Will the COVID-19 Induced Ballooning Budget Deficit Lead to More Efficient Taxation?
As each nation engages in a large Keynesian government expenditure expansion to reduce the short run economic impacts of COVID-19, this will create a huge budget deficit for every nation. If every nation faces a budget deficit, then cross-country capital flows (i.e China buying U.S bonds) is unlikely to be a key mechanism for a given country to achieve a dynamic balanced budget. This logic suggests that future taxes will rise. If higher taxes reduce economic growth and given that we need future economic growth to help our economy to recover, COVID-19 could help to bring about tax reform focused on economic efficiency.
Source: http://greeneconomics.blogspot.com/2020/04/will-covid-19-induced-ballooning-budget.html
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