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Principles and Reforms for a Citizen Service Act Fostering a Culture of Service, Citizenship, And Responsibility

By Bush, George W.

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Book Id: WPLBN0000651801
Format Type: PDF eBook
File Size: 1.14 MB.
Reproduction Date: 2005

Title: Principles and Reforms for a Citizen Service Act Fostering a Culture of Service, Citizenship, And Responsibility  
Author: Bush, George W.
Volume:
Language: English
Subject: Government publications, Political science., White House Administrative Office (U.S.)
Collections: White House ePublication Collection
Historic
Publication Date:
Publisher: White House ePublication

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W. Bus, P. G. (n.d.). Principles and Reforms for a Citizen Service Act Fostering a Culture of Service, Citizenship, And Responsibility. Retrieved from http://www.worldebooklibrary.com/


Description
Government Reference Publication

Excerpt
Executive Summary: With conservatively estimated annual direct costs of $180 billion, or 1.8 percent of GDP, the United States tort system is the most expensive in the world, more than double the average cost of other industrialized nations. Whereas an efficient tort system has a potentially important role to play in ensuring that firms have proper incentives to produce safe products, poorly designed policies can mistakenly impose excessive costs on society through forgone production of public and private goods and services. To the extent that tort claims are economically excessive, they act like a tax on individuals and firms. This paper pursues this analogy between inefficient tort litigation and taxes, and examines the question of ?who pays? for excessive tort costs. It finds that the cost of excessive tort may be quite substantial, with intermediate estimates equivalent to a percent tax on consumption, a 3 percent tax on wages, or a 5 percent tax on capital income. As with any tax, the economic burden of the ?tort tax? is ultimately borne by individuals through higher prices, reduced wages, or decreased investment returns.

 

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