Word: burtless
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TIME'S JYOTI THOTTAM asked our Board of Economists to sort it out. The panel includes Lakshman Achuthan, managing director of the Economic Cycle Research Institute; Gary Burtless, senior fellow at the Brookings Institution; Veronique de Rugy, fiscal-policy analyst at Cato Institute; Edward McKelvey, senior economist at Goldman Sachs; and David Wyss, chief economist at Standard & Poor...
There have been numerous proposals to supplement the wages of poor working parents with combinations of refundable tax credits, medical benefits, housing allowances and food stamps -- what Gary Burtless of the Washington-based Brookings Institution calls "aid to breadwinners with dependent children." Some of this is being done already. New Jersey's reform, for example, would allow working AFDC parents to earn up to 50% of their grant levels without losing benefits. In 1975 Congress enacted the Earned Income Tax Credit (EIC), which currently offers cash supplements of up to $1,192 to working parents with incomes under...
...1970s I would have said we should have a guaranteed annual income. I don't say that now. We have learned that blunt instruments don't work." Making the income tax system more progressive would seem an obvious step, but economists warn that it has its limits. Says Gary Burtless of the Brookings Institution: "There are estimates suggesting that if we raise tax rates on people making more than $40,000, they will actually work harder. Unfortunately, they will probably also work harder to avoid taxes." Indeed, the most immediate threat to prosperity is the budget deficit, and many ideas...