Fiscal Studies最新文献

{"title":"Editorial announcement","authors":"","doi":"10.1111/1475-5890.12297","DOIUrl":"https://doi.org/10.1111/1475-5890.12297","url":null,"abstract":"<p>We are pleased to welcome the two new managing editors of <i>Fiscal Studies</i>, James Banks (Professor of Economics at the University of Manchester, Co-Director of the ESRC Centre for the Microeconomic Analysis of Public Policy at the Institute for Fiscal Studies and Co-Principal Investigator of the English Longitudinal Study of Ageing) and Kimberley Scharf (Professor of Economics and Public Policy at the University of Birmingham and Director of the NAO – University of Birmingham Tax Centre).</p><p>Professor Banks's research focuses on the empirical modelling of individual economic behaviour over the life cycle, with particular focus on the dynamics of consumption, savings and retirement; and broad issues on the economics of ageing, including the study of health and cognitive functioning, and their association with labour market and broader socio-economic status. Professor Scharf's research interests include the economics of charitable giving, fundraising and philanthropy; taxation and public finance; international taxation; and political economy.</p>","PeriodicalId":51602,"journal":{"name":"Fiscal Studies","volume":"43 1","pages":"99"},"PeriodicalIF":7.3,"publicationDate":"2022-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-5890.12297","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"109173147","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Twenty-five years of income inequality in Britain: the role of wages, household earnings and redistribution","authors":"Thomas Wernham, R. Joyce, Jonathan Cribb","doi":"10.1920/wp.ifs.2022.1222","DOIUrl":"https://doi.org/10.1920/wp.ifs.2022.1222","url":null,"abstract":"","PeriodicalId":51602,"journal":{"name":"Fiscal Studies","volume":" ","pages":""},"PeriodicalIF":7.3,"publicationDate":"2022-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45454735","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Reducing the income tax burden for households with children: an assessment of the child tax credit reform in Austria","authors":"Michael Christl,&nbsp;Silvia De Poli,&nbsp;Janos Varga","doi":"10.1111/1475-5890.12295","DOIUrl":"10.1111/1475-5890.12295","url":null,"abstract":"<p>In this paper, we analyse the impact of the implementation of a child tax credit in Austria in 2018. We combine microsimulation techniques, labour supply modelling and dynamic general equilibrium modelling to make an <i>ex ante</i> evaluation of the reform, accounting also for behavioural responses of individuals. We show that although the macroeconomic effect of the Austrian reform is expected to be relatively small, accounting for feedback effects on a micro-level is very important, especially when analysing socioeconomic and policy-relevant indicators, such as poverty and inequality. When focusing on the distributional implications and the impact on poverty, our analysis highlights that the first-round effects of the child tax credit substantially underestimate the increase in household income for households with children. Additionally, we find that when accounting for second-round effects, the loss in tax revenues is partly offset. The estimated self-financing effect of the reform is estimated to be about 13 per cent. Our results also indicate that part of the associated tax decrease can be potentially captured by the employer, meaning that gross wages are expected to fall slightly. Therefore, in the medium term, some households without children might suffer a small reduction in their disposable income. Overall, our analysis highlights the importance of accounting for second-round effects when analysing tax reforms <i>ex ante</i>.</p>","PeriodicalId":51602,"journal":{"name":"Fiscal Studies","volume":"43 2","pages":"151-177"},"PeriodicalIF":7.3,"publicationDate":"2022-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-5890.12295","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44283998","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Why a labour market boom does not necessarily bring down inequality: putting together Germany's inequality puzzle","authors":"Martin Biewen,&nbsp;Miriam Sturm","doi":"10.1111/1475-5890.12294","DOIUrl":"10.1111/1475-5890.12294","url":null,"abstract":"<p>After an economically tough start to the new millennium, Germany experienced an unprecedented employment boom after 2005, only stopped by the COVID-19 pandemic. Persistently high levels of inequality despite a booming labour market and drastically falling unemployment rates constituted a puzzle, suggesting either that the German job miracle mainly benefitted individuals in the mid- or high-income range or that other developments offset the effects of the drastically improved labour market conditions. The present paper solves this puzzle by breaking down the observed changes in the distribution of disposable incomes between 2005–06 and 2015–16 into the contributions of eight different factors, one of them being the employment boom. Our results suggest that, while the latter did have an equalising impact, it was partially offset by the disequalising impact of other factors, and substantially dampened by the transfer system. Our results point to a strong role of the German transfer system as a distributional stabiliser implying that, if the COVID-19 shock were to persistently reverse all the employment gains that occurred during the boom, this would only have a moderately disequalising effect on the distribution of net incomes.</p>","PeriodicalId":51602,"journal":{"name":"Fiscal Studies","volume":"43 2","pages":"121-149"},"PeriodicalIF":7.3,"publicationDate":"2022-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-5890.12294","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45726722","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The impact of management on hospital performance","authors":"Miqdad Asaria,&nbsp;Alistair McGuire,&nbsp;Andrew Street","doi":"10.1111/1475-5890.12293","DOIUrl":"https://doi.org/10.1111/1475-5890.12293","url":null,"abstract":"<p>There is a prevailing popular belief that expenditure on management by health-care providers is wasteful, diverts resources from patient care, and distracts medical and nursing staff from getting on with their jobs. There is little existing evidence to support either this narrative or counter-claims. We explore the relationship between management and public sector hospital performance using a fixed effects empirical econometric specification on a panel data set consisting of all 129 non-specialist acute National Health Service (NHS) hospitals in England for the financial years 2012/13 to 2018/19. Measures of managerial input and quality of management practice are constructed from NHS Electronic Staff Records and NHS Staff Survey data. Hospital accounts and Hospital Episode Statistics data are used to construct five measures of financial performance and of timely and high-quality care. We find no evidence of association either between quantity of management and management quality or directly between quantity of management and any of our measures of hospital performance. However, there is some evidence that higher-quality management is associated with better performance. NHS managers have limited discretion in performing their managerial functions, being tightly circumscribed by official guidance, targets, and other factors outside their control. Given these constraints, our findings are unsurprising.</p>","PeriodicalId":51602,"journal":{"name":"Fiscal Studies","volume":"43 1","pages":"79-95"},"PeriodicalIF":7.3,"publicationDate":"2021-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-5890.12293","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"109167753","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Ways of taxing wealth: alternatives and interactions","authors":"Andy Summers","doi":"10.1111/1475-5890.12285","DOIUrl":"https://doi.org/10.1111/1475-5890.12285","url":null,"abstract":"<p>In this paper, I examine the role of a wealth tax in the context of the UK's existing taxes on wealth. First, I discuss several ways in which the UK could be said to tax wealth already, and I set out two possible directions for reforming these taxes, highlighting policies that are merited under either approach. Second, I consider whether and under what circumstances a broad-based tax on the ownership of wealth – a ‘wealth tax’ – could be justified instead of or in addition to these reforms. Third, I address how a wealth tax should interact with other taxes, focusing on concerns regarding ‘double taxation’ and (conversely) proposals for an alternative minimum tax based on wealth. I conclude that there is a large degree of consensus amongst existing proposals to reform our current taxes on wealth, and that most of these reforms would be required whether or not a wealth tax is introduced as well.</p>","PeriodicalId":51602,"journal":{"name":"Fiscal Studies","volume":"42 3-4","pages":"485-507"},"PeriodicalIF":7.3,"publicationDate":"2021-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-5890.12285","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"109174325","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Revenue and distributional modelling for a UK wealth tax","authors":"Arun Advani,&nbsp;Helen Hughson,&nbsp;Hannah Tarrant","doi":"10.1111/1475-5890.12280","DOIUrl":"https://doi.org/10.1111/1475-5890.12280","url":null,"abstract":"<p>In this paper, we model the revenue that could be raised from an annual and a one-off wealth tax of the design recommended by Advani, Chamberlain and Summers in the Wealth Tax Commission's Final Report (2020). We examine the distributional effects of the tax, in terms of both wealth and other characteristics. We also estimate the share of taxpayers who would face liquidity constraints in meeting their tax liability. We find that an annual wealth tax charging 0.17 per cent on wealth above £500,000 could generate £10 billion in revenue, before administrative costs. Alternatively, a one-off tax charging 4.8 per cent (effectively 0.95 per cent per year, paid over a five-year period) on wealth above the same threshold, would generate £250 billion in revenue. To put our revenue estimates into context, we present revenue estimates and costings for some commonly proposed reforms to the existing set of taxes on capital.</p>","PeriodicalId":51602,"journal":{"name":"Fiscal Studies","volume":"42 3-4","pages":"699-736"},"PeriodicalIF":7.3,"publicationDate":"2021-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-5890.12280","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"109174328","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Public attitudes to a wealth tax: the importance of ‘capacity to pay’","authors":"Karen Rowlingson,&nbsp;Amrita Sood,&nbsp;Trinh Tu","doi":"10.1111/1475-5890.12282","DOIUrl":"10.1111/1475-5890.12282","url":null,"abstract":"<p>In this paper, we present findings from the first ever study, to our knowledge, to focus in detail on public attitudes to an annual wealth tax. We start with a brief review of relevant recent studies before outlining the mixed methods used, which involved a nationally representative survey of 2,243 members of the general public and four focus groups conducted during the summer of 2020. The study aimed to measure, explore and explain the overall levels of support for a wealth tax compared with other taxes, the arguments for and against a wealth tax, and opinions on the particular design of such a tax. Key findings include high levels of public support for a wealth tax compared with other taxes, and support for the base of the tax to include financial investments and property wealth (after excluding the main home). The most popular rate/threshold combination is for the tax to be levied at a rate of at least 1 per cent over £500,000. Support for the tax appears to be driven by a combination of rational self-interest and beliefs about fairness but, in particular, the public are keen for the tax to be focused on those with capacity to contribute the most.</p>","PeriodicalId":51602,"journal":{"name":"Fiscal Studies","volume":"42 3-4","pages":"431-455"},"PeriodicalIF":7.3,"publicationDate":"2021-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-5890.12282","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46101727","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Why were most wealth taxes abandoned and is this time different?","authors":"Sarah Perret","doi":"10.1111/1475-5890.12278","DOIUrl":"10.1111/1475-5890.12278","url":null,"abstract":"<p>Wealth taxes are increasingly being considered as an option in policy and academic circles to collect additional revenue and address inequality. One objection that is often raised, however, is that they seem to have failed in countries that tried them, with most OECD countries abandoning their wealth taxes in recent decades. This paper gives an overview of OECD countries’ experiences with wealth taxes and explores the different factors that have led to their repeal in most countries. The paper also discusses whether the situation might be different today and what the implications for tax policy might be.</p>","PeriodicalId":51602,"journal":{"name":"Fiscal Studies","volume":"42 3-4","pages":"539-563"},"PeriodicalIF":7.3,"publicationDate":"2021-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-5890.12278","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42520612","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The economic arguments for and against a wealth tax","authors":"Stuart Adam,&nbsp;Helen Miller","doi":"10.1111/1475-5890.12288","DOIUrl":"10.1111/1475-5890.12288","url":null,"abstract":"<p>This paper asks when a wealth tax would, in principle, be a desirable part of the tax system, setting aside the practicalities and politics that would be crucial in reality. The case for a one-off wealth tax is simple. If it were unexpected and credibly one-off – a major challenge in practice – this would be an efficient way to raise revenue and could be used to address existing wealth inequality. Whether such a tax is desirable hinges on whether it is considered fair, about which reasonable people will differ. Making the case for an annual wealth tax, which would affect future wealth accumulation as well as existing wealth, is less straightforward. It requires explaining why it is better to tax the same wealth every year – penalising those who save – rather than raising the same revenue by taxing all sources of wealth once when they are received (and/or when they are spent). Such a case can be made based on subtle arguments for why taxing wealth might help to ease the trade-off between redistribution and work incentives; and a wealth tax might also be justified if holding on to wealth, rather than spending it, benefits the holder or harms others. These theoretical arguments probably justify some taxation of wealth in principle, though we have little basis for judging the appropriate level, so only part of the theoretical benefit could be attained. It is questionable whether the achievable benefits outweigh the costs of an imperfect wealth tax in practice.</p><p>There are strong reasons to radically reform how we currently tax the sources/uses of wealth; this includes reforming capital income taxes in order to properly tax high returns. An annual wealth tax would be a poor substitute for doing that. But to the extent that taxes remain imperfect and that responses to a wealth tax would not affect revenue from other taxes (such as on income, expenditure and bequests), there may be a benefit to adding a wealth tax in order to diversify sources of revenue and prevent any one tax getting too high – though that must be weighed against the extra administrative burdens of having another tax.</p>","PeriodicalId":51602,"journal":{"name":"Fiscal Studies","volume":"42 3-4","pages":"457-483"},"PeriodicalIF":7.3,"publicationDate":"2021-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-5890.12288","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42031705","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}