By Thomas E. Hall
When executive imposes new taxes, ideas, or rules, it creates results that frequently range from the unique cause. at times, those results are so critical that they render the coverage a failure. The legislation of accidental outcomes has taken on an expanding value in the course of the period of ever-expanding govt, and this ebook explores 4 very important examples: cigarette taxes, alcohol prohibition, the minimal salary, and federal source of revenue tax. Thomas E. corridor examines how the guidelines got here into being, what underlying political issues prompted the method, the accidental results of the rules, and why lots of those rules are nonetheless in position. simply because lots of those accidental results are heavily adversarial, the writer argues that the ethical of those 4 key examples is that each time a brand new govt coverage is being thought of, even more special evaluate needs to be given to the variety of strength unintentional consequences—a perform that's infrequently or appropriately undertaken.
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Additional info for Aftermath: The Unintended Consequences of Public Policies
If that occurs, businesses will employ fewer of these low-skill workers, replacing some of them with machines, or altering business practices to save labor. So at a basic level, the minimum wage is about a choice: (1) a smaller number of workers earning a higher legally mandated minimum wage or (2) a larger number of workers earning a lower market-determined wage. Most economists would argue in favor of the latter, yet society chooses the former. One major reason that this law has survived is that the beneficiaries of minimum wage laws tend to be adults, while the losers are often teenagers.
15 The following year, payroll withholding was instituted; this is the system under which income taxes are withheld from paychecks throughout the year. Previously, taxpayers paid their entire tax bill when filing their returns. As was the case during World War I—only this time on a much larger scale—the combination of the lower income exemption, the higher tax rates, and the booming war economy caused both the number of taxpayers and taxes paid to soar. 5 million income tax returns were filed and $890 million was collected in taxes.
Mortgage lenders issued loans to high-risk borrowers and collected origination fees for doing so. The lenders then sold the mortgages to financial institutions, which were often Fannie Mae or Freddie Mac. S. taxpayers through a government bailout of Fannie Mae and Freddie Mac, or of private banks that were also purchasing these mortgages. This ability to originate and then sell high-risk mortgages is a big reason that the absurd “no-doc” loans came into being. No-doc loans were home loans to borrowers who were not required to provide documentation of their income or assets.
Aftermath: The Unintended Consequences of Public Policies by Thomas E. Hall