Termites of the State: Why Complexity Leads to Inequality
by Vito Tanzi · 28 Dec 2017
fiscal deficits and public debts. The increases in fiscal deficits had come in spite of the positive contributions to tax revenues that the so-called fiscal drag – the positive impact that a moderate rate of inflation has on tax revenue, in tax systems with progressive tax rates applied to unchanged nominal incomes
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real investment, 106–7 432 Fine, Sidney, 18 Fines, 142 Finland Gini coefficient in, 317 marginal tax rates in, 376 Fiscal councils, 72–73, 272 Fiscal drag, 61 Fiscal policy, stabilization policies and, 237 Fiscal rules, 71–72, 272 Fiscal tools, 38 Fischer, Stanley, 113–14 Fisher, Irving, 46–47 Fishing industry
Failed State: The Sunday Times Bestselling Investigation Into Why Britain Is Struggling
by Sam Freedman · 10 Jul 2024 · 368pp · 101,133 words
seek to levy a poll tax at a high level; and because it was a nominal, not a percentage, tax it would neither benefit from “fiscal drag” [automatically increasing as inflation went up], nor would it prove easy for councils to increase year on year.’22 The original plan was to leave
Pivotal Decade: How the United States Traded Factories for Finance in the Seventies
by Judith Stein · 30 Apr 2010 · 497pp · 143,175 words
was $4 billion for defense, added after the Soviets invaded Afghanistan in December 1979; on the revenue side no attempt was made to offset the fiscal drag that pushed people into higher tax brackets. Consumption was further restrained by higher social security taxes. But the president aimed in the wrong direction. Higher
Understanding Asset Allocation: An Intuitive Approach to Maximizing Your Portfolio
by Victor A. Canto · 2 Jan 2005 · 337pp · 89,075 words
that inflation is a tax on savings and investment, and low inflation acts like a tax cut—so much so that it can offset the fiscal drag of the high taxes that might be in place. I use this example to illustrate top-down thinking, which is not only critical for economists
What's Next?: Unconventional Wisdom on the Future of the World Economy
by David Hale and Lyric Hughes Hale · 23 May 2011 · 397pp · 112,034 words
the government were to introduce a 10 percent VAT in 2012 or 2013, it would depress consumer spending. The Fed might have to offset the fiscal drag by easing interest rates. If there is no change in fiscal policy, bond yields could rise to 7–8 percent and jeopardize the upturn in
Naked Economics: Undressing the Dismal Science (Fully Revised and Updated)
by Charles Wheelan · 18 Apr 2010 · 386pp · 122,595 words
things that it is theoretically supposed to do, government spending must be financed by levying taxes, and taxes exert a cost on the economy. This “fiscal drag,” as Burton Malkiel has called it, stems from two things. First, taxes take money out of our pockets, which necessarily diminishes our purchasing power and
Money and Government: The Past and Future of Economics
by Robert Skidelsky · 13 Nov 2018
. In 1960 the President’s Council of Economic Advisers estimated that the economy was using only 90 per cent of its potential output, because of ‘fiscal drag’. The policy of setting tax rates and spending totals to balance the budget at a high level of employment, and leaving them there, was not
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Union, 159 excess demand conditions in mid-1960s, 163, 164, 166 fall in wages (1929–32), 122 Fanny Mae & Freddie Mac nationalized (2008), 217, 256 ‘fiscal drag’ in 1950s/early 60s, 151, 152–3 fiscal formula (1945–61), 143 and free trade, 9, 90 Full Employment Act (1946), 141 GDP per capita
The Wake-Up Call: Why the Pandemic Has Exposed the Weakness of the West, and How to Fix It
by John Micklethwait and Adrian Wooldridge · 1 Sep 2020 · 134pp · 41,085 words
it too could benefit from having a Great Society of its own.31 With America’s economy doubling in size every decade, economists agonized about “fiscal drag”—that if they didn’t spend money fast enough fiscal surpluses would eventually act as a deflationary break on economic growth—so they tried to
Capitalism in America: A History
by Adrian Wooldridge and Alan Greenspan · 15 Oct 2018 · 585pp · 151,239 words
that the Treasury was raising too much money. The large federal surpluses would act as a deflationary brake on economic growth—a phenomenon known as “fiscal drag”—and the government needed to find ways of spending money. Predictably, there was no shortage of ideas for doing the spending: the 1964 tax cut
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, 425–26 financial deregulation, 338–43 financial panics, 42, 135, 425. See also specific panics Firestone, Harvey, 110 first transcontinental railroad, 16, 18, 90, 114 “fiscal drag,” 303 Fischer, David Hackett, 60 Fisher, Irving, 221, 231, 232–33, 256 fishing industry, 36–37 Fishlow, Albert, 50, 53, 54 Fisk, James, 124, 130
The Verdict: Did Labour Change Britain?
by Polly Toynbee and David Walker · 6 Oct 2011 · 471pp · 109,267 words
Labour – such as the fuel and tobacco duty escalators. A third came from Labour’s own tax increases and a third from growing incomes or ‘fiscal drag’, where earnings increases push taxpayers into higher tax brackets. When it did increase National Insurance in 2001, clearly earmarking it for health, the public applauded
The Skeptical Economist: Revealing the Ethics Inside Economics
by Jonathan Aldred · 1 Jan 2009 · 339pp · 105,938 words
Stress Test: Reflections on Financial Crises
by Timothy F. Geithner · 11 May 2014 · 593pp · 189,857 words
Good Times, Bad Times: The Welfare Myth of Them and Us
by John Hills · 6 Nov 2014 · 352pp · 107,280 words