Tax Reforms of R. Reagan and D. Trump: Evolution of Priorities
Table of contents
Share
QR
Metrics
Tax Reforms of R. Reagan and D. Trump: Evolution of Priorities
Annotation
PII
S032120680001165-5-1
Publication type
Article
Status
Published
Authors
Vladimir Vasiliev 
Affiliation: Institute for the U.S. and Canadian Studies. Russian Academy of Sciences (ISKRAN)
Michael Sokolov
Affiliation: Institute of Economy, Russian Academy of Sciences
Address: Russian Federation
Edition
Pages
5-25
Abstract

An overall assessment of the possible consequences of D. Trump's large-scale tax reform for the economic development of the United States in the medium and long term is given. The general conclusion is drawn that in the short term the tax reform of D. Trump will contribute to the acceleration of economic growth, but in the future, its stimulating effects will sharply weaken, since the D. Trump tax reform, as well as the R. Reagan tax reform in 1981, sharply exacerbate the problem of federal budget deficits, which will negate its initial stimulating effects. The Trump tax reform is even more than Reagan's tax reforms of the 1980s aims for budget support of the corporate sector of the American economy and the wealthiest taxpayers of American society, which are considered by the architects of Trump's tax reform as the main driver of US economic development.

 

Keywords
federal budget, tax reform, stimulating effects, fiscal effects, Laffer curve, economic growth, budget deficit, gross federal debt, R. Reagan, D. Trump.
Received
03.07.2018
Date of publication
07.08.2018
Number of purchasers
10
Views
1849
Readers community rating
0.0 (0 votes)
Cite Download pdf
Additional services access
Additional services for the article
Additional services for all issues for 2018

Publication text not found

References

1. Feenberg D., Poterba J. Income Inequality and the Incomes of Very High Income Taxpayers: Evidence from Tax Returns // In Poterba J. (Ed.) Tax Policy and the Economy. Vol. 7. Camb. (Mass.): MIT Press, 1993, pp. 145-177.

2. Frankel J. Reagan’s Tax Reforms Revisited. Washington Center for Equitable Growth, January 11, 2018. Available at: http://equitablegrowth.org/equitablog/should-read-jeffrey-frankel-reagans-tax-reforms-revisited/

3. Fullerton D. and Henderson Y. Long-Run Effects of the Accelerated Cost Recovery System. NBER Working Paper N 828. December 1981, 40 pp. – http//:www.nber.org/papers/w0828.

4. Hogan J. Economic Crises and Policy Change in the Early 1980s: a Four Country Comparison // Journal of Australian Political Economy, No. 65, Winter 2010, pp. 106-137.

5. Kozma G. Economic Effects of Tax Cuts in the Reagan Administration. Literature review // Public Finance Quarterly, 2013, Vol. 58, N4, p. 403-419.

6. Laffer A. The Laffer Curve: Past, Present, and Future // Backgrounder, No 1765, June 2004, ii + 18 pp.

7. McMahon M. The Matthew Effect and Federal Taxation // Boston College Law Re-view, 2004, Vol. 45, N5, pp. 993-1128.

8. Milanovic B. The Return of “Patrimonial Capitalism”: A Review of Thomas Piketty’s Capital in the Twenty-First Century // Journal of Economic Literature, June 2014, pp. 519-534.

9. Schmalbeck R. The Death of the Efficiency-Equity Trade-off? A Commentary on McMahon's The Matthew Effect and Federal Taxation // Boston College Law Review, 2004, Vol. 45, N5, p. 1143-1156.

10. Yorio Ed. Equity, Efficiency, and the Tax Reform Act of 1986 // Fordham Law Re-view, 1987, Vol. 55, N4, pp.395-457.

Comments

No posts found

Write a review
Translate