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SOME ECONOMICS OF TAX REFORM, 1986

A key element in the current process is the outcome of some highly sophisticated economic analysis relating to effective marginal tax rates. This economic analysis story starts 30 years ago. In the 1950s the views about investment among the prevailing Keynesian economists changed from the earlier concern with over-saving and pessimism about investment. The new view emphasized the importance of investment for economic growth. This shift to Neo-Keynesianism was critical to the adoption of the investment credit, an invention of the economic advisers to President Kennedy. The view at that time was that the investment credit was a neutral way to improve the level of investment. The investment credit was thought to be uniform between various kinds of equipment. It particularly seemed more neutral than the gadgety changes in depreciation that were the alternatives for encouraging more investment.