Browsing by Author "Barro, Jorge"
Now showing 1 - 20 of 20
Results Per Page
Sort Options
Item Are Consumption Taxes Really Regressive?(James A. Baker III Institute for Public Policy, 2017) Barro, Jorge; James A. Baker III Institute for Public PolicyItem Benefit Cuts or Tax Increases? A Simulation-Based Approach to Restoring Social Security Solvency(2020) Barro, Jorge; Aguiar, Daniel; James A. Baker III Institute for Public PolicyItem Can the TCJA Save the Corporate Income Tax?(2018) Barro, Jorge; Beebe, Joyce; James A. Baker III Institute for Public PolicyItem Decline in U.S. Wealth and Income Inequality Between 2016 and 2019(James A. Baker III Institute for Public Policy, 2020) Barro, Jorge; James A. Baker III Institute for Public PolicyItem Decline in U.S. Wealth and Income Inequality Between 2016 and 2019(2020) Barro, Jorge; James A. Baker III Institute for Public PolicyItem Demographics and the U.S. Economy(James A. Baker III Institute for Public Policy, 2022) Barro, Jorge; James A. Baker III Institute for Public PolicyHow much can demographic changes account for trends in the U.S. economy? This paper shows that a heterogeneous-agent, overlapping-generations model with historical demographic flows can generate several features of the U.S. economy over the past several decades, including a secular decline in economic growth, a rise in savings relative to GDP, a corresponding decline in real interest rates, and, in part, changes in wealth inequality. Simulations show that education and immigration contributed to these trends, but the main driver was an aging of the U.S. population driven by declining birth rates and increased life expectancy. Counterfactual analysis shows that increased immigration can improve near-term economic growth (total and per capita) and offset some aging of the population. However, there is little that realistic policy intervention can do to offset these trends in the long-run.Item Did the TCJA Reduce Wealth Inequality?(2021) Barro, Jorge; Diamond, Jack; James A. Baker III Institute for Public PolicyItem Immigration Policy in a Time of Secular Stagnation(2019) Barro, Jorge; James A. Baker III Institute for Public PolicyItem Long-term Macroeconomic Effects of the 2017 Corporate Tax Cuts(2018) Barro, Jorge; James A. Baker III Institute for Public PolicyItem Long-term Macroeconomic Effects of the 2017 Corporate Tax Cuts(2018) Barro, Jorge; Dayton, Anne; James A. Baker III Institute for Public PolicyItem Long-term Sustainability of U.S. Government Debt Growth(2019) Barro, Jorge; James A. Baker III Institute for Public PolicyItem Measuring lifetime sales tax progressivity: A simulation-based approach(2018) Barro, Jorge; Hamilton, Clint; James A. Baker III Institute for Public PolicyItem Net Operating Loss Carryforwards and Corporate Tax Policy(James A. Baker III Institute for Public Policy, 2018) Barro, Jorge; James A. Baker III Institute for Public PolicyThis paper explores the role of net operating loss carryforwards (NOLCFs) in the decision-making and valuation of large firms. NOLCFs allow firms to carry losses or negative profits into the future and deduct them from taxable income in a future period. To understand how this tax deduction affects key variables, such as investment, equity distributions, and corporate income tax revenue, I estimate a dynamic firm investment model using simulated method of moments. After determining the deep parameters of the model, I vary policy parameters and evaluate the effects of policy changes on the key moments. For a firm with average assets, the results show that the average NOLCF stock before the 2017 U.S. federal tax reform improved corporate valuation by approximately 5-6%. Further, the 40% decline in the corporate tax rate in 2017 reduced the impact of NOLCFs on corporate valuation roughly proportionally.Item Nonlinear taxation in an economy with heterogeneous firms and heterogeneous households(2017) Barro, Jorge; Berkovich, Efraim; James A. Baker III Institute for Public PolicyIn an economy with heterogeneous firms and heterogeneous consumers, we describe a general equilibrium where firm equity is priced by a supply and demand process. With a model robust to arbitrary, nonlinear tax functions, we investigate the efficiency of replacing the current U.S. tax regime with a policy of no corporate taxes and taxation of capital distributions to the household at progressive personal income tax rates. We find that this policy reduces wealth inequality and increases total welfare.Item TCJA After One Year(2019) Barro, Jorge; James A. Baker III Institute for Public PolicyItem The Effect of Transition to Low-Carbon Energy on Texas Tax Revenues: 2021–2050(2021) Barro, Jorge; Diamond, John W.; Evans, Richard; James A. Baker III Institute for Public PolicyItem The Macroeconomic Scars of the Pandemic(2021) Barro, Jorge; James A. Baker III Institute for Public PolicyItem The Stock Market, the Economy, and Economic Policy Response to the Covid-19 Pandemic(James A. Baker III Institute for Public Policy, 2020) Barro, Jorge; James A. Baker III Institute for Public PolicyItem U.S. Debt at 100% of GDP: Why This Time Will Be Different(James A. Baker III Institute for Public Policy, 2020) Barro, Jorge; James A. Baker III Institute for Public PolicyItem U.S. Deficits, Debt and Dimensions of Analysis(2021) Barro, Jorge; Beebe, Joyce; James A. Baker III Institute for Public PolicyThe year 2020 was momentous and historic for many reasons. The world has faced and is still working to emerge from the global COVID-19 pandemic. The United States has transitioned to a new administration at a point when public opinion is more polarized than ever. The U.S. Congress and the new administration will have difficult economic policy decisions to make, which will necessarily require tradeoffs. This CPF transition policy brief focuses on U.S. deficits and debt. We highlight the unsustainability of the current debt trajectory and key policy levers that both Democrats and Republicans might use to stabilize the U.S. fiscal situation. Finally, we propose three main dimensions on which fiscal policy proposals should be evaluated to ensure transparency, fairness, and sustainability.