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Enhancing Economic Equity: Key Insights from "Making America Work"

This presentation, based on Jon Forman's book "Making America Work," highlights the vital role of government in promoting economic justice through effective tax, spending, and regulatory policies. By analyzing income distributions and the impacts of taxes and transfers on households, the discussion emphasizes strategies to encourage work and expand economic opportunities. Key figures illustrate how government interventions can improve equity and support low-to-moderate-income families, ultimately aiming to increase the size of the economic pie while ensuring a fairer division of resources.

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Enhancing Economic Equity: Key Insights from "Making America Work"

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  1. Making America Work* Jon Forman Alfred P. Murrah Professor of Law University of Oklahoma www.law.ou.edu/faculty/forman.shtml U.S. GOVERNMENT ACCOUNTABILITY OFFICE Education, Workforce and Income Security (EWIS) Speaker Series Washington, DC May 15, 2007 *A presentation based on Jonathan Barry Forman, Making America Work (Washington, DC: Urban Institute Press, 2006).

  2. Figure 2. How Taxes and Transfers Improved Equity, 2004 100% 80% 60% Percent of household income Line of perfect equality Lorenz curve (income before taxes and transfers) 40% Lorenz curve (income after taxes and transfers) 20% 0% 0% 20% 40% 60% 80% 100% Percent of households

  3. Table 1. Average Annual Earnings of Full-time Workers, 2004

  4. Figure 5. Distribution of Earnings, 2004

  5. Table 2. Top 5 Income Tax Expenditures, 2008 (millions of dollars)

  6. Fig. 13. Percentage Composition of Federal Receipts by Source: 1940- 2005 60 50 Individual Income Tax 40 Corporation Tax Social Insurance 30 Percent Excise Taxes 20 Other 10 0 1940 1950 1960 1970 1980 1990 2000 Year

  7. Figure 16. U.S. Payroll Tax Rates: Selected Years 20 18 16 14 12 Percent paid jointly by employee and employer Medicare 10 Social Security 8 6 4 2 0 1940 1960 1980 2006 Year

  8. Figure 18. Average Cumulative Tax Rates Confronting Low-to-Moderate-Income Families ($10k - $40k)

  9. Figure 19. Rates in a Comprehensive Tax and Transfer System

  10. Figure 20. $2,000 per Worker Earned Income Credit, with or without a Phase-out

  11. Table 3. How a Comprehensive Tax and Transfer System Would Affect a Single Parent with Two Children

  12. Figure 23. Minimum-Wage Earnings versus Poverty Levels, 1960-2006

  13. Figure 24. Life Expectancies at Birth versus Social Security Retirement Age

  14. Figure 26. Hypothetical Accumulations – 2005 Dollars

  15. Figure 27. Hypothetical Accumulations - % of Final Wage

  16. Summary—Making America Work • Government should intervene • To encourage work • Promote economic justice • Tax, spending, and regulatory proposals • Increase the size of the economic pie • Allow us to divide it more equally

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