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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (44727)	10/1/2003 2:24:03 AM
From: IQBAL LATIF	Read Replies (1) of 50167

Dale Jorgenson of Harvard recently discussed the potential gains from tax reform. Under one proposal that he outlines, which would lower marginal rates and reduce the tax burden on capital, he finds that national wealth would jump by a whopping 19 percent. I estimate that gains from Efficient Taxation of Income would be equivalent to 19 cents for every dollar of U.S. national wealth. The total gains would be a whopping $4.9 trillion! By comparison, the nation's gross domestic product was $8.1 trillion and national wealth was $25.4 trillion in 1997, the base year for this comparison. These gains encapsulate the benefits of shifting investment to higher-yielding assets. They also reflect greater investment and faster economic growth. Dale Jorgenson, "Efficient Taxation of Income," Harvard Magazine (March-April 2003 harvard-magazine.com Posted by Bruce Bartlett at 6:14 PM \| link

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