Daniel Reck
@danhreck
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Hello Internet, it's Daniel. I am an Assistant Professor of Economics at the University of Maryland. My research interests lie in behavioral & public economics.
DC/Maryland
Joined October 2016
RT @RepRaskin: Enjoyed a glorious afternoon visiting with my wonderful constituents & listening to awesome music at WOODMOORstock. Lots of….
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RT @CanishkNaik: Hello! Excited to share my job market paper with #econtwitter. I study how barriers to social assistance disproportionatel….
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RT @gchodorowreich: Hassett and Clingenpeel cite (indirectly) my work with @omzidar , Eric Zwick, and Matt Smith as finding that the 2017 T….
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RT @hamiltonproj: Read the proposal: Tune in today at 10:30 AM EDT to hear from @RonWyden, @WendyEdelberg, @dashch….
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Good on David Muir for following up to the heart of the disagreement.
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Oooh debate starting right off with some fiery exchanges about tax incidence I am excited.
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“Mexico will pay for the border wall” but for all public spending.
So far Trump's using this inefficient and regressive tax for (a) tax cuts >> his suggest tariff take (b) a complete replacement of the income tax?! (c) childcare! (why not?) and (d) a sovereign wealth fund. Last time, much of $ went to farmers hurt by retaliation. Sheer fantasy.
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Another reason these toy examples involving publicly traded stock or houses are less relevant than one might expect.
The discussions of unrealized capital gains for the very rich (ie those with wealth exceeding $100M) are often missing a key fact - two thirds of unrealized gains at the very top is from gains in private businesses. (From SCF data @jasonfurman @MargRev
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Reasons this is wrong:. 1) unrealized gains would be taxed on accrual —>the dollar amount is way too high. 2) Any bank would happily lend Gates money. He would not need to sell stock. 3) the long-run price of MSFT is based on its profitability, not whether Bill Gates owns/sells.
"The unrealized tax is only for ultra wealthy, no big deal.". Let's play this out. 25% unrealized gains on people worth 100MM. Bill Gates is worth 132 Billion. Assume his unrealized tax due is about 30 billion. He would need to sell 40 Billion in Microsoft shares, pay tax on.
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RT @IIPF_org: IIPF Scientific Committee chaired by @danhreck and @D_Langenmayr with President @wwwojtekk gave best paper awards 🏆at this wo….
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I’ve read three or four variations on this Tweet and at one point drafted my own. It’s the “death tax” campaign all over again.
If you were to actually read the bill, or even just the summary of it, you'd find that affected taxpayers (which, again, is only people who are worth at least $100m) can spread payments over nine years. Most can choose to wait even longer, until they do in fact sell.
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RT @D_Langenmayr: This year's @IIPF_org congress will have a fantastic program! You can check out the full program at .
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I completely agree with this. There is some incredibly innovative and interesting work being presented by junior scholars at IIPF 2024!!!.
Going through submissions for the @ITAXjournal award for best PhD student presentation at the @IIPF_org congress next week. The future of public economics is clearly in smart, clever, and capable hands! #iipf2024 #TaxTwitter.
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This paper axiomatizes and generalizes some ideas in my earlier work, where coauthors and I studied this kind of problem from a more applied perspective. You can find the paper here if you don't have access to NBER WPs: . Comments welcome!.
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The payoff from adopting this perspective is that we can formalize robustness criteria that resolve the incompleteness of dominance criteria like that of Bernheim & Rangel. These robustness criteria are the intrapersonal analogue of a preference for equity for social welfare.
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🔥 NEW RESEARCH 🔥 Canishk Naik & I posted a working paper. We argue that a core issue in behavioral welfare economics - revealed preferences are inconsistent, so how do we model welfare? - can be addresed by borrowing math and intuition from the theory of social welfare.
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