Public Finance and Full Employment

By Richard A. Musgrave; Evsey D. Domar et al. | Go to book overview

CONTENTS
PAGE
PREFACE Inside Front Cover
FISCAL POLICY, STABILITY, AND FULL EMPLOYMENT RICHARD A. MUSGRAVE1
Why Fiscal Policy?1
Total Expenditures and Level of Employment1
Role of Fiscal Policy5
Alternative Budgets for Full Employment7
Adjusting Revenue and Expenditure Structures7
Deficit: Higher Expenditures vs. Lower Taxes8
Balanced Budget: Higher Expenditures and Higher Tax Yield12
Short and Long-Run Budget Planning14
Basis for Planning Public Expenditures14
Long-Run Budget Planning15
Short-Run Adjustments16
Fiscal Policy in a Broader Program17
Fiscal Policy and Other Approaches18
Fiscal Policy and Private Enterprise18
FEDERAL TAX REFORM RICHARD A. MUSGRAVE22
Economic Requirements for Tax Policy22
Revenue Structure and Size of Deficit22
Level of Yield24
Minimizing Tax Deterrents to Consumption25
Taxes from Personal Income25
Taxes from Business Income28
Minimizing Tax Deterrents to Investment29
Supply of Savings29
Investment Incentives and High Bracket Rates30
Investment Effects of Personal vs. Corporation Taxes31
Loss Offset32
Averaging of Income over Time34
Capital Gains35
Small and New Enterprises36
Tax Exempt Securities37
Incentive Taxation37
Taxation of Idle Balances38
Taxation of Idle Income39
A Flexible Tax Policy41
Elasticity of Yield41
Adjustability of Rates42
Place of the Corporation Income Tax43
Integration of Personal and Corporation Income Taxes44
Corporation Tax and Alternatives46
Is the Corporation Tax Shifted?47
Corporation Taxes for Industrial Control48

-iii-

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Public Finance and Full Employment
Table of contents

Table of contents

  • Title Page i
  • Contents iii
  • Fiscal Policy, Stability, and Full Employment 1
  • Federal Tax Reform 22
  • Public Debt and National Income 53
  • Monetary Aspects of National Debt Policy 69
  • Public Debt and Income Flow 84
  • State and Local Finance 101
  • Comments 131
  • Comments 136
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