Budget Deficits and the Balance of Trade

B. Douglas Bernheim

81 citations0/0 files storedTax Policy and the Economy

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Financial Literacy, Pension, Retirement Analysis Economic and Fiscal Studies Fiscal Policies and Political Economy

Abstract

The evidence presented in this paper supports the view that many Americans, particularly those without a college education, save too little.Our analysis also indicates that it should be possible to increase total personal saving among lower income households by encouraging the formation and expansion of private pension plans.It is doubtful that favorable tax treatment of capital income would stimulate significant additional saving by this group.Conversely, the expansion of private pensions would probably have little effect on saving by higher income households.However, these households are more likely to increase sav- ing significantly in response to favorable tax treatment of capital income.Currently, eligibility for IRAs is linked to an AGI cap, and pension coverage is more common among higher income households than among low income households.The most effective system for promoting personal saving would have precisely the opposite features.Extending tax incentives for saving to higher income households is problematic.We discuss three competing policy options, WAs with ACT This paper was prepared for a conference on "Tax Policy and the Economy," Washington, D.C., November 17, 1992.

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References

1974Are Government Bonds Net Wealth?1980Domestic Saving and International Capital Flows 1981The Current Account and Macroeconomic Adjustment in the 1970s 1986Capital mobility in the world economy: Theory and measurement 1982Domestic Saving and International Capital Movements in the Long Run and the Short Run n.d.NBER Macroeconomics Annual 1987, Volume 2 1985International Capital Mobility and Crowding Out in the U.S. Economy: Imperfect Integration of Financial Markets or of Goods Markets?1987Ricardian Equivalence: An Evaluation of Theory and Evidence

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