By Martin Feldstein
Destined to develop into the normal advisor to the industrial coverage of the us through the Reagan period, this ebook offers an authoritative list of the industrial reforms of the 1980s.In his advent, Martin Feldstein offers compelling research of guidelines with which he was once heavily concerned as chairman of the Council of financial Advisers through the Reagan management: financial and alternate price coverage, tax coverage, and finances concerns. different best economists and policymakers study a number of household and overseas concerns, together with financial and alternate fee coverage, legislation and antitrust, in addition to alternate, tax, and funds policies.The individuals 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)
President Reagan strongly opposed high rates of personal income taxation 21 American Economic Policy in the 1980s: A Personal View and particularly the very high level of the top marginal tax rate. He spoke privately of the personal disincentive and of the sense of frustration and unfairness created by tax rates of nearly 100 percent that he had experienced himself. Until the 1963 tax reductions, the maximum marginal rate was 91 percent, and the tax rate was 89 percent for income over $100,000.
Even now, a decade later, the deficit remains a major problem that I would regard as the significant negative legacy of a decade of otherwise generally favorable policy developments. Long before the 1980 presidential campaign, Ronald Reagan had been an advocate of reducing both taxes and nondefense spending. Both these goals 21. For further comments that I made at the time, see Feldstein (1986a. 1986d). 34 Martin Feldstein were achieved to a surprising and unprecedented extent during the first two years of the Reagan presidency.
Finally, the Treasury calculations of equal effective tax rates as a standard of tax neutrality made no allowance for differences in the way that different types of investments are financed. Inventories can be financed by relatively low-cost short-term loans and real estate investments by somewhat more expensive mortgages and bonds, while equipment and research must rely more heavily on equity capital. It is perhaps ironic that a Republican administrationshould have passed such 19. For an analysis of the distribution of the corporate tax increase by income class, see Feldstein (1988b).