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This series presents recent research on the effects of taxation on economic performance and analyses of the effects of potential tax reforms. The research results appear in a form that is accessible to tax practitioners and policymakers. Topics in this volume include Medicare reform, taxation and telecommunications, tax incentives for higher education, incentive effects of the Earned Income Tax Credit, the Social Security Earnings Test and the labor supply of older men, tax rate flexibility in consumption tax systems, fundamental tax reform and corporate finance, business transition issues in fundamental tax reform, and the effect of a consumption tax on the interest rate.Contributors : David Bradford, David Cutler, Chris Edwards, Martin Feldstein, Leora Friedberg, William Gentry, Jerry Hausman, Caroline M. Hoxby, R. Glenn Hubbard, Jeffrey Liebman, Andrew Lyon, Peter Merrill, Mel Schwartz.Tax Policy and the Economy series
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TAX POLICY
AND THE ECONOMY 12 edited by James M. Poterba
National Bureau of Economic Research The MET Press, Cambridge, Massachusetts
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separate system of payment has been arranged. © 1998 by the National Bureau of Economic Research and the Massachusetts Institute of Technology.
NATIONAL BUREAU OF ECONOMIC RESEARCH Officers: John H. Biggs, Chairman Carl F. Christ, Vice Chairman Martin Feldstein, President and Chief Executive Officer Gerald A. Polansky, Treasurer Sam Parker, Director of Finance and Corporate Secretary Susan Colligan, Assistant Corporate Secretary Deborah Mankiw, Assistant Corporate Secretary
Directors at Large: Peter C. Aldrich Elizabeth E. Bailey John H. Biggs Andrew Brimmer Carl F. Christ Don R. Conlan Kathleen B. Cooper George C. Eads
Martin Feldstein Stephen Friedman George Hatsopoulos Karen N. Horn Lawrence R. Klein Leo Melamed Merton H Miller Michael H. Moskow
Robert T. Parry Peter G. Peterson Richard N. Rosett Bert Seidman Kathleen P. Utgoff Marina v. N. Whitman John 0. Wilson
Directors by University Appointment: George Akerlof, California, Berkeley Jagdish Bhagwati, Columbia William C. Brainard, Yale Glen G. Cain, Wisconsin Franklin Fisher, Massachusetts Institute of Technology
Saul H. Hymans, Michigan Marjorie B. McElroy, Duke
Joel Mokyr, Northwestern Andrew Postlewaite, Pennsylvania Nathan Rosenberg, Stanford Harold T. Shapiro, Princeton Craig Swan, Minnesota David B. Yoffie, Harvard Arnold Zeliner, Chicago
Directors by Appointment of Other Organizations: Marcel Boyer, Canadian Economics
Rudolph A. Oswald, American
Association
Mark Drabenstott, American
Federation of Labor and Congress of Industrial Organizations
Agricultural Economics Association
Gerald A. Polansky, American
William C. Dunkelberg, National
Institute of Certified Public Accountants John J. Siegfried, American Economic<