By Martin Feldstein
Destined to develop into the traditional advisor to the industrial coverage of the U.S. in the course of the Reagan period, this publication presents an authoritative list of the commercial reforms of the 1980s.In his advent, Martin Feldstein offers compelling research of rules with which he used to be heavily concerned as chairman of the Council of financial Advisers through the Reagan management: financial and trade cost coverage, tax coverage, and finances concerns. different prime economists and policymakers research a number of household and foreign concerns, together with financial and trade price coverage, legislation and antitrust, in addition to exchange, tax, and finances policies.The participants to this quantity are Alberto Alesina, Phillip Areeda, Elizabeth Bailey, William F. Baxter, C. Fred Bergsten, James Burnley, Geoffrey Carliner, Christopher DeMuth, Douglas W. Elmendorf, Thomas O. Enders, Martin Feldstein, Jeffrey A. Frankel, Don Fullerton, William M. Isaac, Paul L Joskow, Paul Krugman, Robert E. Litan, Russell B. lengthy, Michael Mussa, William A. Niskanen, Roger G. Noll, Lionel H. Olmer, Rudolph Penner, William Poole, James M. Poterba, Harry M. Reasoner, William R. Rhodes, J. David Richardson, Charles Schultze, Paula Stern, David Stockman, William Taylor, James Tobin, W. Kip Viscusi, Paul A. Volcker, Charles E. Walker, David A. clever, and Richard G. Woodbury.
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Extra info for American Economic Policy in the 1980s (National Bureau of Economic Research Conference Report)
Cap Weinberger, himself a former Office of Management and Budget 37 American Economic Policy in the 1980s: A Personal View (OMB) director, was able to keep defense spending outside the regular budget process. Although the OMB reviewed the details of the defense budget, the overall level of defense spending was decided by the president and the defense secretary alone, something without parallel in the other spending departments and a continuing source of frustration to OMB Director David Stockman.
This was achieved despite a reduction of the corporate tax rate from 46 percent to 34 percent by lengthening depreciation lives and eliminating the investment tax credit. The revenue estimators conveniently chose not to take the increased corporate tax revenue into account in calculating the effect of the overall reform on the taxes paid at each income level. This produced the politically convenient result of an apparent tax cut for each income class despite the aggregate estimate that the tax reform as a whole was revenue neutral.
This raised revenue from high-income taxpayers and did so quickly. However, just as with the 1982 retroactive changes in depreciation rules, it sent the message that depreciation tax rules could not be relied on in the future. It also encouraged tax-motivated investors in real estate to sell their properties immediately, exacerbating the collapse of real estate values and the problems of the banking system in the late 1980s. Another change designed to limit the tax cut for the highest-income taxpayers was eliminating the personal exemptions and the use of the low bracket rates (the zero bracket and the 15 percent bracket) for high-income individuals.
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