Category Archives: Finance

Op-Ed: “They’re Rich but Trying to Reach Beyond the Money Bubble”

Paul Sullivan, They’re Rich but Trying to Reach Beyond the Money Bubble, New York Times, November 7, 2017. [“Not only has a gulf grown between the haves and the have-nots, but so has the gap between the haves and the have-mores.”]

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New Article: “Heading off a Cliff?”

Graetz, Michael J., Heading off a Cliff? (October 25, 2017). The American Interest, Forthcoming; Yale Law & Economics Research Paper No. 585. [Abstract below]

The major tax policy challenge of the 21st century is the need to address the nation’s fiscal condition fairly and in a manner conducive to economic growth. But since California adopted Proposition 13 nearly forty years ago, antipathy to taxes has served as the glue that has held the Republican coalition together. Even though our taxes as a percentage of our economy are low by OECD standards and low by our own historical experience, anti-tax attitudes have become even more important for Republicans politically, since they now find it hard to agree on almost anything else. So revenue-positive, or even revenue-neutral, forms of tax reform — at least as long as the GOP maintains its legislative majority — are politically impossible. The sad truth, of course, is that the coming tax cuts cannot possibly be the great and simplifying tax reform that the President and Sixers claim and that our nation so badly needs.

New Article: “Taxing Consumption and the Take-up of Public Assistance: The Case of Cigarette Taxes and Food Stamps”

Kyle Rozema, Nicolas R. Ziebarth, Taxing Consumption and the Take-up of Public Assistance: The Case of Cigarette Taxes and Food Stamps, Univ. Chi. L. Rev. (2017). [Abstract below]

We exploit cigarette tax variation across US states from 2001 to 2012 to show
how taxing inelastic consumption goods can induce low-income households to
enroll in public assistance programs. Using a novel household panel of monthly
food stamp enrollment from the Current Population Survey, we enrich standard
cigarette tax difference-in-differences models with an additional control group:
nonsmoking households. Smoking households are treated with higher taxes,
while nonsmoking households are not. Marginal smoking households respond
to increases in cigarette taxes by taking up food stamps at rates higher than
smoking households in other states and nonsmoking households in the same
state.

Op-Ed: “The Tax Debate We Need”

Marshall Stienbaum, The Tax Debate We Need, Jacobin, October 20, 2017. [“Progressive taxation curbs the power of the wealthy – and that’s exactly why the Right hates it.”]

Op-Ed: “The GOP House Budget: Another Assault on People in Poverty”

John Bouman, The GOP House Budget: Another Assault on People in Poverty, The Shriver Brief. [“The evidence is crystal clear: The federal safety net is working.”]

Op-Ed: “Payday Lending Faces Tough New Restrictions by Consumer Agency”

Stacy Cowley, Payday Lending Faces Tough New Restrictions by Consumer Agency, New York Times, October 5, 2017. [New agency rules look to curb predatory practices targeting the vulnerable.]

Op-Ed: “Poverty Matters: Five Key Takeaways from the 2016 Census Data”

John Bouman, Poverty Matters: Five Key Takeaways from the 2016 Census Data Poverty Matters: Five Key Takeaways from the 2016 Census Data, The Shriver Brief, September 13, 2017. [Slight improvements haven not translated into gains for those facing poverty.]

Op-Ed: “Fran works six days a week in fast food, and yet she’s homeless: “It’s economic slavery””

Dominic Rushe, Fran works six days a week in fast food, and yet she’s homeless: “It’s economic slavery”, The Guardian Aug. 21, 2017. [An account of the experiences of Fran Marion and others who are leading the charge for a raised minimum wage.]

Op-Ed: “Bad Jobs and No Welfare Give Rise to A New Type of Charity: The Diaper Bank”

Arthur Delaney, Bad Jobs and No Welfare Give Rise to A New Type of Charity: The Diaper Bank, Huffington Post Aug. 21, 2017. [“A network of diaper banks now alleviates some of the suffering cause by the 1996 gutting of welfare”]

Paper: “On Dollars and Deference: Agencies, Spending and Economic Rights”

Mila Sohoni, On Dollars and Deference: Agencies, Spending, and Economic Rights, 66 Duke L.J. 1677 (2017)