In the 1940s and putting together the concept of income we now use today under the income tax they were neglecting the adverse effect on the labor force and it wasnt unknown. The godfather of the income tax henry simons and one of the two leading godfathers admitted that it would damage the economy and his current disciples dont want you to remember that or theyve forgotten it. Heres what simons said about Income Taxation. Income taxation is broadly an instrument of economic control. A means of mitigating economic inequality which well assume that moderation of inequality is an important objective of approximately see and perceived income tax is devices for effecting it. The case for drastic progression in taxation must be rested on the case of inequality on the ethical or aesthetic judgment that the prevailing distribution of wealth and income reveals a degree and or kind of inequality which is distinctly evil or unlovely. Not particularly scientific. In fact, it is reasonable to expe
From the role of the u. S. Dollar as the dominant reserve currency or from the role of the United States as a safe haven for capital. Theed we might say, one of key things that the United States produces is a social does serve so well as a safe haven for saving some capital. You could say that what john makin, liked to call the wealth Storage Service effectively is traded internationally for net imports. Have a truly distinguished panel to address the economic questions of trade deficits amidst the current Political Forces in play. Each member of the panel will speak for 13 to 15 minutes, opening comments after which, we will give the panelists a chance to react to ideas and clarify their points. After that we will open the floor to questions and will adjourn promptly at 00. At 12 00. L, thewill be jeff franke professor of Capital Formation and growth at harvard university. He is on the Business Cycle committee and previously served on the council of economic advisers Whose Research in
Speakers included a formal consultant from the office of the u. S. Trade representative and member of the White House Council of economic advisors. From the American Enterprise institute, this is two hours. Well start again. Good morning, ladies and gentlemen, im glad youre with us. Im alex pollock from the r street institute. And we welcome you on trade deficits and the Trump Administration. It goes without saying debates about trade, tariffs, other barriers to trade, balance of trade and payments and shifts in foreign exchanges, whether the flee of gold in old bays or reserves nominated in fiat currencies now have a long and controversial history in domestics and in politics. These debates feature the famous and essential contrast between the interests of producers on one side and those of consumers on the other, abiding asymmetry and pressures for adjustment between countries with persistent deficits like the u. S. Versus those with persistent surplus, germany for example. Naturally
Us. Im alex pollock from the r street institute. And we welcome you on trade deficits and the Trump Administration. It goes without saying debates about trade, tariffs, other barriers to trade, balance of trade and payments and shifts in foreign exchanges, whether the flee of gold in old bays or reserves nominated in fiat currencies now have a long and controversial history in domestics and in politics. These debates feature the famous and essential contrast between the interests of producers on one side and those of consumers on the other, abiding asymmetry and pressures for adjustment between countries with persistent deficits like the u. S. Versus those with persistent surplus, germany for example. Naturally throughout this is the desire of politicians to get and remain in office. Political economy is certainly the accurate term here. Discussions of trade deficits cannot be divorced from the International Monetary system, levels of Exchange Rates or role of the u. S. Dollar as the d
Public service by americas Cable Television companies. It is brought to you today by your cable or satellite provider. The American Enterprise institute here in washington, d. C. Posted a Panel Discussion on the impact of efforts to reduce the usa trade deficit. Following their presentations and rebuttals, panelists answered questions from the audience. There we go. Well start again. Good morning, ladies and gentlemen, im glad youre with us. Im alex pollock from the r street institute. Its a pleasure for us to welcome you to this timely conference on trade deficits and the Trump Administration. It goes without saying debates about trade, tariffs, other barriers to trade, balance of trade and payments and shifts in foreign exchanges, whether the flow of gold in old days or reserves nominated in fiat currencies now have a long and controversial history in economics and in politics. These debates feature the famous and essential contrast between the interests of producers on one side and