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Essays in Public Economics /

University of Michigan., Economics.

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Essays in Public Economics /

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays in Public Economics // Emily L Horton.
作者:	Horton, Emily L.,
面頁冊數:	1 electronic resource (123 pages)
附註:	Source: Dissertations Abstracts International, Volume: 86-03, Section: A.
Contained By:	Dissertations Abstracts International86-03A.
標題:	American studies. -
電子資源:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=31631548
ISBN:	9798384046035

Essays in Public Economics /
Horton, Emily L.,

Essays in Public Economics /Emily L Horton. - 1 electronic resource (123 pages)

Source: Dissertations Abstracts International, Volume: 86-03, Section: A.

This dissertation contains three essays in the field of public finance that study the incidence tax and transfer policies. Chapter I measures the effect of homeownership tax deductions on home values using the Tax Cuts and Jobs Act, which substantially reduced the tax benefits to homeownership starting in 2018. Homes vary in exposure to the 2018 changes due to differences in the incomes, mortgage amounts, state income taxes, and property taxes of potential buyers. Event studies comparing the price growth of more and less exposed homes within the same city offer no evidence that home prices fell due to the tax change. Estimated standard errors rule out that even a quarter of the tax increase passed through to lower home prices within two years of the policy change. The tax increase reduced housing supply, as evidenced by a slowdown in new building in relatively exposed areas in cities with relatively elastic housing supply, which dampened the price decrease. Because prices did not fall when taxes increased, the after-tax cost of homeownership increased by roughly the same amount that taxes increased. Chapter II estimates the optimal tax and transfer system when the social planner's objective is to maximize utility of all individuals, including children, and can use household composition as a fixed tag. While existing research has estimated optimal transfer schedules, it has typically done so only in the context of adults, or without considering children's utility as part of the planner's objective function. Given the large extent to which U.S. transfer policy prioritizes redistribution to children, children's consumption needs are of first order importance to optimal transfer policy analysis. We simulate the optimal tax and transfer system for unmarried households accounting for children's consumption, adults' consumption, and adults' labor supply responses on the intensive and extensive margin. We place particular emphasis on estimating the optimal transfers to non-earning households of different compositions. We show that optimal transfers to single parent households are highly dependent on the level of children's consumption needs relative to adults. We find that current policy is less generous to households with children and households without earnings than is optimal. Chapter III studies the incidence of a tax benefit for banks that invested in tax-exempt debt prior to 1986. Interest paid by U.S. state and local bonds is tax-exempt, making these bonds attractive to investors - though a tax rule limits arbitrage opportunities by restricting associated interest expense deductions. Prior to 1986, U.S. banks were not subject to the interest deduction limitation, making banks preferred holders of tax-exempt debt. U.S. banks used tax-exempt debt to reduce their tax liabilities by roughly 20% in the 1950s and 45% in the 1960s, rising to as much as 80% by the early 1980s. Despite their special exemption, and in part because of their widespread holdings, banks did not benefit from investing in tax-exempt bonds, as competition between banks reduced bond yields to the point of investor indifference. The absence of a tax benefit from arbitrage appears not only in observed bond yields, but also in banks' considerable unused potential for further tax reductions. After the Tax Reform Act of 1986 removed their special tax exemption, banks significantly reduced their holdings of tax-exempt debt, particularly among banks most severely impacted by the rule change.

English

ISBN: 9798384046035Subjects--Topical Terms:

2122720
American studies.
Subjects--Index Terms:

Public finance

Essays in Public Economics /
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590 $a School code: 0127
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650 4 $a Finance. $3 542899
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653 $a Non-earning households
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