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World Affairs Online
Editorial: James R. Barth: mentor, coauthor, teacher and friend – a tribute
In: Journal of financial economic policy, Band 15, Heft 4/5, S. 281-283
ISSN: 1757-6393
The Tiebout-Tullock hypothesis re-examined using tax freedom measures: the case of post-Great Recession state-level gross in-migration
In: Public choice
ISSN: 1573-7101
The Relative Tax Gap Hypothesis: An Exploratory Analysis and Application to U.S. Financial Markets
This study empirically investigates the "relative tax gap hypothesis," which posits that the greater the size of the relative tax gap, the greater the degree to which the U.S. Treasury must borrow from domestic and/or other credit markets and hence the higher the ex ante real interest rate yield on the Bellwether 30 year U.S. Treasury bond. The study uses the most current data available for computing what is referred to here as the "relative tax gap," which is the ratio of the aggregate tax gap (the loss in federal income tax revenue resulting from personal income tax evasion) to the GDP level. For each year of the study period, the nominal value of the tax gap is scaled by the nominal GDP level and expressed as a percentage. The study period runs from 1982 through 2016, reflecting data availability for all of the variables. The estimation results provide strong support for the hypothesis. In addition, in separate estimations, evidence is provided that the relative tax gap also acts to elevate the ex ante real interest rate yield on Moody's Baa-rated long-term corporate bonds. It logically follows, then, that to the extent that a greater relative tax gap leads to higher ex ante real interest rates, it may contribute to the crowding out of corporate investment in new plant equipment associated heretofore with government budget deficits per se.
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An Empirical Analysis of the Effects of Budget Deficits (Total and Primary) and Personal Income Tax Rates on the Ex Post Real Interest Rate Yield on Long-Term U.S. Treasury Bonds
This empirical study adopts an open-economy loanable funds model to investigate the impact of post-Bretton Woods U.S. federal government budget deficits and personal income tax rates on the ex post real interest rate yield on thirty-year Treasury bonds. In this study, the budget deficit is measured in two different ways, the total ("unified") budget deficit and the primary deficit (the total/unified deficit minus net interest payments). Two different estimation techniques, autoregressive two stage least squares estimation and the ARCH (Autoregressive Conditional Heteroscedasticity) Method, for the 1973-2016 study period provide evidence that the ex post real interest rate yield on thirty-year Treasury bonds has been an increasing function of both federal budget deficit measures (expressed as a percent of GDP) and the maximum marginal federal personal income tax rate. The estimations all imply that elevating either the total/unified or primary federal budget deficit appears to raise the cost of borrowing in the U.S., whereas reducing the maximum marginal personal income tax rate appears to reduce the cost of borrowing. Given the potential effects of longer-term real interest rates on investment in new plant and equipment and overall economic growth, policy-makers should not overlook these findings.
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Panel Data Analysis of the Impact of Larger State Size/Land Area on Voter Turnout in US Presidential Elections: 2000, 2004, 2008, and 2012
In: Applied Economics Quarterly, Band 63, Heft 3, S. 319-340
ISSN: 1865-5122
Unemployment and voter turnout revisited: A brief note
In: Electoral Studies, Band 48, S. 149-152
High-Impact Teaching in Economics: A Flexible Paradigm Utilizing Introductory Econometrics for Promoting Undergraduate Research and Publishing
In: The American economist: journal of the International Honor Society in Economics, Omicron Delta Epsilon, Band 62, Heft 2, S. 247-257
ISSN: 2328-1235
The Impact of Economic Freedom and Personal Freedom on Net In-Migration in the U.S.: A State-Level Empirical Analysis, 2000 to 2010
In: Journal of labor research, Band 35, Heft 1, S. 88-103
ISSN: 1936-4768
Where Has The Currency Gone? And Why? The Underground Economy And Personal Income Tax Evasion In The U.S., 1970-2008
Unaccounted for currency in the U.S. is argued to reflect the presence of widespread income tax evasion. This empirical study seeks to identify determinants of the underground economy in the U.S. in the form of federal personal income tax evasion over the period 1970-2008. In this study, we use the most recent data available on personal income tax evasion, data that are derived from the General Currency Ratio Model and measured in the form of the ratio of unreported AGI (adjusted gross income) to reported AGI. Other studies of federal income tax evasion for the U.S. are dated and do not use data this current. It is found that personal income tax evasion was an increasing function of the maximum marginal federal personal income tax rate, the percentage of federal personal income tax returns characterized by itemized deductions, and unpopular military engagements, in this case, the War in Iraq, and a decreasing function of the Tax Reform Act of 1986 (during its first two years of being implemented), the ratio of the tax free interest rate yield on high grade municipals to the interest rate yield on ten year Treasury notes (as a measure of the incentive effect of a better return to tax avoidance, which is legal), and higher audit rates of filed federal income tax returns (as a measure of risk from tax evasion) by IRS personnel.
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Impact of Federal Government Budget Deficits on the Longer Term Real Interest Rate in the U.S.: Evidence Using Annual and Quarterly Data, 1960–2013
In: Applied Economics Quarterly, Band 60, Heft 1, S. 23-40
ISSN: 1865-5122
New and Current Evidence on Determinants of Aggregate Federal Personal Income Tax Evasion in the United States: New and Current Evidence on Tax Evasion
In: The American journal of economics and sociology, Band 72, Heft 3, S. 701-731
ISSN: 1536-7150