Along with health, Social Security Disability Insurance (SSDI) evaluates work-limiting disability by considering vocational factors including age, education, and past work experience. As the number of SSDI applicants and awards has increased, these vocational criteria are increasingly important to acceptances and denials. A unique state-level dataset allows us to estimate how these factors relate to the SSDI award process. These estimates are used to asses how changes to the demographic and occupational composition have contributed to awards trends. In our results, the prevalence of workers in their 50s are especially important. Further, increasing educational attainment lowers applications and vocational awards.
{"title":"Vocational Considerations and Trends in Social Security Disability","authors":"Amanda Michaud, Jaeger Nelson, David Wiczer","doi":"10.20955/wp.2016.018","DOIUrl":"https://doi.org/10.20955/wp.2016.018","url":null,"abstract":"Along with health, Social Security Disability Insurance (SSDI) evaluates work-limiting disability by considering vocational factors including age, education, and past work experience. As the number of SSDI applicants and awards has increased, these vocational criteria are increasingly important to acceptances and denials. A unique state-level dataset allows us to estimate how these factors relate to the SSDI award process. These estimates are used to asses how changes to the demographic and occupational composition have contributed to awards trends. In our results, the prevalence of workers in their 50s are especially important. Further, increasing educational attainment lowers applications and vocational awards.","PeriodicalId":221919,"journal":{"name":"ERN: National","volume":"29 4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130375993","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The paper investigates the fiscal effects of Swiss cantonal debt brakes by taking explicitly into account the rules’ coverage. An in-depth analysis provides unique evidence that suggests the following: First, fiscal rules at the cantonal level have a negative effect on public deficits, which is stronger the better the analyzed budget position corresponds with the variable targeted by the rules. Second, cantonal debt brakes are rather not associated with substantial evasive measures. Third, cantonal fiscal rules tend to mitigate political budget cycles and shock-related deficits.
{"title":"Effects of Fiscal Rules - 85 Years' Experience in Switzerland","authors":"Heiko T. Burret, Lars P. Feld","doi":"10.2139/ssrn.2851727","DOIUrl":"https://doi.org/10.2139/ssrn.2851727","url":null,"abstract":"The paper investigates the fiscal effects of Swiss cantonal debt brakes by taking explicitly into account the rules’ coverage. An in-depth analysis provides unique evidence that suggests the following: First, fiscal rules at the cantonal level have a negative effect on public deficits, which is stronger the better the analyzed budget position corresponds with the variable targeted by the rules. Second, cantonal debt brakes are rather not associated with substantial evasive measures. Third, cantonal fiscal rules tend to mitigate political budget cycles and shock-related deficits.","PeriodicalId":221919,"journal":{"name":"ERN: National","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121172945","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
As the Internet has increased the ease and amount of interstate transactions, the states have struggled to require “remote vendors”—vendors without a physical presence in the taxing state—to collect or pay taxes. The states are attempting to overcome these struggles by lowering Commerce Clause limitations on their jurisdiction to tax, but meaningful limitations on such jurisdiction imposed by the Due Process Clause await the states. The Due Process Clause requires that state actions be fundamentally fair, and to meet this standard a state must provide a person with a benefit and the person must indicate acceptance of that benefit before the state can require the person to collect or pay taxes. These requirements limit the states’ jurisdiction to tax certain remote vendors; thus, the states must take the Due Process Clause seriously if they wish to fully solve their remote vendor issues.
{"title":"Taking Tax Due Process Seriously: The Give and Take of State Taxation","authors":"H. Holderness","doi":"10.2139/SSRN.2703577","DOIUrl":"https://doi.org/10.2139/SSRN.2703577","url":null,"abstract":"As the Internet has increased the ease and amount of interstate transactions, the states have struggled to require “remote vendors”—vendors without a physical presence in the taxing state—to collect or pay taxes. The states are attempting to overcome these struggles by lowering Commerce Clause limitations on their jurisdiction to tax, but meaningful limitations on such jurisdiction imposed by the Due Process Clause await the states. The Due Process Clause requires that state actions be fundamentally fair, and to meet this standard a state must provide a person with a benefit and the person must indicate acceptance of that benefit before the state can require the person to collect or pay taxes. These requirements limit the states’ jurisdiction to tax certain remote vendors; thus, the states must take the Due Process Clause seriously if they wish to fully solve their remote vendor issues.","PeriodicalId":221919,"journal":{"name":"ERN: National","volume":"71 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124574230","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-07-01DOI: 10.5089/9781475520057.001
Tamoya A. L. Christie, Dhanaraj Thakur
Of the countries in the Caribbean and Pacific Islands, Timor-Leste has the most well-developed gender budgeting initiative. In the Pacific Islands, a few gender budgeting efforts were initiated but did not continue. In the Caribbean, there have been no well-developed gender budgeting efforts, although governments have undertaken policies to promote gender equality. We provide a number of recommendations to improve the effectiveness of gender budgeting efforts. Governments should link gender budgeting to national development plans, set realistic time expectations for achieving results, engage in capacity building with officials, draw upon strengths outside the government, and strengthen regional coordination.
{"title":"Caribbean and Pacific Islands: A Survey of Gender Budgeting Efforts","authors":"Tamoya A. L. Christie, Dhanaraj Thakur","doi":"10.5089/9781475520057.001","DOIUrl":"https://doi.org/10.5089/9781475520057.001","url":null,"abstract":"Of the countries in the Caribbean and Pacific Islands, Timor-Leste has the most well-developed gender budgeting initiative. In the Pacific Islands, a few gender budgeting efforts were initiated but did not continue. In the Caribbean, there have been no well-developed gender budgeting efforts, although governments have undertaken policies to promote gender equality. We provide a number of recommendations to improve the effectiveness of gender budgeting efforts. Governments should link gender budgeting to national development plans, set realistic time expectations for achieving results, engage in capacity building with officials, draw upon strengths outside the government, and strengthen regional coordination.","PeriodicalId":221919,"journal":{"name":"ERN: National","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127707352","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-07-01DOI: 10.5089/9781498348942.001.A001
K. Clausing, Edward D. Kleinbard, Thornton Matheson
This paper examines the main distortions of the U.S. corporate income tax (CIT), focusing on its international aspects, and proposes a set of reforms to alleviate them. A bold reform to replace the CIT with a corporate-level rent tax could induce efficiency-enhancing reform of the international tax system. Since fundamental reform is politically difficult, this paper also proposes an incremental reform that would reduce tax expenditures, reduce the CIT rate to 25-28 percent, and impose a minimum rent tax on foreign earnings. Finally, this paper analyzes empirically the likely impact of the incremental on corporate revenues outside the U.S.: Though a U.S. rate cut would likely lower revenues elsewhere, implementation of a strong minimum tax could more than offset that effect for most countries with effective tax rates above 15 percent.
{"title":"U.S. Corporate Income Tax Reform and its Spillovers","authors":"K. Clausing, Edward D. Kleinbard, Thornton Matheson","doi":"10.5089/9781498348942.001.A001","DOIUrl":"https://doi.org/10.5089/9781498348942.001.A001","url":null,"abstract":"This paper examines the main distortions of the U.S. corporate income tax (CIT), focusing on its international aspects, and proposes a set of reforms to alleviate them. A bold reform to replace the CIT with a corporate-level rent tax could induce efficiency-enhancing reform of the international tax system. Since fundamental reform is politically difficult, this paper also proposes an incremental reform that would reduce tax expenditures, reduce the CIT rate to 25-28 percent, and impose a minimum rent tax on foreign earnings. Finally, this paper analyzes empirically the likely impact of the incremental on corporate revenues outside the U.S.: Though a U.S. rate cut would likely lower revenues elsewhere, implementation of a strong minimum tax could more than offset that effect for most countries with effective tax rates above 15 percent.","PeriodicalId":221919,"journal":{"name":"ERN: National","volume":"202 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131419086","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
State governments experienced unprecedented fiscal crises in the 2000s precipitated by an extraordinary increase in the volatility of their tax revenues. Between 1970-2001 and 2001-2014 tax revenue volatility increased from 1.23 percent of revenues to 10.36 percent. To understand the factors that led to the increase in tax revenue volatility, I develop a novel application of decomposition methods. I find that tax policy differences explain 58.9 percent of the increase in tax revenue volatility and differences in economic uncertainty and tax base changes explain 22.3 and 18.8 percent respectively. To understand how governments should tax different revenue sources in the face of uncertainty, I derive an updated Ramsey rule that characterizes the optimal tax policy. I use the updated Ramsey rule to assess how well state governments are setting tax policy and find that the number of states that exposed themselves to excessive risk increased from 26 in 1975 to 36 in 2005.
{"title":"Tax Revenue Volatility","authors":"N. Seegert","doi":"10.2139/ssrn.2789889","DOIUrl":"https://doi.org/10.2139/ssrn.2789889","url":null,"abstract":"State governments experienced unprecedented fiscal crises in the 2000s precipitated by an extraordinary increase in the volatility of their tax revenues. Between 1970-2001 and 2001-2014 tax revenue volatility increased from 1.23 percent of revenues to 10.36 percent. To understand the factors that led to the increase in tax revenue volatility, I develop a novel application of decomposition methods. I find that tax policy differences explain 58.9 percent of the increase in tax revenue volatility and differences in economic uncertainty and tax base changes explain 22.3 and 18.8 percent respectively. To understand how governments should tax different revenue sources in the face of uncertainty, I derive an updated Ramsey rule that characterizes the optimal tax policy. I use the updated Ramsey rule to assess how well state governments are setting tax policy and find that the number of states that exposed themselves to excessive risk increased from 26 in 1975 to 36 in 2005.","PeriodicalId":221919,"journal":{"name":"ERN: National","volume":"240 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115846419","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We find that consumption risk is lower in states that implement counter-cyclical fiscal policies. Moreover, firms whose investor base are concentrated in counter-cyclical states have lower stock returns, along with firms that relocate their headquarters to a counter-cyclical state. Therefore, counter-cyclical fiscal policies lower the consumption risk of investors and consequently their required equity return premium. This conclusion is confirmed by smaller declines in market participation during recessions in counter-cyclical states. Overall, the location of a firm's investor base enables state-level fiscal policy to influence stock returns.
{"title":"Fiscal Policy, Consumption Risk, and Stock Returns: Evidence from US States","authors":"Zhi Da, M. Warachka, Hayong Yun","doi":"10.2139/ssrn.2020907","DOIUrl":"https://doi.org/10.2139/ssrn.2020907","url":null,"abstract":"We find that consumption risk is lower in states that implement counter-cyclical fiscal policies. Moreover, firms whose investor base are concentrated in counter-cyclical states have lower stock returns, along with firms that relocate their headquarters to a counter-cyclical state. Therefore, counter-cyclical fiscal policies lower the consumption risk of investors and consequently their required equity return premium. This conclusion is confirmed by smaller declines in market participation during recessions in counter-cyclical states. Overall, the location of a firm's investor base enables state-level fiscal policy to influence stock returns.","PeriodicalId":221919,"journal":{"name":"ERN: National","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130428452","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-05-30DOI: 10.1504/IJEA.2016.076748
Don H. Chamberlain, Murphy D. Smith, Randall B. Bunker
Pensions are important to government employees. In the USA, some states fund almost 100% of the present value of future pension obligations; while in other states, the funding is substantially lacking. Results of this study show that states with lower state expenditures per capita, relative to states with higher expenditures, have provided better funding of their state pensions. States with lower budget deficits, relative to states with higher budget deficits, paid a significantly higher percent of annual required contributions. This suggests that states that are more fiscally conservative (lower budget deficit) do a better job of making required annual contributions to their state pensions. The red (Republican) states paid a higher proportion of required annual contributions than blue (Democrat) states, 90 versus 84%, respectively; but this difference was not statistically significant. All states have an ethical responsibility to meet the pension obligations owed to their state government employees.
{"title":"An Examination of U.S. State Pensions by Total State Expenditures, State Budget Deficit, and Red v. Blue State","authors":"Don H. Chamberlain, Murphy D. Smith, Randall B. Bunker","doi":"10.1504/IJEA.2016.076748","DOIUrl":"https://doi.org/10.1504/IJEA.2016.076748","url":null,"abstract":"Pensions are important to government employees. In the USA, some states fund almost 100% of the present value of future pension obligations; while in other states, the funding is substantially lacking. Results of this study show that states with lower state expenditures per capita, relative to states with higher expenditures, have provided better funding of their state pensions. States with lower budget deficits, relative to states with higher budget deficits, paid a significantly higher percent of annual required contributions. This suggests that states that are more fiscally conservative (lower budget deficit) do a better job of making required annual contributions to their state pensions. The red (Republican) states paid a higher proportion of required annual contributions than blue (Democrat) states, 90 versus 84%, respectively; but this difference was not statistically significant. All states have an ethical responsibility to meet the pension obligations owed to their state government employees.","PeriodicalId":221919,"journal":{"name":"ERN: National","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125265020","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A "jock tax" is the colloquial name given to state and local income taxes levied against non-resident athletes for money earned within the taxing jurisdiction's borders. Virtually every state that hosts a professional sports team and imposes a general income tax enforces a jock tax, and as a result many athletes pay taxes in upwards of twenty jurisdictions. While there are tax policy arguments for and against jock taxes, there is no dispute it can be lucrative for states and cities looking to offset the rising amount of taxpayer dollars funneled to new arenas. States that do not have a broad income tax scheme have remained largely on the sidelines as this revenue-producing strategy has become commonplace over the last twenty-plus years.This Note explores the viability of a non-income tax state enacting and enforcing a jock tax, and uses Seattle, Washington — a locale currently in a battle regarding a potential new arena — as a vehicle to illustrate the unique constitutional issues such a tax would face. Part II sets forth states' authority to tax non-resident income, generally. Part III outlines the jock-tax system, which includes a look at the history of jock taxes, how the system operates today, and whether the practice is wise from a policy perspective. Part IV analyzes the constitutional hurdles such a jock tax would have to overcome, namely under the Due Process and Dormant Commerce Clauses. Ultimately this Note concludes that there is a strong argument that a non-income tax jurisdiction could impose a jock tax provided it tailored the tax in three ways: (1) the tax would have to apply to both resident and non-resident athletes, (2) athletes' income should be apportioned under the "duty-days" formula, and (3) offer a tax credit to resident athletes for income taxed by other jurisdictions.
{"title":"Getting in on the Game: If and How a Non-Income Tax State Could Impose a Jock Tax","authors":"C. Schmidt","doi":"10.2139/SSRN.2783798","DOIUrl":"https://doi.org/10.2139/SSRN.2783798","url":null,"abstract":"A \"jock tax\" is the colloquial name given to state and local income taxes levied against non-resident athletes for money earned within the taxing jurisdiction's borders. Virtually every state that hosts a professional sports team and imposes a general income tax enforces a jock tax, and as a result many athletes pay taxes in upwards of twenty jurisdictions. While there are tax policy arguments for and against jock taxes, there is no dispute it can be lucrative for states and cities looking to offset the rising amount of taxpayer dollars funneled to new arenas. States that do not have a broad income tax scheme have remained largely on the sidelines as this revenue-producing strategy has become commonplace over the last twenty-plus years.This Note explores the viability of a non-income tax state enacting and enforcing a jock tax, and uses Seattle, Washington — a locale currently in a battle regarding a potential new arena — as a vehicle to illustrate the unique constitutional issues such a tax would face. Part II sets forth states' authority to tax non-resident income, generally. Part III outlines the jock-tax system, which includes a look at the history of jock taxes, how the system operates today, and whether the practice is wise from a policy perspective. Part IV analyzes the constitutional hurdles such a jock tax would have to overcome, namely under the Due Process and Dormant Commerce Clauses. Ultimately this Note concludes that there is a strong argument that a non-income tax jurisdiction could impose a jock tax provided it tailored the tax in three ways: (1) the tax would have to apply to both resident and non-resident athletes, (2) athletes' income should be apportioned under the \"duty-days\" formula, and (3) offer a tax credit to resident athletes for income taxed by other jurisdictions.","PeriodicalId":221919,"journal":{"name":"ERN: National","volume":"69 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125621077","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Since the Tax Sharing Reform in 1994, the local government revenue of the People’s Republic of China (PRC) has faced downward risk problems. This paper reviews the fiscal and taxation reforms in the central and local governments of the PRC and focuses on evaluating the effectiveness of fiscal transfers. We find that, to a certain extent, fiscal transfers significantly promote the construction of local infrastructure. Earmarked transfers had an effect, but lump-sum transfers did not. Results showed every 1% increase in earmarked transfers to be associated with a 5% increase in local spending on infrastructure. These fiscal transfers also increased the size of local government spending such that a 1% increase of fiscal transfer would increase the ratio of local fiscal spending to gross domestic product by 1%. The risk of the local fiscal revenue sources was also assessed, and results showed that land finance, local government bonds, and fiscal transfers from the central government are not sustainable in the long term. The local fiscal system in the PRC needs to focus on improving local taxes in the future, such as the property tax.
{"title":"The Fiscal Risk of Local Government Revenue in the People's Republic of China","authors":"Ziying Fan, Guanghua Wan","doi":"10.2139/ssrn.2768580","DOIUrl":"https://doi.org/10.2139/ssrn.2768580","url":null,"abstract":"Since the Tax Sharing Reform in 1994, the local government revenue of the People’s Republic of China (PRC) has faced downward risk problems. This paper reviews the fiscal and taxation reforms in the central and local governments of the PRC and focuses on evaluating the effectiveness of fiscal transfers. We find that, to a certain extent, fiscal transfers significantly promote the construction of local infrastructure. Earmarked transfers had an effect, but lump-sum transfers did not. Results showed every 1% increase in earmarked transfers to be associated with a 5% increase in local spending on infrastructure. These fiscal transfers also increased the size of local government spending such that a 1% increase of fiscal transfer would increase the ratio of local fiscal spending to gross domestic product by 1%. The risk of the local fiscal revenue sources was also assessed, and results showed that land finance, local government bonds, and fiscal transfers from the central government are not sustainable in the long term. The local fiscal system in the PRC needs to focus on improving local taxes in the future, such as the property tax.","PeriodicalId":221919,"journal":{"name":"ERN: National","volume":"97 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114296035","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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