the economic costs of tax policy uncertainty: implications for fundamental tax reform

7/30/2019 The Economic Costs of Tax Policy Uncertainty: Implications for Fundamental Tax Reform

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12/31


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14/31


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{o uzo hz h ~|ars ia| |omp'zooecmk lobhyca|- [o {cff hfza czjuzz pbo fcpo|hpu|o orhgcm'

cmk pbo |ofhpcamzbc~ lop{oom ~afcjs umjo|phcmps hm` ojamagcj k|a{pb-

CC- PBO OJAMAGCJ JAZPZ AI ÂFCJS _MJO\PHCMPS

Pbo|o cz ma jamzomzuz am ba{ pa lozp gohzu|o ~afcjs umjo|phcmps a| pbo ghkmcpuò

ai pbo hzzajchpo` jazpz- Ba{oyo|& pbo ihjp pbhp ~afcjs umjo|phcmps h`yo|zofs hiiojpz

pbo ojamags cz {off ozphlfczbo`- [o jhpoka|cto pbo pb|oo ghcm hyomuoz ai bh|g hz

òjczcam ~h|hfszcz& |ozau|jo gczhffajhpcam& hm` jh~cphf ifckbp "a| bclo|mhpcam# i|ag

ioh| ai |okcgo jbhmko- [o ma{ lucf` am pbcz fcpo|hpu|o ls ~azcpcmk h iau|pb hyomuo4

cmj|ohzo` |omp'zooecmk- [o jampom` pbhp h`ò` |omp'zooecmk& p|ckko|o` ls umjo|'

phcmps& |o~|ozompz hm h``cpcamhf |hk am pbo ojamags& hm` {o lofcoyo cp cz h jamp|cl'

upcmk ihjpa| pa pbo ayo|hff ojamagcj jazpz ai ~afcjs umjo|phcmps-

_mjo|phcmps hm` Ojamagcj ô|ia|ghmjo

LL@& `czjuzzo` cm pbo ~|oycauz zojpcam& icm` pbhp ~afcjs umjo|phcmps jhm cg~azo

mokhpcyo oiiojpz am cmyozpgomp& jamzug~pcam "hm` K@^& ai {bcjb cmyozpgomp hm`

jamzug~pcam h|o ~|cgh|s jag~amompz#& hm` og~fasgomp- Hjja|`cmk pa ozpcghpoz

i|ag pbo LL@ gaòf& hm cmj|ohzo cm ~afcjs umjo|phcmps oxucyhfomp pa pbo hjpuhf

cmj|ohzo i|ag >9 pa 88 cz iaffa{o` ls h òjfcmo ai hlaup


16/31


89

@ojczcam ^h|hfszcz

Jamzcò| h zpsfcto` {a|f` cm {bcjb h yompu|o jh~cphfczp cz jamzcò|cmk p{a

cmyozpgomp hfpo|mhpcyoz& ohjb |oxuc|cmk zulzphmpchf zumeom "a| c||oyo|zclfo# jazpz-

Amo a~pcam cz cmyozpcmk cm opbhmaf ~|aùjpcam& {bcfo pbo apbo| cmyozpgomp cz cmzafh| omo|ks- Cm pbo amkacmk ~|ozcòmpchf |hjo& amo jhm`c`hpo& cm hm oiia|p pa h~~ohf

pa ih|g zphpoz& ~|agczoz cmj|ohzo` phr zulzc`coz ia| opbhmaf- Hmapbo| ~|ozcòmpchf

jhm`c`hpo& cm hm oiia|p pa h~~ohf pa omyc|amgomphfczpz& ~|agczoz h mo{ phr zulzc`s

ia| zafh| omo|ks-0: H yompu|o jh~cphfczp& òjc`cmk {bo|o pa cmyozp& ~|aùjoz pbo

iaffa{cmk ghp|cr4

âfcjs Hfpo|mhpcyoz

Cmyozpgomp Opbhmaf Zulzc`s Zafh| Zulzc`s

Opbhmaf ~|aicp4 r& s fazz4 t

Zafh| fazz4 t ~|aicp4 r& s

Pbo ic|zp muglo| cm ohjb joff cz pbo mop |opu|m i|ag hm cmyozpgomp ghò or hmpo"pa pbo ~afcjs ojczcam#& {bo|ohz pbo zojam` muglo| cz pbo mop |opu|m i|ag hm cmyozp'

gomp ghò or ~azp- Ma or ~azp cmyozpgomp {auf` oyo| lo ghò cm zojpa|z pbhp h|o

map ihya|o`& zcmjo pbcz {auf` lo h zu|o fazo|- Ci t {o|o pa oxuhf >& pbom h |hpcamhf

cmyozpa| {auf` jbaazo pa cmyozp or hmpo amfs ci pbcz |opu|m {o|o k|ohpo| pbhm pbo or

~azp |opu|m `cycò` ls pbo ~|alhlcfcps pbhp pbo ~afcjs pbhp ihya|z pbcz cmyozpgomp cz

omhjpo`pbhp cz& ci r s!^|"{cm#- Pbuz& ci ohjb ~afcjs cz fceofs pa ajju| {cpb oxuhf

~|alhlcfcps& pbom r guzp lo hp fohzp oxuhf pa p{cjo pbo or~ojpo` or ~azp |opu|m "c-o-& s#-

Ci t {o|o ~azcpcyo "c-o-& map to|a#& pbom r {auf` moo` pa lo oyom fh|ko|- [bcfo pbcz cz

h yo|s zcg~fo hm` bckbfs zpsfcto` orhg~fo& cp ogamzp|hpoz ba{ ~afcjs umjo|phcmps

jhm foh` pa ojczcam ~h|hfszcz-

Pbcz orhg~fo cz jamzczpomp {cpb pbo icm`cmkz ai ju||omp Io` Jbhc|ghm LomLo|mhmeo "832:#& {ba zba{o` pbhp umò| hm c||oyo|zclcfcps hzzug~pcam& umjo|'

phcmps ghs foh` pa jsjfcjhf cmyozpgomp ~hppo|mz cm {bcjb ~u|jbhzcmk u|hlfo cmyozp'

gompz cz òfhso` cm ihya| ai baf`cmk fcxuc` hzzopz-00 Zcgcfh|fs& @hmc \a`|ce "8338#

iaum` pbhp ~afcjs umjo|phcmps hjpz hz h phr am cmyozpgomp& |oph|`cmk oyofa~gomp cm

~aa|o| mhpcamz-0? Jau~fo` {cpb c||oyo|zclcfcps& oyom ~azcpcyo ojamagcj |oia|gz h|o

0:- Pbcz orhg~fo bckbfckbpz pbo oiiojp ai umjo|phcmps am cmyozpgomp òjczcamz hm` àoz map jamzcò| pbo

go|cpz ai ocpbo| ~afcjs-

00- Lom Lo|mhmeo& C||oyo|zclcfcps& _mjo|phcmps hm` Jsjfcjhf Cmyozpgomp&Xuh|po|fs Dau|mhf ai

Ojamagcjz 32 "832:#& 2?8>9-

0?- @hmc \a`|ce& âfcjs _mjo|phcmps hm` |cyhpo Cmyozpgomp cm @oyofa~cmk Jaump|coz& Dau|mhf ai

@oyofa~gomp Ojamagcjz :9 "8338#&


17/31


8;

ai amfs fcgcpo` zujjozz ci cp cz umjo|phcm pbhp pbo |oia|gz {cff |oghcm cm ~fhjo ayo|

pbo famk po|g-09

\ozau|jo Gczhffajhpcam

Cm h``cpcam pa òjczcam ~h|hfszcz& ~afcjs umjo|phcmps jhm hfpo| pbo hffajhpcam ai

|ozau|joz- Pbcz oiiojp orpom`z pa ic|gz ghecmk cmyozpgomp a| bc|cmk òjczcamz& hz

{off hz pa ~oa~fo ghecmk zhycmkz hm` fhla| gh|eop òjczcamz- Ia| |cze'hyo|zo cm`c'

ycùhfz& umjo|phcmps cz fceofs pa hfpo| lobhyca|4 oa~fo omkhko cm ~|ojhupcamh|s goh'

zu|oz cm |oz~amzo pa umjo|phcmps- Pbozo ~|ojhupcamh|s gohzu|oz jhm lo jazpfs hm`

cmj|ohzo pbo lu|òm am pbo ojamags-0;

I|hmjczja Kagoz& Fhu|omjo Eapfceaii& hm` Fucz Ycjoc|h "88# orhgcmo` pbo

cg~hjp ai |ozau|jo gczhffajhpcamz |ozufpcmk i|ag umjo|phcmps-02 Pbos og~faso`

hm ayo|fh~~cmk komo|hpcamz gaòf hm` ~|aùjo` orjozz'lu|òm jhfjufhpcamz pa

gohzu|o pbo jazpz ai gczhffajhpcmk |ozau|joz- Kagoz op hf- iajuzo` am pbo oiiojpz aiumjo|phcmps "{cpb |oz~ojp pa Zajchf Zoju|cps hm` cmjago phr |hpoz# am gohzu|oz zujb

hz {ohfpb& cmjago& jamzug~pcam& hm` ~a|piafca hffajhpcam ayo| amoz fcio jsjfo-03

_mò| pboc| lhzofcmo hzzug~pcam& pbos |o~a|po` pbhp umjo|phcmps {cpb |oz~ojp pa

iupu|o phr |hpoz |ozufpz cm h fazz oxuhf pa >->: ~o|jomp ai hmmuhf cmjago& {bom oiioj'

pcyofs 3 ~o|jomp ai cmjago cz zuldojp pa umjo|phcmps- Pbcz muglo| cz zomzcpcyo pa lapb

pbo ghkmcpuò ai pbo umjo|phcmps "c-o-& ai ~apompchf phr jbhmkoz# hm` pbo foyof ai |cze

hyo|zcam- Kagoz op hf- jamjfuò pbhp bauzobaf`z or~o|comjo zcthlfo {ofih|o khcmz

i|ag foh|mcmk oh|fs hlaup iupu|o jbhmkoz cm lomoicpz hm` phr |hpoz |okh|`fozz ai pboc|

hppcpuòz pa{h|` |cze a| pbo umjo|phcmps pbos ihjo hlaup pboc| a{m fhla| oh|mcmkz-

Cm h 8< ~h~o|& Offom GjK|hpphm hfza iaum` oycòmjo pbhp phr ~afcjs umjo|phcmps

09- Pbo|o cz h zulzphmpchf fcpo|hpu|o am pbo cg~hjp pbhp c||oyo|zclcfcps cm jamdumjpcam {cpb umjo|phcmps

bhz am cmyozpgomp- Cm jamdumjpcam {cpb umjo|phcmps& c||oyo|zclcfcps pom`z pa |oùjo mo{ cmyozpgomp-

Ba{oyo|& cmyozpgompz pbhp ~hzzo` h jazp'lomoicp pozp cm hm oh|fco| ojamagcj a| ~afcpcjhf omyc|am'

gomp aipom jhmmap lo umàmo cm h fhpo| omyc|amgomp& oyom ci pbos ma famko| h~~oh| ~|uòmp- Pbhp

cz& cp cz ~azzclfo ia| c||oyo|zclcfcps& {bcfo |oùjcmk cmyozpgomp hp pbo gh|kcm& pa |hczo pbo ayo|hff

jh~cphf zpaje lojhuzo ai pbo bhmkayo| oiiojp pbhp ~|oyompz ic|gz i|ag |oùjcmk pboc| jh~cphf- Zoo

Hm`|o{ L- Hlof hm` Dhmcjo J- Olo|fs& Pbo Oiiojpz ai C||oyo|zclcfcps hm` _mjo|phcmps am Jh~cphf

Hjjugufhpcam&Dau|mhf ai Gamoph|s Ojamagcjz 00& ma- : "8333#& ::3;;-

0;- Orjozz lu|òmhfza ema{m hz òh`{ockbp fazz a| {ofih|o fazzcz pbo mop fazz pa zajcops i|ag pbo

gczhffajhpcam ai |ozau|joz- Pbcz cz oiiojpcyofs gamos foip am pbo phlfo hm` komo|hffs |ozufpz i|ag kay'

o|mgomp czpa|pcam ai gh|eop ~|cjoz a| i|ag orpo|mhf jazpz a| lomoicpz hzzajchpo` {cpb jo|phcm kaa`z

a| zo|ycjoz-

02- I|hmjczja Kagoz& Fhu|omjo D- Eapfceaii& hm` Fucz G- Ycjoc|h& Pbo Orjozz Lu|òm ai Kayo|mgomp

Cmòjczcam& cm Phr afcjs hm` pbo Ojamags& o`- Doii|os L|a{m& yaf-


18/31


82

|oph|`z cmyozpgomp-?> Zbo iaum` pbhp umjo|phcmps |okh|`cmk phroz am cm`cycùhf

cmjago& cmjfu`cmk ja|~a|hpo cycòm`z hm` um`czp|clupo` ~|aicpz& oj|ohzo` cmyozp'

gomp zckmcicjhmpfs ù|cmk pbo 83:>z- GjK|hpphm {|apo pbhp phr ~afcjs umjo|phcmps&

{bcfo map pbo jhuzo a| ~|cgh|s `|cyo| ai pbo K|ohp @o~|ozzcam& ~fhso` h fh|ko| |afopbhm gazp lofcoyo`& hm` fceofs lapb ~|afamko` pbo @o~|ozzcam hm` cmj|ohzo` cpz

zoyo|cps- Ba{oyo|& cm GjK|hpphmz jhzo& cp cz map duzp umjo|phcmps ~o| zo pbhp cmifu'

omjoz cmyozpgomp& lup hfza {bopbo| pbo umjo|phcmps cmyafyoz h ~apompchf zbcip pa{h|`

h phr ~afcjs pbhp cz fozz ihya|hlfo pa cmyozpgomp-

Cm h``cpcam pa pbo cg~hjp am ojamagcj aupjagoz& |oz~amzoz pa umjo|phcmps ghs

òj|ohzo kayo|mgomp |oyomuoz- Eoycm Bhzzopp hm` Kcflo|p Gopjhfi iaum` pbhp umjo|'

phcmps zu||aum`cmk _-Z- cmyozpgomp phr j|o`cpz ghs map bhyo fa{o|o` cmyozpgomp

lup `c` fa{o| ioò|hf |oyomuoz-?8 Or~ojphpcamz |okh|`cmk cmyozpgomp phr cmjompcyoz

ghs cmj|ohzo hkk|okhpo cmyozpgomp a| zcg~fs hfpo| pbo pcgcmk ai cmyozpgomp {cpbaup

hiiojpcmk cpz ayo|hff foyof- GjK|hpphm paa |o~a|po` oycòmjo ai cmpo|pog~a|hf zbcipcmk

ai cmyozpgomp u|cmk pbo 83:>z hz h |ozufp ai umjo|phcmps- Hkhcm& pbo oiiojp ai umjo|'phcmps cz |ofhpo` pa pbo c|ojpcam cm {bcjb phr jbhmkoz gckbp ajju|- @o~om`cmk am pbo

cmpo||ofhpcamzbc~& umjo|phcmps jauf` oyom lo hzzajchpo` {cpb cmj|ohzo` ojamagcj

hjpcycps5 ba{oyo|& cm komo|hf& pbcz {auf` fceofs lo pbo |ozufp ai cmpo|pog~a|hf zbcipcmk

hm` map ~o|zczpomp ojamagcj khcmz-

Jh~cphf Ifckbp a| Bclo|mhpcam

\alo|p Bckkz h|kuo` pbhp |okcgo umjo|phcmps ~fhso` h ghda| |afo cm pbo fomkpb

hm` zoyo|cps ai pbo K|ohp @o~|ozzcam?< hm` pbhp pbcz umjo|phcmps or~fhcmz pbo oh|pb

ai cmyozpgomp ù|cmk pbhp pcgo- Bckkz mapo` pbhp cp {hz map umpcf hipo| [a|f` [h|

CC pbhp pbozo ioh|z {o|o hffhso` hm` ~|cyhpo cmyozpgomp |opu|mo` pa foyofz zoom cmpbo 83z- [bcfo hjema{fo`kcmk pbhp h|kugompz hlaup pbo ~om`cmk om` ai pbo _-Z-

~|cyhpo'ompo|~|czo zszpog zoog bs~o|lafcj cm |op|az~ojp& Bckkz jb|amcjfoz ~afcpc'

jhf hm` fokhf oyompz& hz {off hz hph i|ag ~ulfcj a~cmcam zu|yosz& pa zukkozp pbhp jhph'

jfszgcj yco{z {o|o |ohf hp pbo pcgo- Amo zau|jo {ba orog~fcico` Bckkzz ~acmp {hz

Bo|ghm E|aazz& {ba jamjfuò` pbhp Luzcmozz fohò|z zcmjo|ofs lofcoyo` pbhp pbo

kayo|mgomp {hz cm oycf bhm`z---hm` ~|o~h|cmk pbo {hs ia| zajchfczg& jaggumczg&

a| zago apbo| yh|cops ai hmpc'Hgo|cjhmczgU-W?:

Cmyozpgomp "hm` apbo| ojamagcj hjpcycps# ihfpo|z lojhuzo ai ioh|z pbhp ~|a~o|ps

|ckbpz h|o pb|ohpomo`- Pbcz cz map h jazp ai umjo|phcmps ~o| zo& lup h |oifojpcam ai pbo

?>- Offom \- GjK|hpphm& Jh~cphf Phrhpcam ù|cmk pbo _-Z- K|ohp @o~|ozzcam&Xuh|po|fs Dau|mhf ai

Ojamagcjz 8


19/31


83

ihjp pbhp umjo|phcmps cmj|ohzoz {bom ~afcjcoz pbhp {auf` bhg~o| ojamagcj k|a{pb

lojago ga|o fceofs- Bh` pbo ioh|o` ~afcjs jbhmkoz hjpuhffs ajju||o` "{cpb ma

umjo|phcmps#& pbo ojamagcj cg~fcjhpcamz {auf` bhyo loom oyom ga|o zo|cauz- Zago

h|kuo pbhp |okcgo umjo|phcmps umò|fcoz pbo ~aa| ojamagcj ~o|ia|ghmjo ai pbo _-Z-ojamags zcmjo pbo amzop ai pbo K|ohp \ojozzcam-?0

Ghms ioh| pbo cg~fcjhpcamz ai um~|ojoòmpo` "hp fohzp cm pbo ~azp[[CC o|h#

lu`kop òicjcpz cm pbo zba|p po|g& jau~fo` {cpb zoyo|o iczjhf cglhfhmjoz cm pbo famk

po|g& `|cyom ~|cgh|cfs ls ompcpfogomp ~|ak|hgz& zujb hz Go`cjh|o& Go`cjhc`&

hm` Zajchf Zoju|cps- Ghms {auf` hk|oo pbhp pbo _-Z- cz h~~|ahjbcmk h j|azz|ah`z4

@|hzpcj hm` ~hcmiuf |oia|gz h|o mooò` zcg~fs pa jamzp|hcm pbo ioò|hf kayo|mgomp

pa pbo zcto cp bhz ghcmphcmo` zcmjo pbo om` ai [[ CC- H map'cg~fhuzclfo zjomh|ca cz

pbhp pbo _-Z- {cff lojago ga|o fceo [ozpo|m Ou|a~o& {cpb pbo ioò|hf kayo|mgomp

~azzclfs cmj|ohzcmk cm zcto "hz h zbh|o ai K@^# ls ga|o pbhm ?> ~o|jomp ayo| pbo

morp p{a komo|hpcamz-??

H |ojomp [hff Zp|oop Dau|mhf a~'o` ls ~|agcmomp ojamagczpz "hff ai {bag bhyozo|yo` cg~a|phmp |afoz cm kayo|mgomp# jb|amcjfo` pbo ghkmcpuò ai pbo czzuoz ihj'

cmk pbo _-Z-?9 pbo ioò|hf olp& cmj|ohzo` |okufhpcamz& hm` pbo hjpcamz ai pbo Ioò|hf

\ozo|yo- Pbos {|apo& Pbo ~|alfogz h|o jfazo pa locmk umghmhkohlfo ma{- Ci {o

zphs am pbo ju||omp ~hpb& pbos {cff {cm` u~ locmk jag~fopofs umghmhkohlfo& juf'

gcmhpcmk cm hm um{ofjago or~fazcam hm` j|czcz- Pbcz zukkozpz pbhp ioh|z ai |okcgo

umjo|phcmps ghs map lo um{h||hmpo`hfpbaukb pbo zjomh|caz h|o map moh|fs hz

orp|ogo hz pbo amoz ioh|o` ù|cmk pbo 83:>z& hz òzj|clo` ls Bckkz "o-k-& ihzjczg

a| jaggumczg#- Pa `hpo& hppog~pz pa h``|ozz Hgo|cjhz ~|alfogz bhyo loom gop

{cpb ~afcpcjhf zphfoghpoz& {bcjb jamp|clupo` pa pbo à{mk|h`cmk ai _-Z- òlp hm`&

hjja|`cmk pa hm a~'o` cm pbo Jbcjhka P|clumo& jauf` foh` pa sop hmapbo| a{mk|hò

cm 8:-?;

@ozp|ujpcyo Omp|o~|omou|zbc~& Phr âfcjs _mjo|phcmps hm` \omp'Zooecmk

[cffchg Lhugafz zogcmhf {a|e cm pbo h|oh ai |omp'zooecmk hm` omp|o~|omou|zbc~

h~~oh|o` cm 833>-?2 Lucf`cmk am pbo jfhzzcj {a|e ai Zjbug~opo|& Lhugaf h|kuo` pbhp

omp|o~|omou|zbc~ jhm lo `cycò` cmpa ~|aùjpcyo& um~|aùjpcyo& hm` ozp|ujpcyo

?0- _mcyo|zcps ai Pommozzoo Icmhmjo ^|aiozza| Ghbgau` Bh``h` zukkozpz pbhp luzcmozz a{mo|z h|o

{hcpcmk ia| ofojpcam |ozufpz loia|o a~omcmk a| or~hm`cmk luzcmozzoz- Zoo Mo` L- Bumpo|& Luzcmozzoz

{hcpcmk am Mayoglo| |ozufpz& Dhjezam Zum& Hukuzp


20/31


hjpcycpcoz-?3 Loia|o Lhugaf& pbo iajuz {cpbcm pbo omp|o~|omou|zbc~ fcpo|hpu|o {hz

hfgazp orjfuzcyofs am pbo ~|aùjpcyo zcò- Lhugaf jb|amcjfo` k|ohp cmmayhpcamz

ghò ayo| {cò z{hpbz ai bczpa|s& lup bo mapoz pbhp cm ghms jhzoz pbozo cmmayhpcamz

`c` fcppfo pa cg~|ayo pbo fapz ai gazp cm`cycùhfz& hm` fcppfo oiia|p {hz ghò pa `cz'zogcmhpo pbozo cmyompcamz pa pbo ghzzoz a| pa uzo cmyompcamz pa cmj|ohzo ~|aùjpcy'

cps- Lhugaf h|kuo` pbhp ~afcpcjhf hm` jufpu|hf cmzpcpupcamz ~fhs h eos |afo cm {bopbo|

a| map cmmayhpcamz h|o koh|o` pa{h|` cg~|ayo` ~|aùjpcycps hm` ojamagcj k|a{pb-

Cm ghms ~|ocmùzp|chf zajcopcoz& pbo ~hpb pa {ohfpb {hz pb|aukb |ufo|z& hm` map pbo

gh|eop~fhjo5 pbcz iazpo|o` omp|o~|omou|chf |omp'zooecmk& {bcjb àoz map cmj|ohzo

pbo zcto ai pbo ojamagcj ~co- Mocpbo| `c` gcfcph|s cmmayhpcamz& {bcjb {o|o aipom

|ogumo|hpcyo ia| cm`cycùhfz lup map ia| zajcops hp fh|ko- Kayo|mgompz |o{h|ò`

gcfcph|s cmmayhpcamz& lup pbo {h|z cm {bcjb pbozo cmmayhpcamz {o|o og~faso` aipom

zfa{o` ojamagcj òyofa~gomp- Hm cg~a|phmp cmzckbp i|ag Lhugaf cz pbhp cp cz map

duzp pbo ok|oo ai omp|o~|omou|zbc~ pbhp cz jomp|hf pa ojamagcj k|a{pb& lup hfza pbo

hffajhpcam ai omp|o~|omou|zbc~ lop{oom jamzp|ujpcyo hjpcycpcoz hm` um~|aùjpcyoa| ozp|ujpcyo amoz-

Hfpbaukb Lhugaf àoz map h``|ozz pbo czzuo ai ~afcpcjhffs cmùjo` ojamagcj

umjo|phcmps& au| bs~apbozcz cz pbhp ~afcjs umjo|phcmps cz h zckmhf pbhp kayo|mgomp

cz a~om ia| luzcmozz4 âfcjcoz h|o kacmk pa jbhmko& hm` ~afcpcjchmz h|o |ojo~pcyo

pa ~afcjs jbhmkoz- [cpb fcppfo ~afcjs umjo|phcmps& bckbo| |opu|mz ghs lo zaukbp

i|ag cmyozpcmk cm ~|aùjpcyo hjpcycpcoz- Ba{oyo|& {bom kayo|mgomp cz |ojo~pcyo

pa ~afcjs jbhmkoz& pbo |opu|mz i|ag |omp'zooecmk "pb|aukb fallscmk& ~afcpcjhf hjpcam

jaggcppooz& opj-# ghs lo ga|o h~~ohfcmk- [bom ~afcjs umjo|phcmps àoz map apb'

o|{czo orczp& ~afcpcjchmz zagopcgoz ghmuihjpu|o cp- Ia| orhg~fo& fokczfhpa|z zago'

pcgoz ~|a~azo gcfeo| lcffz- Pbozo lcffz h|o map cmpomò` pa hjpuhffs lojago fh{&

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22/31


z- Ia| pbo morp òjhò a| za& pbo muglo|z

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23/31



24/31


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pbcz paa cz map zphpczpcjhffs `ciio|omp i|ag >- Jafugmz : hm` 0 hfza |o~a|p zphpczpc'

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pbozo z~ojcicjhpcamz& jamzczpomp {cpb au| bs~apbozcz- Pbozo |ozufpz h|o lozp yco{o`

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25/31



26/31



27/31


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ai Ojamagcj Fcpo|hpu|o :?& ma- < "Dumo 833;#4 ?239:


28/31



29/31


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31/31


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the economic costs of tax policy uncertainty: implications for fundamental tax reform

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