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Greg Leiserson Profile picture
@gregleiserson
Aug 1, 2017 • 16 tweets • 2 min read • Read on X
So I guess #DBCFT twitter really didn't do a good job of explaining the concept... 1/
One could (loosely) think of DBCFT as the current corporate tax less the normal return less foreign-source income 2/

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More from @gregleiserson

Greg Leiserson Profile picture
Sep 30, 2020
New report: Cost-benefit analysis of U.S. tax regulations has failed. What should come next? 1/ equitablegrowth.org/research-paper…
Also available in convenient summary version: Why cost-benefit analysis of tax regulations has failed, and how to fix it 2/ equitablegrowth.org/why-cost-benef…
In April 2018, while the Treasury and the IRS were developing regulations to implement the TCJA, the Trump administration sharply expanded a requirement for cost-benefit analysis of tax regulations 3/
Read 11 tweets
Greg Leiserson Profile picture
Jul 6, 2020
.@equitablegrowth last week: The coronavirus recession highlights the importance of automatic stabilizers 1/ equitablegrowth.org/the-coronaviru…
A recession is a broad-based decline in economic activity across the country. 2/ Image
Economic suffering is generally a result of the depressed level of economic activity, not the rate of change, and continues long after the official recession ends. 3/ Image
Read 12 tweets
Greg Leiserson Profile picture
Jun 9, 2020
New WP: Distribution Analysis as Welfare Analysis equitablegrowth.org/working-papers… 1/
This paper formalizes fixed-quantities distribution analysis as the primary ingredient in the welfare (and cost-benefit) analysis of tax changes. The fixed-quantities change in tax is the change in tax ignoring changes in quantities but including changes in prices. 2/
Growth, which is a change in quantities, should generally be ignored in the welfare analysis. However, it does matter for estimating fiscal effects. 3/
Read 20 tweets
Greg Leiserson Profile picture
Jan 28, 2020
NEW: Taxing Wealth, my contribution to the @hamiltonproj volume Tackling the Tax Code: Efficient and Equitable Ways to Raise Revenue 1/ equitablegrowth.org/taxing-wealth/
The income tax does a poor job of taxing the income from wealth. Investment gains are taxed only when assets are sold. Gains on assets that are never sold during a taxpayer’s lifetime are wiped out for income tax purposes at death. 2/
The opportunity to choose when and even whether to pay tax on investment gains leads to widespread tax avoidance. Moreover, even when gains are taxed, they are taxed at preferential rates. 3/
Read 9 tweets
Greg Leiserson Profile picture
Jan 6, 2020
Ok, pausing my twitter hiatus because @RichardRubinDC is posing questions that are at the very center of my work: if TCJA yielded a modest boost in the capital stock would that be enough to make it worth it? 1/
This is a (partially) answerable question but you must acknowledge that the purpose of tax cuts is to cut taxes, something our economic policy discourse largely refuses to do so. (I have thoughts on why, but we’ll save those for another time.) 2/
The tax system is a means of effectuating transfers from the public to the government. Tax increases impose burden on people to raise revenues. Tax cuts reduce burden at the expense of revenues. 3/
Read 20 tweets
Greg Leiserson Profile picture
Oct 9, 2019
For @AEI’s #TCJANowWhat: A regressive, deficit-financed tax cut is not what the United States needed 1/ aei.org/economics/a-re…
Tax economists will spend lots of time in the coming years studying TCJA’s impacts, but its policy merits depend far less on the precise results of these studies than on the basic fact that it was a regressive, trillion-dollar tax cut 2/
Was delivering tax cuts to the relatively well-off the best use of the $1–$2 trillion legislators devoted to the TCJA, or were there other more pressing needs? 3/
Read 13 tweets

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