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α: calibrated so average coauthorship-adjusted count equals average raw count
This paper reviews the fiscal outlook in the United States, discusses why revenue increases are a critical aspect of any enduring fiscal solution, and outlines constructive policies to reform the tax system and simultaneously raise revenues. In particular, this paper highlights the merits of curtailing income tax expenditures, introducing a value-added tax, and imposing levies on consumption and production of non-renewable energy. Copyright 2011, Oxford University Press.