Due to legislative changes in the last 25 years, a significant share of capital income is never subject to tax; about one in every six tax dollars that are owed to the federal government are not paid. William Gale, Swati Joshi, Christopher Pulliam, and John Sabelhaus explore research on the massive “leakage” between the generation and taxation of economic income.
In fields as diverse as pharmaceuticals and materials science, innovation can be modeled as a costly, multi-stage search process. A new working paper from the Center on Regulation and Markets explores the ways artificial intelligence can improve the innovation pipeline.
Despite the fact that the United States was founded on anti-hereditary principles, nepotism remains in many aspects of day-to-day life, especially the practice of legacy admissions by universities. To change this unfair system, we must change cultural norms around the practice, Richard Reeves argues.
