By Anthony B. Atkinson
This publication surveys fresh advancements in public economics through learning the proposals for a uncomplicated income/flat tax scheme. It discusses numerous ways to taxation and offers a framework for a process which might have an effect on either own source of revenue and the social protection approach, exchanging the single by means of a flat-rate source of revenue tax and the opposite by way of a assured source of revenue. the assumption has generated large curiosity in a few nations, and is being actively mentioned by means of a few political teams. This ebook explains how those adjustments would receive advantages a wide selection of social teams, yet asks how a unmarried reform can meet the very assorted goals of other supporters.
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Extra resources for Public Economics in Action: The Basic Income/Flat Tax Proposal
In Chapter 4, other interpretations are discussed. 8 Public Choice Theory The purpose of the optimum tax literature—and more generally the welfare economic approach to public policy—is sometimes misunderstood. It does not assume that policy is formed by some benevolent dictator who reads the Journal of Public Economics in order to find out what to do. The purpose of the analysis is rather to illuminate the structure of arguments, explaining the relationship between instruments, constraints, and objectives.
This is high by the standard of BI/FT proposals, but would be reduced to 50 per cent if there were a revenue requirement for other purposes of 10 per cent. It may be noted that the optimum Rawlsian tax rate does not depend on the size of the working population. An increase in the number of people who are sick and retired reduces the value of the basic income; it does not affect the tax rate chosen. In the numerical example just given, if the proportion of the population sick and retired rises from 15 to 25 per cent, the basic income falls to 58 per cent of the actual average net income for workers.
The apparent inconsistency may be due to the different status of different types of information. The government's knowledge of the labour supply relation may be based on statistical evidence (for example, drawn from a sample survey) which, while valid for designing the tax structure, is not acceptable in the calculation of individual taxes. The inferred value of w for an individual taxpayer cannot be the basis for a tax assessment. The objective function at this stage is assumed to depend on individual welfares.
Public Economics in Action: The Basic Income/Flat Tax Proposal by Anthony B. Atkinson