Jeremy Horpedahl, Harrison Searles
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Jan 08, 2013
The home mortgage interest deduction is the largest explicit tax deduction for households in the federal income tax code. Politicians have been reluctant to even consider removing this deduction, believing it to be one that provides significant benefits to middle-class taxpayers and encourages homeownership. These benefits are greatly over- stated: most taxpayers do not benefit from this deduction at all or receive a very small benefit. The only taxpayers who do receive a large benefit are those in the upper income brackets. Taxpayers and the entire economy would be better served by removing the mortgage interest deduction and lowering marginal tax rates to offset the change.
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Jason J. Fichtner, Jakina R. Debnam
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Nov 13, 2012
A new Mercatus Center study discusses potential near- and longer-term impacts of high levels of government debt on U.S. economic growth and competitiveness. The study also reviews the experiences of other nations with debt-to-GDP ratios similar to that of the United States.
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Jeremy Horpedahl, Brandon Pizzola
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Oct 25, 2012
This study documents the economic distortions and inefficiencies that result from a tax system filled with tax expenditures. We review each of the ten largest tax expenditures for individuals and corporations, focusing the following distortions of economic activity: spending on goods and services, capital allocation, the distribution of income, and lobbying and rent-seeking.
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Antony Davies, Devin Bowen
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Oct 11, 2012
To minimize the effect of the increased taxes on their election prospects, politicians employ gimmicks to hide the taxes. In this paper, we discuss four types of gimmicks. Legislative gimmicks use the wording of the tax law to hide who is being taxed or how much they are being taxed.
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Brandon Pizzola,
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Sep 24, 2012
The question of who pays a tax has a discernible answer that need not be shrouded in technical mystery. This paper offers those who have little or no formal exposure to economics a tutorial in the economics of tax incidence.
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Matthew Mitchell, Nick Tuszynski
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Jun 01, 2012
Matt Mitchell and Nick Tuszynski discuss two institutions that have been successful at controlling spending: separate taxing and spending committees, and item-reduction vetoes.
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