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Tax cut

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2409:. It has the shape of a classic bell curve with the tax rate on one axis (often a horizontal one) and the tax revenues on the other one. The theory says that with a continuous increase in the tax rate, at one point, the tax revenues start to decrease. This phenomenon can be explained by a decrease in the willingness of individuals to work as the government takes away their money. The apex point of the parabola represents the revenue-maximizing point for the government. The Laffer curve is often criticized for its abstractness as it is in reality very difficult to find the revenue-maximizing point. It is hugely dependent on society and its tastes which is mostly fluid while the model simplifies the reality into general tax revenues and tax rates. It also considers the single tax rate and single labor supply. Furthermore, it does not take into account that tax revenues are not often a continuous function, and with higher tax rates people try to avoid taxes through tax avoidance and tax evasion. All these facts bring uncertainty into the position of the revenue-maximizing point. Nevertheless, the theoretical ground of the Laffer curve is often used as the justification for tax increases or decreases. 2397:, a study by J. Whalen and F. Reichling (2015) focused on the short-term effects of tax cuts and the potential of the economy. The results showed that the tax cuts or spending increases are dependent on the economic situation. If the economy is close to its potential and the Federal Reserves were not affected by the zero interest rates, tax cuts had small short-run economic effects mostly because the fiscal stimulus was outperformed by interest rate hikes. On the other hand, if the economy performs further from the economic potential and is bounded by zero interest rates the effect of fiscal stimuli is much higher. Congressional Budget Office estimated that the weak economy's multiplier effect potential is three times higher than the one of a strong economy. The study has mostly shown the uncertainty about fiscal policies. The study has shown the large differences between the low and high estimates of the multipliers effect of tax cuts. On the other hand, the study indicated that government spending is a more reliable form of fiscal policy than tax cuts. 149: 2368:
state, and local coffers. Schröder's strategy involved paying for these tax cuts through a combination of measures: reducing subsidies, privatization revenues, and increasing state debt. His goal was to provide a signal of economic revival and boost consumer confidence. However, Schröder faced criticism and pressure to denounce his business and political ties to Russia, particularly in light of Moscow's war in Ukraine. Despite the controversies, Schröder's tax policies left a lasting impact on Germany's fiscal landscape.
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during the pandemic. Under Biden's plan, the expanded CTC would provide $ 3,000 per child for kids six years and older and $ 3,600 for each child under six. Additionally, Biden supports continuing tax cuts for families making less than $ 400,000 but opposes extending tax cuts for higher earners. His goal is to pay for these tax breaks by raising taxes on corporations and the wealthy.
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that the main drawback of a VAT reduction lies in the fact that suppliers are not obligated to pass those savings directly to consumers. Therefore, while a VAT cut may create a small hole in overall VAT revenue, its impact on prices remains uncertain. EU regulations also allow for reduced VAT rates, but several countries have maintained VAT levels above the minimum thresholds.
2384:'s tax cut policies were aimed at transforming the country's financial landscape. Milei proposed a tax reform known as the Ă“mnibus Law. One of its central tenets was the elimination of the maximum marginal tax rate. Over time, this would gradually reduce the tax burden for high-net-worth individuals, from 1.75% to 0.5% by 2027. 2511:
High taxes generally discourage work and investment. When taxes reduce the return from working, it is not surprising that workers are less interested in working. Taxes on income create a wedge between what the employee keeps and what the employer pays. Higher taxes encourage employers to create fewer
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To begin with, money belongs to the person who possesses it, particularly if they earned it. Reducing the amount of money that is taken by the government can be seen as increasing fairness. However, if tax cuts are financed by cutting government spending, it can be argued that this disproportionately
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With decreased cuts in tax rates, households earn higher disposable income. The final effect on the economy is the result of the ratio in which households tend to save and spend the additional after-tax money. Economists simply represent these phenomena by the multiplier effect. The effect represents
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Income Tax Reductions: Thatcher's government significantly lowered income tax rates. The top rate reduced from 83% in 1979 to 40% by 1988. The basic rate also decreased from 33% to 25% during the same period. These cuts aimed to encourage work, entrepreneurship, and investment, ultimately stimulating
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The government may compensate for the loss in revenue by borrowing money and issuing bonds. The overall result of this type of compensation may vary based on the situation of the economy. In a recession, borrowing would probably result in higher aggregate demand. In the boom, the borrowing may result
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The final equity and change in aggregate demand will be equal to zero as some individuals will be better of from tax cuts while others will have to cut their spending as the government decreases welfare payments. At the end of the day, there is no change in overall welfare circulating in the economy.
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Tax cuts can serve to increase efficiency in the market. Cutting taxes can lead to more efficient allocation of resources than would have been the case with higher taxes. Generally, private entities are more efficient with their spending than governments. Tax cuts allow private entities to use their
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implemented significant tax cut policies aimed at stimulating economic growth and improving the country's competitiveness. One notable move was the acceleration of income tax reductions in 2004, which lowered income tax levels by 10 percent. This reduction left approximately €18 billion in federal,
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has proposed several tax policies during his tenure. His 2025 budget includes tax breaks for millions of families and low-income workers, as well as senior citizens. One significant proposal is the revival of the expanded Child Tax Credit (CTC), which helped lift millions of children out of poverty
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How a tax cut affects the economy depends on which tax is cut. Policies that increase disposable income for lower- and middle-income households are more likely to increase overall consumption and "hence stimulate the economy". Tax cuts in isolation boost the economy because they increase government
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VAT Changes: To offset the revenue loss from income tax cuts, Thatcher's administration raised the Value Added Tax (VAT) rate from 8% to 15%. VAT affected most goods and services purchased by consumers, becoming a crucial source of government revenue. The trade-off between income tax reduction and
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One notable example of a focused VAT cut occurred in the UK during the pandemic. The standard rate of VAT dropped from 20% to 5%, specifically applying to the hospitality sector. This reduction aimed to support struggling businesses and boost consumer spending. However, it's essential to recognize
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The $ 787 billion American Recovery and Reinvestment Act of 2009 promised $ 288 billion in tax cuts and incentives. Its taxation aspects included a payroll tax cut of 2%, health care tax credits, a reduction in income taxes for individuals of $ 400 and improvements to child tax credits and earned
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Even though the tax cuts may increase the disposable income of high-income groups promoting services for lower-income individuals and increasing GDP, the income gap tends to increase. On the other hand, targeting middle-income groups may help in the fight against income inequality regarding lower
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tax cuts only lead to a momentary boost to GDP and productivity, having no long-term effect on the GDP as they trigger extensive but short-lived response of capital expenditure, productivity and output. The key to evaluating the effect of personal income tax cut is the variable labor utilization.
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There are two main concepts focused on equity in taxation - horizontal equity and vertical equity. The former focuses on the belief, that all individuals should be affected by the same tax burden. The latter highlights the importance of the equal relative tax burden, the so-called ability-to-pay
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It seems, that when the middle or higher class has a bigger disposable income, they spend their money on the services which are mostly provided by low-income individuals. Wealthier people tend to spend higher ratios of income on services. With lower tax cuts the expenditures of wealthier people
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If tax cuts are not financed by immediate spending cuts, there is a chance that they can lead to an increase in the national budget deficit, which can hinder economic growth in the long-term through potential negative effects on investment through increases in interest rates. It also decreases
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Cutting Value Added Tax can have significant repercussions on a country's economy. While it may stimulate short-term consumer spending and encourage business investment, there are trade-offs. Lower VAT rates reduce immediate government revenue, potentially impacting public services and
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Any tax cuts significantly reduce tax revenues in the first place. Subsequently, the gap needs to be compensated and financed by an increase in public debt, raising other taxes, or cutting spending. Usually, the cuts in income tax are compensated by an increase in consumption taxes.
1805:. Tax cuts decrease the revenue of the government and increase the disposable income of taxpayers. Tax cuts usually refer to reductions in the percentage of tax paid on income, goods and services. As they leave consumers with more disposable income, tax cuts are an example of an 2344:
Corporation Tax Reforms: Thatcher's strategy included reducing corporation tax rates. By 1986, the rate had fallen to 35%, down from the 52% burden on businesses in the late 1970s. These cuts aimed to enhance the UK's competitiveness, attract investment, and foster business
1915:. This increase in aggregate demand can lead to an increase in economic growth, other things being equal. Tax cuts on income increase the after-tax rewards or working, saving and investing and thereby they increase work effort, contributing to economic growth. 1903:
Since a tax cut represents a decrease in the amount of tax a taxpayer is obliged to pay, it results in an increase in disposable income. This greater income can then be used to purchase additional goods and services that otherwise would not have been possible.
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infrastructure. However, if managed well, such cuts can contribute to long-term economic growth and fiscal stability. Policymakers must carefully balance the benefits of VAT reduction with the need for sustainable revenue collection.
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in 2013, Obama extended the Bush tax cuts on incomes below $ 400,000 for individuals and $ 450,000 for married couples. Incomes exceeding the threshold were taxed at the rate of 39.6% (the Clinton-era tax rate), following the
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A tuition tax credit reduces the amount of tax paid by the amount of the credit. Credits can be refundable, i.e., the credit is given to the taxpayer even when no actual taxes are paid (such as when deductions exceed income).
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tax cuts were implemented to stop the 2001 recession. They reduced the top income tax rate from 39.6% to 35%, reducing the long-term capital gains tax rate from 20% to 15% and the top dividend tax rate from 38.6% to 15%.
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national saving and therefore decreases the national capital stock and income for future generations. For this reason, the structure of the tax cut and the way it is financed is crucial for achieving economic growth.
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tax cuts are designed to stimulate capital formation by lowering the price level of a good and therefore increasing the demand for the good, both aggregate supply as well as aggregate demand will be shifted.
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Budget Deficits: The tax cuts worsened budget deficits, however the economy experienced an expansion, eventually leading to lower deficits. After peaking in 1986, the federal deficit gradually declined by
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While the tax cuts spurred economic activity, critics argued that they disproportionately benefited the wealthy. Poverty rates increased during Thatcher's tenure, with child poverty more than doubling.
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Tax cuts are typically cuts in the tax rate. However, other tax changes that reduce the amount of tax can be seen as tax cuts. These include deductions, credits and exemptions and adjustments.
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Another way to analyze tax cuts is to have a look at their impact. Presidents often propose tax changes, but the Congress passes legislation that may or may not reflect those proposals.
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Tax burden refers to the indirect responsibility of paying taxes irrespective of the legal taxpayer. In the US, the overall tax burden in 2020 was equal to 16% of the total
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While the tax cuts contributed to this growth, other factors, such as Federal Reserve actions, increased federal spending, and business investment, also played roles.
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Apart from boosting the economy, these tax cuts increased the U.S. debt by $ 1.35 trillion over a 10-year period and benefited high-income individuals.
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disadvantages low-income earners, as cuts in spending will affect services used mostly by low-income earners, who pay proportionately less tax.
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Corporate Tax Reforms: The corporate tax rate also decreased, benefiting businesses. In 1988, Reagan cut the corporate tax rate from 48% to 34%.
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the relation between the money spent on economic activity and the quantitative money reduction in taxes or an increase in government spending.
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If the economy has evidence of stable economic growth for several years it may step in for the tax cuts while maintaining stable tax revenues.
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borrowing. However, they are often accompanied by spending cuts or changes in monetary policy that can offset their stimulative effects.
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GDP growth rate increased by 0.7% in 2018, however, in 2019 it fell below 2017. In 2020, GDP took a sharp downturn, likely due to the
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supported Kennedy's ideas and lowered the top income tax rate from 91% to 70%. He reduced the corporate tax rate from 52% to 48%.
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The tax cuts can boost the economy in the short term however these effects are never strong enough to prevent loss of revenue.
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Lower Personal Income Tax Rates: The highest personal income tax rate was reduced to 38.5% initially and eventually to 28%.
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in crowding out – a situation in which the private sector has fewer finances for their investments as they buy the bonds.
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The American economy grew at a rate of 1.7%, 2.9%, 3.8% and 3.5% in the years 2002, 2003, 2004 and 2005, respectively.
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Capital Gains Tax Cut: The capital gains tax rate decreased from 28% to 20%, promoting investment in productive assets.
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While the TRA aimed for efficiency and fairness, it did not fully offset the revenue losses from previous tax cuts.
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Despite the tax cuts, the ERTA did not fully pay for itself, leading to a decrease in federal revenues initially.
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By expanding tax brackets, the government increases the amount of income that is subjected to lower tax rates.
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plan was to lower the top rate from 91% to 65%, however, he was assassinated before implementing the change.
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Tax cuts result in workers being better off financially. With more money to spend, we would expect to see
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Simplification of Tax Brackets: The TRA simplified the tax structure by reducing the number of brackets.
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lowered the corporate tax rate to 20%, while also lowering income tax rates, among other changes.
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Federal Individual Income Tax Brackets, Standard Deduction, and Personal Exemption: 1988 to 2024
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These tax cuts may have boosted the economy, however, they may have stemmed from other causes.
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principle resulting in the belief that those with higher income should be taxed more heavily.
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The tax cuts apparently help low-income groups even if they do not get the tax cuts directly.
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GDP Growth: The 1980s witnessed economic expansion, often referred to as the "Reagan boom".
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Top Income Tax Rate Reduction: The highest personal income tax rate dropped from 70% to 50%.
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signed the Tax Cuts and Jobs Act, which reduced the corporate tax rate from 35% to 20%.
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An Economic Evaluation of the Economic Growth and Tax Relief Reconciliation Act of 2001
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Federal tax revenue increased from 94 billion dollars in 1961 to 153 billion in 1968.
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The relation between the tax rate and overall productivity is often depicted by the
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The tax cuts of higher income individuals promote the raise in income inequality.
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An inflation adjustment reduces the amount of tax paid by the rate of inflation.
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represents a decrease in the amount of money taken from taxpayers to go towards
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An income tax rate cut reduces the percentage of income that is paid in tax.
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A change in the amount of an item that is taxed based on an external factor
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A reduction in the amount of tax paid. Credits are usually fixed amounts.
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The Fiscal Multiplier and Economic Policy Analysis in the United States
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A reduction in the amount of the taxed item that is subject to the tax
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There are several ways how a government may compensate for tax cuts.
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included a tax credit of $ 400, lower payroll tax rates, and higher
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Ronald Reagan's tax cuts significantly impacted the U.S. economy.
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Lizarazo, Sandra; Peralta-Alva, Adrian; Puy, Damien (July 2017).
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An income tax deduction reduces that amount of taxable income.
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During his tenure as Chancellor of Germany from 1998 to 2005,
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Other changes included income tax rate cuts, doubling of the
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A reduction in the fraction of the taxed item that is taken.
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Notable examples of tax cuts in the United States include:
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showed some of the three takeaway key results of tax cuts:
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expenditures, productivity and output, therefore increase
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Economic Growth and Tax Relief Reconciliation Act of 2001
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Governments may cite several reasons for cutting taxes.
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G. Gale, William; A. Samwick, Andrew (September 2014).
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lowered the benchmark fed funds rate from 6% to 1.75%.
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to increase. Consumer spending is a large component of
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Whalen, Charles J.; Reichling, Felix (February 2015).
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European Union Common Consolidated Corporate Tax Base
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(March 2002), 2685:"Effects of Income Tax Changes on Economic Growth" 2682: 3552: 2046:increase together with the demand for services. 3431: 2988:"Tax Reform Act of 1986: Overview and History" 2907: 1875:The exclusion of a specific item from taxation 2430:The examples and perspective in this section 1776: 2400: 2249:arranged for several tax cuts to defeat the 27:Reduction in the tax charged by a government 2332:'s policies included tax cuts implemented. 1984: 1934: 3081: 2817:"The Benefits and Costs of a U.S. Tax Cut" 2448:, or create a new section, as appropriate. 2023:c)     By cutting taxes in boom 1953: 1783: 1769: 3172: 2841: 2760:"Cutting VAT to help consumers and firms" 2717:"Short=Term Tax Cuts, Long-Term Stimulus" 2464:Learn how and when to remove this message 2033:d)    By improved productivity 1878:Food might be exempted from a sales tax. 1292:Institute on Taxation and Economic Policy 120:Learn how and when to remove this message 3037:https://fas.org/sgp/crs/misc/RL34498.pdf 3013:"What we learned from Reagan's tax cuts" 2949:"Happy Birthday to the Kennedy Tax Cuts" 2783: 2144:Economic Recovery Tax Act of 1981 (ERTA) 2016:b)    By government borrowing 3449: 3247: 2842:Pettinger, Tejvan (21 September 2022). 2512:jobs than they would with lower taxes. 1942:tax cuts generate sustained effects on 14: 3553: 3306: 2757: 2095:reduced business and investment taxes. 2082:American Recovery and Reinvestment Act 1922: 3488: 3221: 3146: 3048: 2913:"Tax cuts can do more harm than good" 2811: 2809: 2807: 2656: 3134:"What is the Tax Cuts and Jobs Act?" 2901: 2884:"Tax Cuts, Types, and How They Work" 2734:"What is VAT? - European Commission" 2711: 2709: 2584:"Tax Cuts, Types, and How They Work" 2416: 2387: 2324: 2267:American Taxpayer Relief Act of 2012 58:adding citations to reliable sources 29: 3450:Gahvari, Firouz (1 November 1989). 3108:. NYC Mayor's Office of Operations. 2632:"Tax cuts, types and how they work" 2358: 24: 2881: 2804: 2608:Michael A. Meeropol (1 May 2001). 2601: 2581: 2503:money in a more efficient manner. 2181:Economic Implications and Outcomes 2009:a)     By spending cuts 1965: 25: 3572: 3222:House, The White (7 March 2024). 3153:American Journal of Public Health 2784:Staunton, Richard (4 July 2022). 2706: 2319: 2213: 2118: 1107:Global minimum corporate tax rate 3518:. Merriam-Webster. 25 April 2024 2758:Davies, Richard (24 July 2020). 2421: 2132: 2064: 1989:The working paper from 2017 for 1750: 1738: 577:Base erosion and profit shifting 147: 34: 3530: 3508: 3489:Boyce, Paul (20 January 2021). 3482: 3443: 3425: 3399: 3373: 3348: 3326: 3300: 3275: 3248:Elliott, Larry (8 April 2013). 3241: 3215: 3189: 3140: 3126: 3112: 3095: 3075: 3042: 3030: 3005: 2980: 2955: 2941: 2927: 2875: 2861: 2835: 2376: 2272: 2241: 2107: 355:Optimal capital income taxation 45:needs additional citations for 3413:(in Spanish). 28 December 2023 3307:Archer, Josh (18 March 2018). 3283:"Thatcher's Economic Policies" 3049:Yagan, Danny (December 2015), 2777: 2751: 2726: 2676: 2650: 2624: 2575: 1430:List of countries by tax rates 13: 1: 2738:taxation-customs.ec.europa.eu 2692:Economic Studies at Brookings 2569: 2515: 2506: 2497: 2488: 2290:state and local tax deduction 2075:Tax Cuts and Jobs Act of 2017 860:Natural resources consumption 3468:10.1016/0047-2727(89)90006-6 2371: 2306: 2161:Tax Reform Act of 1986 (TRA) 2059: 710:United States as a tax haven 7: 3456:Journal of Public Economics 3147:Glied, Sherry (June 2018). 2612:. Economic Policy Institute 2527: 2479: 2444:, discuss the issue on the 2341:higher VAT sparked debates. 10: 3577: 3516:"Definition of TAX BURDEN" 2412: 2353: 2099: 1898: 1807:expansionary fiscal policy 624:Offshore financial centres 514:Repatriation tax avoidance 2401:Tax Cuts and Productivity 2086:earned income tax credits 1089:Financial transaction tax 179:Property tax equalization 3336:. BBC News. 8 April 2013 3165:10.2105/AJPH.2018.304388 3058:American Economic Review 2659:"The effect of tax cuts" 1985:Costs and Benefits Study 1935:Corporate income tax cut 1816: 1435:Tax revenue to GDP ratio 1094:Currency transaction tax 680:Liechtenstein tax affair 3542:datalab.usaspending.gov 3091:, Brookings Institution 1954:Personal income tax cut 1142:Permanent establishment 1137:Exchange of Information 645:Financial Secrecy Index 296:Medical savings account 2554:Trickle-down economics 2522:gross domestic product 1042:Vehicle miles traveled 661:Ireland as a tax haven 475:Private tax collection 2277:On 22 December 2017, 715:Panama as a tax haven 667:Ireland v. Commission 635:Conduit and sink OFCs 630:Offshore magic circle 551:Unreported employment 3070:10.1257/aer.20130098 2915:. Al Jazeera America 2442:improve this section 2432:may not represent a 2257:income tax credits. 1706:United Arab Emirates 1448:Individual Countries 1157:Foreign revenue rule 954:Inheritance (estate) 673:Leprechaun economics 54:improve this article 2951:. 26 February 2013. 2657:Pettinger, Tejvan. 2294:personal exemptions 1923:Supply-side tax cut 1745:Business portal 1440:Tax rates in Europe 1310:Tax Justice Network 1256:Dhammika Dharmapala 764:Airport improvement 572:Transfer mispricing 363:Distribution of Tax 135:Part of a series on 2909:David Cay Johnston 2882:Amadeo, Kimberly. 2582:Amadeo, Kimberly. 2286:standard deduction 1803:government revenue 1346:Eight per thousand 1261:James R. Hines Jr. 1152:European Union FTT 174:Government revenue 2638:. Kimberly Amadeo 2474: 2473: 2466: 2388:Multiplier Effect 2330:Margaret Thatcher 2325:Margaret Thatcher 2056:dividend growth. 2049:3.     2039:2.     1996:1.     1909:consumer spending 1893: 1892: 1793: 1792: 1728: 1727: 1324: 1323: 1316:Tax Policy Center 1064:Negative (income) 840:Environmental tax 722: 721: 640:Financial centres 460:Tax investigation 398: 397: 266:Tax harmonization 130: 129: 122: 104: 16:(Redirected from 3568: 3546: 3545: 3534: 3528: 3527: 3525: 3523: 3512: 3506: 3505: 3503: 3501: 3486: 3480: 3479: 3447: 3441: 3440: 3438: 3429: 3423: 3422: 3420: 3418: 3403: 3397: 3396: 3394: 3392: 3377: 3371: 3370: 3368: 3366: 3352: 3346: 3345: 3343: 3341: 3330: 3324: 3323: 3321: 3319: 3304: 3298: 3297: 3295: 3293: 3279: 3273: 3272: 3270: 3268: 3245: 3239: 3238: 3236: 3234: 3219: 3213: 3212: 3210: 3208: 3193: 3187: 3186: 3176: 3144: 3138: 3137: 3136:. 20 April 2023. 3130: 3124: 3123: 3116: 3110: 3109: 3107: 3099: 3093: 3092: 3090: 3079: 3073: 3072: 3055: 3046: 3040: 3034: 3028: 3027: 3025: 3023: 3009: 3003: 3002: 3000: 2998: 2984: 2978: 2977: 2975: 2973: 2959: 2953: 2952: 2945: 2939: 2938: 2931: 2925: 2924: 2922: 2920: 2905: 2899: 2898: 2896: 2894: 2879: 2873: 2872: 2865: 2859: 2858: 2856: 2854: 2839: 2833: 2832: 2830: 2828: 2823:. September 2017 2813: 2802: 2801: 2799: 2797: 2790:Evening Standard 2781: 2775: 2774: 2772: 2770: 2755: 2749: 2748: 2746: 2744: 2730: 2724: 2723: 2721: 2713: 2704: 2703: 2701: 2699: 2689: 2680: 2674: 2673: 2671: 2669: 2654: 2648: 2647: 2645: 2643: 2628: 2622: 2621: 2619: 2617: 2605: 2599: 2598: 2596: 2594: 2579: 2549:Starve the beast 2469: 2462: 2458: 2455: 2449: 2425: 2424: 2417: 2365:Gerhard Schröder 2359:Gerhard Schröder 2337:economic growth. 2292:and eliminating 2219:President Bush's 1940:Corporate income 1913:aggregate demand 1824: 1823: 1785: 1778: 1771: 1757:Money portal 1755: 1754: 1753: 1743: 1742: 1419: 1418: 1240: 1239: 1147:Transfer pricing 1127:Tax equalization 1101: 1049:Corporate profit 685:Luxembourg Leaks 619:Corporate havens 498: 497: 314: 313: 151: 132: 131: 125: 118: 114: 111: 105: 103: 62: 38: 30: 21: 3576: 3575: 3571: 3570: 3569: 3567: 3566: 3565: 3551: 3550: 3549: 3536: 3535: 3531: 3521: 3519: 3514: 3513: 3509: 3499: 3497: 3487: 3483: 3448: 3444: 3436: 3430: 3426: 3416: 3414: 3405: 3404: 3400: 3390: 3388: 3387:. 30 April 2022 3379: 3378: 3374: 3364: 3362: 3354: 3353: 3349: 3339: 3337: 3332: 3331: 3327: 3317: 3315: 3305: 3301: 3291: 3289: 3281: 3280: 3276: 3266: 3264: 3246: 3242: 3232: 3230: 3228:The White House 3220: 3216: 3206: 3204: 3203:. 12 March 2024 3195: 3194: 3190: 3145: 3141: 3132: 3131: 3127: 3118: 3117: 3113: 3105: 3101: 3100: 3096: 3088: 3080: 3076: 3053: 3047: 3043: 3035: 3031: 3021: 3019: 3011: 3010: 3006: 2996: 2994: 2986: 2985: 2981: 2971: 2969: 2961: 2960: 2956: 2947: 2946: 2942: 2933: 2932: 2928: 2918: 2916: 2906: 2902: 2892: 2890: 2880: 2876: 2866: 2862: 2852: 2850: 2840: 2836: 2826: 2824: 2815: 2814: 2805: 2795: 2793: 2782: 2778: 2768: 2766: 2756: 2752: 2742: 2740: 2732: 2731: 2727: 2719: 2715: 2714: 2707: 2697: 2695: 2687: 2681: 2677: 2667: 2665: 2655: 2651: 2641: 2639: 2630: 2629: 2625: 2615: 2613: 2606: 2602: 2592: 2590: 2580: 2576: 2572: 2530: 2518: 2509: 2500: 2491: 2482: 2470: 2459: 2453: 2450: 2439: 2426: 2422: 2415: 2403: 2390: 2379: 2374: 2361: 2356: 2327: 2322: 2309: 2279:President Trump 2275: 2260:To prevent the 2251:Great Recession 2244: 2233:Federal Reserve 2216: 2183: 2135: 2121: 2110: 2102: 2067: 2062: 1987: 1971:Value-added Tax 1968: 1966:Value-added Tax 1959:Personal income 1956: 1937: 1925: 1901: 1819: 1789: 1751: 1749: 1737: 1730: 1729: 1416: 1406: 1405: 1361:Fiscus Judaicus 1336: 1326: 1325: 1284:Advocacy groups 1237: 1229: 1228: 1219:Trade agreement 1214:Free-trade zone 1172: 1162: 1161: 1099: 1084: 1074: 1073: 734: 724: 723: 695:Paradise Papers 536:Debtors' prison 495: 485: 484: 455:Tax preparation 415:Revenue service 410: 400: 399: 311: 301: 300: 281:Double taxation 276:Tax withholding 271:Tax competition 189:Non-tax revenue 169: 126: 115: 109: 106: 63: 61: 51: 39: 28: 23: 22: 15: 12: 11: 5: 3574: 3564: 3563: 3548: 3547: 3529: 3507: 3481: 3462:(2): 251–260. 3442: 3424: 3398: 3372: 3347: 3325: 3299: 3287:Economics Help 3274: 3240: 3214: 3188: 3159:(6): 734–736. 3139: 3125: 3111: 3094: 3074: 3041: 3029: 3004: 2979: 2954: 2940: 2926: 2900: 2874: 2860: 2848:Economics Help 2834: 2803: 2776: 2764:Richard Davies 2750: 2725: 2705: 2675: 2663:Economics Help 2649: 2623: 2600: 2573: 2571: 2568: 2567: 2566: 2561: 2556: 2551: 2546: 2541: 2536: 2529: 2526: 2517: 2514: 2508: 2505: 2499: 2496: 2490: 2487: 2481: 2478: 2472: 2471: 2436:of the subject 2434:worldwide view 2429: 2427: 2420: 2414: 2411: 2402: 2399: 2389: 2386: 2378: 2375: 2373: 2370: 2360: 2357: 2355: 2352: 2347: 2346: 2342: 2338: 2326: 2323: 2321: 2320:United Kingdom 2318: 2308: 2305: 2288:, capping the 2274: 2271: 2243: 2240: 2215: 2214:George W. Bush 2212: 2208: 2207: 2199: 2198: 2197: 2196: 2193: 2190: 2182: 2179: 2175: 2174: 2171: 2168: 2155: 2154: 2151: 2134: 2131: 2124:Lyndon Johnson 2120: 2119:Lyndon Johnson 2117: 2113:John Kennedy's 2109: 2106: 2101: 2098: 2097: 2096: 2089: 2078: 2066: 2063: 2061: 2058: 1986: 1983: 1967: 1964: 1955: 1952: 1936: 1933: 1924: 1921: 1900: 1897: 1891: 1890: 1887: 1884: 1880: 1879: 1876: 1873: 1869: 1868: 1864: 1861: 1857: 1856: 1853: 1850: 1846: 1845: 1842: 1839: 1835: 1834: 1831: 1828: 1818: 1815: 1791: 1790: 1788: 1787: 1780: 1773: 1765: 1762: 1761: 1760: 1759: 1747: 1732: 1731: 1726: 1725: 1724: 1723: 1718: 1713: 1711:United Kingdom 1708: 1703: 1698: 1693: 1688: 1683: 1678: 1673: 1668: 1663: 1658: 1653: 1648: 1643: 1638: 1633: 1628: 1623: 1618: 1613: 1608: 1603: 1598: 1593: 1588: 1583: 1578: 1573: 1568: 1563: 1558: 1553: 1548: 1543: 1538: 1533: 1528: 1523: 1518: 1513: 1508: 1503: 1498: 1493: 1488: 1483: 1478: 1473: 1468: 1463: 1458: 1450: 1449: 1445: 1444: 1443: 1442: 1437: 1432: 1424: 1423: 1417: 1412: 1411: 1408: 1407: 1404: 1403: 1398: 1393: 1388: 1383: 1378: 1373: 1368: 1363: 1358: 1353: 1348: 1343: 1337: 1332: 1331: 1328: 1327: 1322: 1321: 1320: 1319: 1313: 1307: 1304:Tax Foundation 1301: 1295: 1286: 1285: 1281: 1280: 1279: 1278: 1276:Gabriel Zucman 1273: 1268: 1263: 1258: 1253: 1251:Mihir A. Desai 1245: 1244: 1238: 1235: 1234: 1231: 1230: 1227: 1226: 1221: 1216: 1211: 1206: 1201: 1200: 1199: 1194: 1184: 1179: 1173: 1168: 1167: 1164: 1163: 1160: 1159: 1154: 1149: 1144: 1139: 1134: 1129: 1124: 1119: 1114: 1112:Robin Hood tax 1109: 1104: 1096: 1091: 1085: 1080: 1079: 1076: 1075: 1072: 1071: 1066: 1061: 1056: 1054:Excess profits 1051: 1046: 1045: 1044: 1039: 1034: 1025: 1020: 1006: 1001: 996: 991: 986: 981: 976: 971: 966: 961: 956: 951: 946: 941: 939:Gross receipts 936: 931: 926: 921: 920: 919: 914: 909: 904: 899: 894: 889: 879: 878: 877: 872: 867: 862: 857: 852: 847: 837: 832: 831: 830: 825: 820: 815: 810: 805: 800: 790: 789: 788: 778: 777: 776: 771: 766: 756: 751: 746: 741: 735: 730: 729: 726: 725: 720: 719: 718: 717: 712: 707: 702: 697: 692: 690:Offshore Leaks 687: 682: 677: 676: 675: 670: 655: 654: 653:Major examples 650: 649: 648: 647: 642: 637: 632: 627: 621: 616: 608: 607: 603: 602: 601: 600: 595: 590: 588:Dutch Sandwich 585: 580: 574: 569: 561: 560: 556: 555: 554: 553: 548: 543: 538: 533: 528: 526:Tax resistance 523: 518: 517: 516: 503: 502: 496: 491: 490: 487: 486: 483: 482: 477: 472: 467: 462: 457: 452: 447: 442: 437: 432: 430:Taxable income 427: 425:Tax assessment 422: 417: 411: 406: 405: 402: 401: 396: 395: 394: 393: 388: 383: 378: 373: 365: 364: 360: 359: 358: 357: 352: 347: 342: 337: 332: 327: 319: 318: 317:General Theory 312: 307: 306: 303: 302: 299: 298: 293: 288: 286:Representation 283: 278: 273: 268: 263: 258: 253: 248: 243: 238: 233: 228: 223: 218: 213: 208: 207: 206: 196: 191: 186: 181: 176: 170: 165: 164: 161: 160: 153: 152: 144: 143: 137: 136: 128: 127: 42: 40: 33: 26: 9: 6: 4: 3: 2: 3573: 3562: 3559: 3558: 3556: 3543: 3539: 3533: 3517: 3511: 3496: 3492: 3485: 3477: 3473: 3469: 3465: 3461: 3457: 3453: 3446: 3435: 3428: 3412: 3408: 3402: 3386: 3382: 3376: 3361: 3357: 3351: 3335: 3329: 3314: 3310: 3303: 3288: 3284: 3278: 3263: 3259: 3255: 3251: 3244: 3229: 3225: 3218: 3202: 3198: 3192: 3184: 3180: 3175: 3170: 3166: 3162: 3158: 3154: 3150: 3143: 3135: 3129: 3121: 3115: 3104: 3098: 3087: 3086: 3078: 3071: 3067: 3063: 3059: 3052: 3045: 3038: 3033: 3018: 3014: 3008: 2993: 2989: 2983: 2968: 2964: 2958: 2950: 2944: 2936: 2930: 2914: 2910: 2904: 2889: 2885: 2878: 2871: 2864: 2849: 2845: 2838: 2822: 2818: 2812: 2810: 2808: 2791: 2787: 2780: 2765: 2761: 2754: 2739: 2735: 2729: 2718: 2712: 2710: 2693: 2686: 2679: 2664: 2660: 2653: 2637: 2633: 2627: 2611: 2604: 2589: 2585: 2578: 2574: 2565: 2562: 2560: 2559:S corporation 2557: 2555: 2552: 2550: 2547: 2545: 2542: 2540: 2537: 2535: 2532: 2531: 2525: 2523: 2513: 2504: 2495: 2486: 2477: 2468: 2465: 2457: 2447: 2443: 2437: 2435: 2428: 2419: 2418: 2410: 2408: 2398: 2396: 2385: 2383: 2369: 2366: 2351: 2343: 2339: 2335: 2334: 2333: 2331: 2317: 2314: 2304: 2302: 2297: 2295: 2291: 2287: 2282: 2280: 2270: 2268: 2263: 2258: 2254: 2252: 2248: 2239: 2236: 2234: 2231:In 2001, the 2229: 2226: 2223: 2220: 2211: 2204: 2203: 2202: 2194: 2191: 2188: 2187: 2185: 2184: 2178: 2172: 2169: 2166: 2165: 2164: 2162: 2158: 2152: 2149: 2148: 2147: 2145: 2141: 2139: 2138:Ronald Reagan 2133:Ronald Reagan 2130: 2127: 2125: 2116: 2114: 2105: 2094: 2090: 2087: 2083: 2079: 2076: 2072: 2071: 2070: 2065:United States 2057: 2053: 2052: 2047: 2043: 2042: 2037: 2034: 2031: 2029: 2024: 2021: 2017: 2014: 2010: 2007: 2004: 2000: 1999: 1994: 1992: 1982: 1978: 1974: 1972: 1963: 1960: 1951: 1949: 1945: 1941: 1932: 1929: 1920: 1916: 1914: 1910: 1905: 1896: 1888: 1885: 1882: 1881: 1877: 1874: 1871: 1870: 1865: 1862: 1859: 1858: 1854: 1851: 1848: 1847: 1843: 1840: 1837: 1836: 1832: 1829: 1826: 1825: 1822: 1814: 1810: 1808: 1804: 1800: 1795: 1786: 1781: 1779: 1774: 1772: 1767: 1766: 1764: 1763: 1758: 1748: 1746: 1741: 1736: 1735: 1734: 1733: 1722: 1719: 1717: 1716:United States 1714: 1712: 1709: 1707: 1704: 1702: 1699: 1697: 1694: 1692: 1689: 1687: 1684: 1682: 1679: 1677: 1674: 1672: 1669: 1667: 1664: 1662: 1659: 1657: 1654: 1652: 1649: 1647: 1644: 1642: 1639: 1637: 1634: 1632: 1629: 1627: 1624: 1622: 1619: 1617: 1614: 1612: 1609: 1607: 1604: 1602: 1599: 1597: 1594: 1592: 1589: 1587: 1584: 1582: 1579: 1577: 1574: 1572: 1569: 1567: 1564: 1562: 1559: 1557: 1554: 1552: 1549: 1547: 1544: 1542: 1539: 1537: 1534: 1532: 1529: 1527: 1524: 1522: 1519: 1517: 1514: 1512: 1509: 1507: 1504: 1502: 1499: 1497: 1494: 1492: 1489: 1487: 1484: 1482: 1479: 1477: 1474: 1472: 1469: 1467: 1464: 1462: 1459: 1457: 1454: 1453: 1452: 1451: 1447: 1446: 1441: 1438: 1436: 1433: 1431: 1428: 1427: 1426: 1425: 1422:All Countries 1421: 1420: 1415: 1410: 1409: 1402: 1399: 1397: 1394: 1392: 1389: 1387: 1384: 1382: 1379: 1377: 1376:Tolerance tax 1374: 1372: 1369: 1367: 1364: 1362: 1359: 1357: 1354: 1352: 1349: 1347: 1344: 1342: 1339: 1338: 1335: 1330: 1329: 1317: 1314: 1311: 1308: 1305: 1302: 1299: 1296: 1293: 1290: 1289: 1288: 1287: 1283: 1282: 1277: 1274: 1272: 1269: 1267: 1264: 1262: 1259: 1257: 1254: 1252: 1249: 1248: 1247: 1246: 1242: 1241: 1233: 1232: 1225: 1222: 1220: 1217: 1215: 1212: 1210: 1207: 1205: 1202: 1198: 1195: 1193: 1190: 1189: 1188: 1185: 1183: 1180: 1178: 1175: 1174: 1171: 1166: 1165: 1158: 1155: 1153: 1150: 1148: 1145: 1143: 1140: 1138: 1135: 1133: 1130: 1128: 1125: 1123: 1120: 1118: 1115: 1113: 1110: 1108: 1105: 1102: 1097: 1095: 1092: 1090: 1087: 1086: 1083: 1082:International 1078: 1077: 1070: 1067: 1065: 1062: 1060: 1057: 1055: 1052: 1050: 1047: 1043: 1040: 1038: 1035: 1033: 1029: 1026: 1024: 1021: 1019: 1016: 1015: 1014: 1010: 1007: 1005: 1002: 1000: 997: 995: 992: 990: 987: 985: 984:Resource rent 982: 980: 977: 975: 972: 970: 967: 965: 962: 960: 957: 955: 952: 950: 947: 945: 942: 940: 937: 935: 932: 930: 927: 925: 922: 918: 915: 913: 910: 908: 905: 903: 900: 898: 895: 893: 890: 888: 885: 884: 883: 880: 876: 873: 871: 868: 866: 863: 861: 858: 856: 853: 851: 848: 846: 843: 842: 841: 838: 836: 833: 829: 826: 824: 821: 819: 816: 814: 811: 809: 806: 804: 801: 799: 796: 795: 794: 791: 787: 784: 783: 782: 781:Capital gains 779: 775: 772: 770: 767: 765: 762: 761: 760: 757: 755: 752: 750: 747: 745: 742: 740: 737: 736: 733: 728: 727: 716: 713: 711: 708: 706: 703: 701: 700:Panama Papers 698: 696: 693: 691: 688: 686: 683: 681: 678: 674: 671: 669: 668: 664: 663: 662: 659: 658: 657: 656: 652: 651: 646: 643: 641: 638: 636: 633: 631: 628: 625: 622: 620: 617: 615: 612: 611: 610: 609: 605: 604: 599: 596: 594: 591: 589: 586: 584: 581: 578: 575: 573: 570: 568: 567:Tax inversion 565: 564: 563: 562: 558: 557: 552: 549: 547: 544: 542: 539: 537: 534: 532: 529: 527: 524: 522: 519: 515: 512: 511: 510: 509:Tax avoidance 507: 506: 505: 504: 500: 499: 494: 493:Noncompliance 489: 488: 481: 478: 476: 473: 471: 470:Tax collector 468: 466: 463: 461: 458: 456: 453: 451: 450:Tax residence 448: 446: 443: 441: 438: 436: 433: 431: 428: 426: 423: 421: 420:Revenue stamp 418: 416: 413: 412: 409: 404: 403: 392: 389: 387: 384: 382: 379: 377: 374: 372: 369: 368: 367: 366: 362: 361: 356: 353: 351: 348: 346: 343: 341: 338: 336: 335:Tax incidence 333: 331: 330:Excess burden 328: 326: 323: 322: 321: 320: 316: 315: 310: 305: 304: 297: 294: 292: 289: 287: 284: 282: 279: 277: 274: 272: 269: 267: 264: 262: 259: 257: 256:Tax incentive 254: 252: 251:Tax advantage 249: 247: 244: 242: 239: 237: 234: 232: 229: 227: 224: 222: 219: 217: 214: 212: 211:Tax threshold 209: 205: 202: 201: 200: 197: 195: 192: 190: 187: 185: 182: 180: 177: 175: 172: 171: 168: 163: 162: 159: 158:fiscal policy 156:An aspect of 155: 154: 150: 146: 145: 142: 139: 138: 134: 133: 124: 121: 113: 102: 99: 95: 92: 88: 85: 81: 78: 74: 71: â€“  70: 66: 65:Find sources: 59: 55: 49: 48: 43:This article 41: 37: 32: 31: 19: 3541: 3532: 3520:. 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