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1.62 MB
Extraction Summary
6
People
5
Organizations
2
Locations
3
Events
3
Relationships
3
Quotes
Document Information
Type:
Research report endnotes/references page
File Size:
1.62 MB
Summary
This document page contains a list of numbered endnotes (6 through 22) for a Standard & Poor's economic research report on income inequality and U.S. economic growth. The notes cite sources such as the CBO, Thomas Piketty, and Emmanuel Saez, and provide explanatory text regarding economic theories on globalization, immigration, and historical tax policy changes under the Bush and Reagan administrations.
People (6)
| Name | Role | Context |
|---|---|---|
| Thomas Piketty | ||
| Emmanuel Saez | ||
| David Card | ||
| Thomas Lemieux | ||
| Craig Riddell | ||
| Ronald Reagan |
Organizations (5)
Timeline (3 events)
Bush Administration tax cuts of 2001 and 2003
Payroll Tax Holiday of 2010
Reagan tax cuts (1980s)
Locations (2)
| Location | Context |
|---|---|
Relationships (3)
→
→
→
→
→
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Key Quotes (3)
"The globalization of the world economy may have affected the distribution of wage rates at home."Source
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Quote #1
"Indeed, research note that immigrant workers largely complement, rather than substitute, native-born workers, and thus have little impact on wages, while actually increasing overall growth."Source
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Quote #2
"Earlier, the tax cuts under President Ronald Reagan in the 1980s lowered the top individual income tax rate to 28% from 50%."Source
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Quote #3
Full Extracted Text
Complete text extracted from the document (2,433 characters)
Economic Research: How Increasing Income Inequality Is Dampening U.S. Economic Growth, And Possible Ways
To Change The Tide
To Change The Tide
(6) To the extent that households benefit from company-sponsored health plans whose costs have risen sharply, these
figures may be somewhat understated.
figures may be somewhat understated.
(7) Thomas Piketty and Emmanuel Saez, "Income Inequality in the U.S., 1913-1998," 2003
(8) Emmanuel Saez, "Striking it Richer: The Evolution of Top Incomes in the U.S.," 2013
(9) CBO, 2011
(10) "Capital," Thomas Piketty
(11) CBO, 2011
(12) The globalization of the world economy may have affected the distribution of wage rates at home. The U.S. has
seen international trade and immigration increase in the past few decades, as well as an increase in the consumption of
imported goods. Theoretically, an increase in imported goods, at the expense of domestic goods produced by
lower-skilled workers, could hold down wages of domestic workers, though research on the subject has been
inconclusive. An increase in the supply of foreign-born workers could also put pressure on wages in those jobs. But,
here as well, the effects of foreign workers on wage rates have been modest. Indeed, research note that immigrant
workers largely complement, rather than substitute, native-born workers, and thus have little impact on wages, while
actually increasing overall growth.
seen international trade and immigration increase in the past few decades, as well as an increase in the consumption of
imported goods. Theoretically, an increase in imported goods, at the expense of domestic goods produced by
lower-skilled workers, could hold down wages of domestic workers, though research on the subject has been
inconclusive. An increase in the supply of foreign-born workers could also put pressure on wages in those jobs. But,
here as well, the effects of foreign workers on wage rates have been modest. Indeed, research note that immigrant
workers largely complement, rather than substitute, native-born workers, and thus have little impact on wages, while
actually increasing overall growth.
(13) David Card, Thomas Lemieux, and Craig Riddell, "Unions and Wage Inequality," December 2004; "Interview with
David Card," Federal Reserve Bank of Minneapolis, Dec. 1, 2006
David Card," Federal Reserve Bank of Minneapolis, Dec. 1, 2006
(14) "Capital," Thomas Piketty
(15) CBO, 2011
(16) CBO, 2011
(17) CBO, 2013
(18) CBO, 2013
(19) CBO, 2013. The CBO noted that other transfers declined from nearly 3% to under 2%. Transfers to low-income
households, such as Aid to Families With Dependent Children and Temporary Assistance for Needy Families, declined
relative to market income.
households, such as Aid to Families With Dependent Children and Temporary Assistance for Needy Families, declined
relative to market income.
(20) For example, the Bush Administration tax cuts of 2001 and 2003 reduced the income tax rate, capital gains tax
rate, and dividend tax rate. Earlier, the tax cuts under President Ronald Reagan in the 1980s lowered the top individual
income tax rate to 28% from 50%. There was no reduction to the payroll tax rate until the Payroll Tax Holiday of 2010.
rate, and dividend tax rate. Earlier, the tax cuts under President Ronald Reagan in the 1980s lowered the top individual
income tax rate to 28% from 50%. There was no reduction to the payroll tax rate until the Payroll Tax Holiday of 2010.
(21) CBO, 2013
(22) CBO, 2011; taxfoundation.org, "Federal Individual Income Tax Rates History"
WWW.STANDARDANDPOORS.COM/RATINGSDIRECT
AUGUST 5, 2014 23
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AUGUST 5, 2014 23
1351366 | 302136118
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