epp_assignment09

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New York University *

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MISC

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Economics

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Feb 20, 2024

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Economics of Public Policy Week 11 Assignment 1. In 2024, the United States federal government will allow individual IRA contributions to increase from $6,500 to $7,000. Assume that the IRA is the only tax-preferred mechanism available to Americans at this time. A. Draw a graph that shows an individual’s budget constraint with the $6,500 cap, and her budget constraint with the $7,000 cap. Label clearly. B. Will Americans choose to increase their savings in 2024 as a result of this policy? Explain your reasoning. 2. You and a friend are discussing personal finance and investment strategies. Your friend, who just graduated from college and landed his first job, tells you that he is choosing to invest $1,000 of each paycheck in a Roth IRA each year rather than in a traditional IRA because he strongly believes that it is the financially prudent decision to make for his future retirement. Is your friend right? Explain why or why not. 3. ( From Spring 2023 Final Exam) Holding constant the rest of the U.S. federal tax code, consider a tax reform that would treat realized capital gains as ordinary income for all taxpayers. A. How will this reform affect vertical equity? Explain your reasoning. B. How will this reform affect horizontal equity? Explain your reasoning.
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