Michael Smart

.@tammyschirle on @FONCanada: "all that elasticity stuff is useful after all. Maybe"

Sigh. It's not a negative externality, it's a pecuniary externality. It's literally the example I give students of something that looks like a negative externality but isn't. theglobeandmail.com/business/comme…

@wwwojtekk You nailed this ... TO THE ONE TRUE CROSS

Taxes also not certain

Are they just admitting that they cheat on their taxes? cc @at_hayashi

@Olijacques89 @Patrickdery Ce papier suggère aucun lien entre les deux pour le Canada, n'est-ce pas? Serait intéressant de savoir plus...

@michaelgsmart @Patrickdery Pour être bien honnête, je ne sais pas s'il existe des différences entre les religions, mais les individus religieux apuient moins l'assurance sociale que les athés, la religion faisant office "d'assurance" Un bon texte sur ce sujet : citeseerx.ist.psu.edu/document?repid…

Je travaille sur un article qui montre que les québécois appuient plus la redistribution du revenu et préfèrent un état plus interventionniste que les autres canadiens Une hypothèse: c’est parce qu’on est moins religieux, les croyants appuyant moins l’état @Patrickdery

@kevinmilligan Dynamic scoring has made fiscal analysis in the US much LESS useful than the dumb old static models.

I'm not suggesting we should always do full dynamic analysis. I am suggesting we tread cautiously when the full analysis requires taking a strong stance on a bunch of parameters about which we only know a bit on the magnitude (and often we aren't even 100% on the sign!).

On the issue of assessing the impact of the carbon price + rebates, @acoyne provides a solid criticism: if you're going to include macro feedback in your model then you should be very explicit that your alternative policy is 'do nothing'. I do have one thing to add....

The revolution starts TODAY 😉

How would increase capital gains taxes affect government revenue and the distribution of tax burdens in Canada? Explore with the new interactive simulation tool @FONCanada: financesofthenation.ca/capital-gains-…

@AdamLavecchia @kevinmilligan @FONCanada No they don't, we will make that clear, thanks.

@kevinmilligan @FONCanada @kevinmilligan @michaelgsmart do the simulated revenue impacts incorporate a behavioural response? I didn't see any reference to that in the tables/figures.

Another innovative and informative interactive tax simulator from the folks at @FONCanada. Sobia Jafry and Michael Smart present a new capital gains tax simulator. financesofthenation.ca/2023/04/04/a-c…

@mileslunn financesofthenation.ca/2023/02/27/the…

For budget next week, how big do you think deficit will be? If under 40 billion or over 60 billion state approximate amount

@goodtaxtakes Absolutely. We should have full offsetting of non-fradulent losses. The 80% threshold enlists the purchaser as third-party verification of legitimate losses. Win-win.

@MikePMoffatt I think it says the marginal investor's expected inflation rate is below the current rate. It doesn't tell us Tiff Macklem's expected inflation rate, which is what you tweeted about.

@libfr33 @wwwojtekk @asv141 Particularly because this implies diminishing marginal utility of women.

@wwwojtekk @asv141 Marginal and average women. I know someone who's about to be cancelled

@wwwojtekk @S_Surprenant True

@michaelgsmart @S_Surprenant That's not enough, you need an extensive margin response too!

It is almost as if it didn't come out from the optimal tax model. Strange.

@pressFToTweet This is fucking awesome, thank you youtube.com/watch?v=huEtJw…

@wwwojtekk A tax policy for Buenas Notches, California.

@wwwojtekk @S_Surprenant As you know, you can get the optimal MTR to be negative, if you hate the poor enough.

@S_Surprenant And negative, especially in the middle of the distribution

So do I have this right: Quebec is using its new health transfers to finance an income tax cut? That makes perfect sense because paying taxes is known to be hazardous to your health...

@HopeEcon You're in luck, it's called email bankruptcy en.wikipedia.org/wiki/Email_ban…

What’s the exact opposite of inbox zero called? I’m given that a go.

@wwwojtekk Through the material balance condition.

Imagine not being on Twitter, not reading news, or watching TV. How would "extreme" inequality (eg, the existence of Elon) affect you? Where would you see it?