The preservation needs of public housing

Abstract

The paper examines the preservation needs of public housing from the perspective of its physical condition and its ongoing repair and replacement needs. It begins by examining the range of needs that exist today, including the level of expenditures that would be required to put the stock in working order to meet existing codes, and to ensure the long‐term viability of the development. It then explores the level of expenditures that would be required on an ongoing basis to keep the stock in good repair and to meet future capital and preventive maintenance needs. The final section addresses several important policy issues, including overall funding requirements, the cost‐effectiveness of preservation efforts compared with vouchers and new construction, the special problems of troubled public housing authorities, and the need to establish stronger incentives for capital planning.     

The changing geography of metropolitan opportunity: The segregation of the poor in U.S. metropolitan areas, 1970 to 1990

Abstract

This analysis uses census tract data to measure the segregation of the poor in U.S. metropolitan areas in 1970, 1980, and 1990. Two measures of segregation are used: the indices of dissimilarity and isolation.

In 1990 the mean dissimilarity of the poor in the 100 largest U.S. metropolitan areas was 36.1, which is substantial but below the 60.6 dissimilarity of blacks. The 1990 isolation of the poor was 21.0. From 1970 to 1990, the dissimilarity of the poor increased by 11 percent, and the isolation of the poor rose by 9 percent; in contrast, racial segregation declined. Exploratory regression analyses reveal that income segregation in metropolitan areas was significantly greater in 1990 and increased more from 1970 to 1990 in the Northeast than in the South and West. Midwest areas generally were not significantly different from Northeast areas in 1990 segregation levels or in changes from 1970 to 1990.     

The Low‐Income Housing Tax Credit An Analysis of the First Ten Years

Abstract

The Low‐Income Housing Tax Credit (LIHTC) has been the de facto federal rental housing production program since its creation in the Tax Reform Act of 1986. In this article, using a detailed database on 2,554 LIHTC projects, we analyze the costs of building these projects, where they are built, their financial viability, whom they serve, who finances them, and the size of the subsidies provided to them.

The LIHTC is a flexible program that has built different types of housing in various markets. While LIHTC projects serve low‐ and moderate‐income households, their rents are beyond the reach of many poor households without additional subsidy. Revenues just cover costs for many LIHTC projects. Over time, considerably more of each tax‐credit dollar has ended up in the projects, and returns to equity investors have dropped significantly, perhaps reflecting an increased understanding of project risks. We estimate that LIHTC projects developed by nonprofits are 20.3 percent more expensive than those developed by for‐profits.     

Comment on Steven C. Bourassa and William G. Grigsby's “income tax concessions for owner‐occupied housing”

Abstract

Federal income tax deductions for mortgage interest and property taxes are defensible on grounds of both economic efficiency and the social benefits of homeownership. Homeowners should be treated as landlords renting to themselves; as such, they benefit because they do not pay a tax on the imputed rental income they receive, while rental property owners do. Both receive deductions for mortgage interest and property taxes, and both should.

The mortgage interest deduction generates symmetry between debt and equity financing of a home; if interest were not deductible, those whose income derives largely from property would have an advantage over those whose income comes from labor. Because workers would be disadvantaged, repeal is unlikely to generate the revenues Bourassa and Grigsby expect or modify the distribution of the tax burden in the way they favor. Finally, the deductions promote homeownership, which is socially desirable.     

The Tax Reform Agenda in Australia

This paper applies concepts developed in the Policy Agendas Project (PAP) literature to an analysis of Australian tax policy over the post war period. It argues that a major turning point in the Australian tax policy agenda occurred during the second term of the Hawke Government (1984‐87). Beyond this turning point, and despite the fierce partisan conflict concerning tax policy over the past two decades, there has been remarkaly little difference between Australia's two major parties at the level of substantive policy content. The Australian tax policy agenda over the post war period can be characterised by remarkable policy continuity punctuated by a period of change in the mid 1980s when structural change in the international political economy precipitated unprecedented domestic liberalisation.     

Introduction: The OECD and Policy Transfer: Comparative Case Studies

Abstract

The six articles in this issue examine the role of the OECD in policy transfer. Two articles (Kudrle on international tax agreements, and Legrand and Vas on Australia’s vocational and educational training policy) conclude that the OECD has been influential, albeit in a grinding and lengthy way. Two others (Clifton on the OECD’s “enhanced engagement” policy with five G-20 countries, and Eccleston and Woodward on tax transparency) find the OECD’s influence either patchier or even dysfunctional. Carroll’s article provides a novel analysis of policy transfer through accession processes, while Alasuutari explores transfer in terms of a comparative analysis of policy rationalizations that refer to the OECD as a “standard.” A common theme of all six articles is the way in which policy transfer is driven by exogenous pressures and crises, and how international governmental organizations like the OECD exploit these pressures to protect and expand their global relevance.     

俄罗斯税制改革:直接效果、间接效果

税收制度是俄罗斯向现代市场经济制度转轨的重要组成部分,其改革进程受到国内外学者的广泛关注。尤其是1999—2002年所进行的税制改革,它已成为促进俄罗斯国内经济增长、发挥企业家活力、缩减影子经济规模、减少国内私人资本外逃的关键性因素。我们将通过"周转税"、社会税、所得税、利润税等主要税种的分析,对此次税制改革的直接效果和间接效果进行总结与反思。     

Taxing Digital Economy: A Critical View around the GloBE (Pillar Two)

The Organisation for Economic Co-operation and Development (OECD) proposal for taxation of digital economy constitutes one of the most ambitious projects in the field of taxation and may lead to the most significant reform to international tax rules in the 20th century. Based on a two-pillar approach, Pillar Two of the proposal suggests the adoption of Global Anti-Base Erosion (GloBE) provisions that are aimed at introducing a worldwide minimum tax. In this article, a critical analysis is based that the GloBE proposal suggests that it represents a shift in the OECD policy. As compared to base erosion and profit shifting (BEPS), it jeopardizes the tax sovereignty of jurisdictions and it raises fundamental challenges of implementation, both in terms of amendments to domestic law and conflicts with tax treaties.     

Value-Added Tax (VAT) Development and Reform History—A Study of VAT Evolution Around the World and in China

Value-added Tax (VAT), a turnover tax levied on the value appreciated in commodities production, circulation and sale, has been widely practiced by economies worldwide for its neutrality. From the international perspective, European Union VAT and New Zealand VAT stand out as characteristic models of VAT development and reform history. With changing economic development models and the growth of e-commerce businesses, VAT systems have been upgraded to meet taxation challenges brought about by the digital economy. Recently, VAT policies and measures have been introduced particularly to combat the COVID-19 impact. In China, the VAT system has been reformed constantly over the past 40 years and has been converging with international practice. China now needs to address emerging VAT issues through legislation, tax incentives, and tax-rate grades so as to meet challenges in VAT collection and management and to suit the “new normal” of economic development.     

浅析俄罗斯新税制——石油行业发展的十字路口

石油行业在俄罗斯产业结构中占重要地位。石油行业的税收收入是俄联邦财政预算收入的重要组成部分。俄联邦政府相关部门、石油企业经过多次博弈,对原油、成品油中轻油和重油税率进行了修改,旨在寻求国家财政预算收入与石油企业的投资收益之间的最佳平衡,在国家整个宏观经济调控与石油行业健康发展之间找到最好办法。进行海外油气合作、实施海外并购,一国的财税制度甚为重要。对"走出去"的中国油气公司、企业而言,了解和掌握俄罗斯新税制的通过、实施及其将产生何种影响甚为关键。