The U.S. income tax has long been recognized as a hybrid of an income and consumption tax, with elements that do not fit naturally into either pure system. The precise nature of this hybrid has important policy implications for, among other things, understanding the impact of moving closer to a...

Are individuals who trust others better off than those who do not? Do trustworthy people prosper more than untrustworthy ones? We formulate, and, using data from the World Values Survey, empirically evaluate predictions about the relationship between an individual's income and his self-reported...

Recent fiscal policies, including the 2008 stimulus payments and the 2009 Making Work Pay tax credit, aimed to increase household spending. This paper quantifies the spending response to these policies and examines differences in spending by whether the stimulus was delivered as a one-time...