Donald Marron, whom many of you read at his fantastic blog, will become the director of the Urban-Brookings Tax Policy Center. Here's the press release. We at CG&G wish him well in his new endeavor.
Tax policy is the government's approach to taxation, both from the practical and normative side of the question.Policymakers debate the nature of the tax structure they plan to implement. The reason for such focus is economic efficiency as advisor to the Stuart King of England Richard Petty had noted that the government does not want to kill the goose that lays the golden egg. The paradigmatic efficient taxes are either those which are nondistortionary or lump sum. However, readers must be cautioned about the economist's definition of distortion only considers the substitution effect because anything which does not change relative prices is defined as nondistortionary. One must also consider the income effect, which for tax policy purposes often needs to be assumed to cancel out in the aggregate.
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