating tax policy.Volume 1 of Tax Policy and the Economy presents six studies of diverse tax policy issues, each bringing new data to bear on an important policy issue Alan Auerbach and James Poterba examine the striking decline in corporate tax revenues as a share of GNP John Shoven describes new developments in corporate finance and tax avoidance, concluding that these devices have helped and will continue to help corporate shareholders escape the double taxation of dividends.Herman Leonard and Richard Zeckhauser review the experience of several states with tax amnesty programs and consider the likely effects of a Federal tax amnesty program Jeffrey Harris explores the economic effects of tobacco taxation, particularly the effect the recent hike in the Federal excise tax on cigarettes had on prices and on the number of smokers Douglas Bernheim suggests that the Federal estate tax could conceivably reduce Federal tax revenues And in a concluding chapter, Michael Boskin and Douglas Puffert show that the redistributions between married workers and single workers in the Social Security system far outweigh the much discussed marriage tax effects of the individual income tax.Lawrence H Summers is Professor of Economics at Harvard University and Research Associate at the National Bureau of Economic Research.

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      469 Lawrence H. Summers
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    About "Lawrence H. Summers"

    1. Lawrence H. Summers

      Lawrence Henry Larry Summers born November 30, 1954 is an American economist who is President Emeritus and Charles W Eliot University Professor of Harvard University.Born in New Haven, Connecticut, Summers became a professor of economics at Harvard University in 1983 He left Harvard in 1991, working as the Chief Economist at the World Bank from 1991 to 1993 In 1993, Summers was appointed Undersecretary for International Affairs of the United States Department of the Treasury under the Clinton Administration In 1995, he was promoted to Deputy Secretary of the Treasury under his long time political mentor Robert Rubin In 1999, he succeeded Rubin as Secretary of the Treasury While working for the Clinton administration Summers played a leading role in the American response to the 1994 economic crisis in Mexico, the 1997 Asian financial crisis, and the Russian financial crisis He was also influential in the American advised privatization of the economies of the Post Soviet states, and in the deregulation of the U.S financial system, including the abolishment of the Glass Steagall Act.Following the end of Clinton s term, Summers served as the 27th President of Harvard University from 2001 to 2006 Summers resigned as Harvard s president in the wake of a no confidence vote by Harvard faculty that resulted in large part from Summers s conflict with Cornel West, financial conflict of interest questions regarding his relationship with Andrei Shleifer, and a 2005 speech in which he suggested that the under representation of women in science and engineering could be due to a different availability of aptitude at the high end , and less to patterns of discrimination and socialization After his departure from Harvard, Summers made millions as a managing partner at the hedge fund D E Shaw Co and by giving paid speeches to major financial institutions, including Goldman Sachs, JPMorgan Chase, Citigroup, Merrill Lynch and Lehman Brothers Summers rejoined public service during the Obama administration, serving as the Director of the White House United States National Economic Council for President Barack Obama from January 2009 until November 2010, where he emerged as a key economic decision maker in the Obama administration s response to the Great Recession After his departure from the NEC in December 2010, Summers has worked in the private sector and as a columnist in major newspapers In mid 2013, his name was widely floated as the potential successor to Ben Bernanke as the Chairman of the Federal Reserve, though after pushback from the left, Obama eventually nominated Federal Reserve Vice Chairwoman Janet Yellen for the position.Since leaving the NEC in December 2010 Summers has worked for hedge fund D E Shaw Co, Citigroup and NASDAQ OMX Group In June 2011 Summer joined the board of directors of Square, a company developing an electronic payment service, and became a special adviser at venture capital firm Andreessen Horowitz He joined the board of person to person lending company Lending Club in December 2012.Summers also has been authoring a column for the Financial Times Upon the death of Milton Friedman, Summers wrote an Op Ed in The New York Times entitled The Great Liberator arguing that any honest Democrat will admit that we are now all Friedmanites In it Summers wrote that even though Friedman s contributions to monetary policy had been highly lauded, his most important contribution may have been in convincing people of the importance of allowing free markets to operate.

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