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ENDNOTES

i

eNO

14

15

16

EJ Antoni, “Biden Keeps Making Clai Heritage Foundation Commentary, comme “Fide Are Ri pressrt accou See 2022,

ity 2022 Retirement Analysis:

eases/fidelity--2022-retirem

. Departmen tps://home. arch 18, 2023). U.S. Department of homet Domestic Finance, U U.S. Constitution, ar bid., p. ES 1. ncluding direct and reimbursable emp Staffing (Direct and Reimbursable)” p.

U

reasury.gov/sys

24TH 32

S. Department of | sec. 9.

U.S. Department of the Treasury, “Bure arch 18, 2023).

U.S. Department of the Treasury, O (accessed March 19, 2023). William M (Mac) Thornberry Nation §§ 6001-6511.

February 8, 2023, n the Midst of Infl ng,” table, “Average Retirement Account Balan en -ba/s/095bb4a8-cf3a-484e-a911-bc0c61c460

em/files/266/CO

easury.gow/system/files/266/A

fice of the Inspec

-analysis--in-t

ES 4.

aus,” https://h

ms About the Economy That Just Aren’t True. These Facts Don’t Lie,” httos://www.heritage.org/markets-and-finance/ ntary/biden-keeps-making-claims-about-the-economy-just-arent-true-these.

ation and Uncertainty, Retirement Account Balances ces,” February 23, 2023, https://newsroom fidelity.com/ he-midst-of-inflation-and-uncertainty--retirement f (accessed March 22, 2023).

t of the Treasury, Fiscal Year 2022-2026 Strategic Plan and Budget Request for FY 2023, BINED-CJ-Web-Version-FY-2023.pdf (accessed

he Treasury, Agency Financial Report: Fiscal Year 2015, November 16, 2015, p.4 https://

FR-FY15-508.pdf (accessed March 19, 2023). he Treasury https://home.treasury.gov/about/offices/domestic-finance.

or General, “Overview,” https://oig.treasury.gov

al Defense Authorization Act for Fiscal Year 2021, Public Law 116-283,

oyees. See ibid., “Fiscal Year Comparison of Full-Time Equivalent (FTE)

U.S. Department of the Treasury, “Offices,” httos://home.treasury.gov/about/offices (accessed March 18, 2023). ome.treasury.gov/about/bureaus (accessed

See, for example, Timothy Vermeer, “The Impact of Individual Income Tax Changes on Economic Growth,” Tax

Foundation ndividual-In and José Luis Economics, Vol The current tax ensuring that th user cost of cap properly, or tha

•

p

a

Fiscal Fact No. 793, Jun

ontiel Olea, “Marginal 1

• private rate of ret ital, that all factor in the tax is a consump W. Jorgenson, “Tax Po

urn

E. Hall and Da 3 (June, 1967), 9, 2023). See Recent Literature,” in John W. and Implications (Cambridge, University of Ca (accessed March Scott A. https://fi Fichtner papers.ssrn.com/sol3/papers.c n forma See John ate Dou

ifornia, Berkeley, Sep 19, 2023). Hodge, “The Complian

ce Cos

on price

• 2022, h come-Tax-Changes-on-Economi . 133, No. 4 (November 2018), system is not neutral toward

ax Ra

equals the soci

bas d Investmen

icy an

p. 391-414, https://web.stanford.edu/~rehall/Tax-Poli so Kevin A. Hassett and Kath

ryn Newmar’

A: MIT Press, 2008), and Alan J. Aue

—711—

al rate of retur' comes are taxed once ion tax. For the

his neutra

and equal ic user COS Behavior,’

, “Taxation and Business Behavior: A Review of t Diamond and George R. Zodrow, eds.,

tps://files.taxfoundation.org/20220610142519/The-Impact-ofc-Growth-2.pdf (accessed March 18, 2023), and Karel Mertens es and Income: New Time Series Evidence,” Quarterly Journal of pp. 1803-1884. investment. T

ity criterion is sometimes expressed as n, that the tax system does not raise th y, that the tax system defines income

•

* American Economic Review, Vol. 57, cy-AER-June-1967.pdf (accessed March

ember 2005, http://eml.berkeley.edu//~auerbach/capitalspending.pd

s of IRS Regulations,” Tax Founda les.taxfoundation.org/legacy/docs/TaxFoundation_FF512.pdf (accessed March 19, 2023), and Jason J. and Jacob M. Feldman, “The Hidden Costs of Tax Compliance,” mPabstract_id=2267971 (accessed March 19, 2023). terms, tax policy should seek to minimize the excess burden or deadweight Creedy, “The Excess Burden of Taxation and Why it (Approxim R bles,” New Zealand Treasury Working Paper No. 03/29, Decem bitstream/10419/205534/1/twp2003-29.pdf (accessed March 19, 2023). See also, for example, N. Gregory ankiw, Principles of Economics, 4th ed. (South-Western College Pub, 2006), ch. 8, 0 heory, microeconomics, or principles of economics.

bach, “Taxation and Capital Spending,”

ion Fiscal Fact No. 512, June 2016, ercatus Cen oss of the tax system.

ples When the Tax ber 2003, httos://www.econstor.eu/

ately) Quadru

many other textbooks

of capital analysis with taxes, see Rober 0.

t

he Fundamental Tax Reform: Issues, Choices,

er, May 20, 2013, https://

22

23

24. 25. 26. 27.

28

29

30

31

32

“What's

“The Choice Be

For a detailed discussion, see David R. Burton, “Tax Reform: Eliminating the Double Taxation of Corporate Income,” Heritage Foundation Backgrounder No. 3216, May 18, 2017, https://www.heritage.org/sites/default/

files/2017-05/BG3216.pdf.

One hundred dollars in corporate income less an 18 percent tax leaves $82. A 15 percent capital gains tax or

quali

course, abstracts away from certain timing issues.

Inflation Reduction Act, Public Law 117-169. Ibid. Tax Cuts

before in

and Jobs Act, Pub lation adjustmen ew: Estate and Gi small-businesses-self-emp The effective tax rate on intangible low-taxed income For miscellaneous itemized hat were suspended by the 2017 tax bill (oth This includes the local lodgi modifications to the deduc imitation on

oyed/whats-new

ion for personal c

Employer-provided childcare HSAs are flexible and portab For additional revenue to fun benefit deductions.

Early versions of the 2017 tax cash flow tax, a form of consumption tax. A t and only once—results in hig

e, and they help d pro-growth ta

et al., “Optima 47-174, https://pubs.aeaweb. ween tos://www.nber.org/system/fi Charles E. Walker and Mark A. B arper and Row, Ballinger, 1987). oover Institu hoover.org/research/simplifyingDavid R. Burton, “Four Conserva Backgrounder No. 2978, December 7, 2022, h plans-equivalent-economic-resu

ow-income Americans from federal tax liabi Daniel J. Mitchell and Ch Defend It (Washington, Tax Competition Is a Bu

=|

I

' DC: Cato wark Agains

arch 19, 2023). James M. Robers et al., “Organization Should Do,” Heritage Fou sites/default/files/2021-03/BG3593.pdf; Pres Foundation Commentary, February 4, 2022,

for Eco

oreign-derived intangible income deductions, see In

ng expense deduc

bill envisioned reformin

Growth axes/commentary/constitutional-checks-and-balances-tax-competition-bulwark-against-growth

ndation Backgrounder No. 3593, Ma on Brashers. “The OECD Crusade To Raise Taxes,” Heritage itage.org/taxes/commentary/the-oecd-crusade

tsh

estate-and-gi

ernal Reven er than those re ion and enterta asualty and thef

itemized deductions should be permanently eliminated.

Bonus depreciation provisions applied to specific industries sh expenses should also count toward the limitation on benefit deductions.

ain costs by s, lawmaker

con X CU

ax syste

her output and higher incomes. Usually, in his is called a consumption tax. On the economic superiority of consumptions taxes, see N. Taxation in Theory and Practice,” Journal of Economic Perspectives, org/doi/pdfplus/10.1257/jep.23.4.147 (accessed March ncome and Consumption Taxes: A Primer,” NBER Working Paper No. 12307, June es/working_papers/w12307/w12307.pdf (accessed oom eld, eds., he Consumption Tax: A Better Alternative?

ion, “Simplifying the Tax System: The History of the Flat Tax,” March ax-system-history-flat-tax (accessed March 20, 2023).

ive Tax Plans with Equivalent Economic Results,” Heritage ttos://www.heritage.org/taxes/report/| s. Consumption tax plans generally include carveouts that exempt very

ity.

nomic Co-opera

httos://www.her

raise-taxes; David Burton, “How the OECD is Suppression of Political Dissidents,” J org/taxes/commentary/how-the-oecd-prom

uly 15, 2016, Heritage Fo

Promoting More

oting-more-iden