Wednesday, December 14, 2016

Tax base design and holiday greetings

A holiday email that I got from a Washington budget expert with whom I am on friendly terms read in part: "May your revenues exceed your outlays in the year ahead."

I responded: "I see that you are taking a cash-flow rather than a Haig-Simons perspective here!  Otherwise, you would have said: 'May the present value of your expected future net receipts increase in the year ahead.'"

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