"The Incidence of Corporate Profits Tax Revisited: A Post Keynesian Approach"

For more than twenty years, U.S. tax policy offered businesses a credit based on a percentage of investment in equipment. The stated purpose of the investment tax credit was to encourage investment as a means to further modernization, job growth, and competitiveness. The results of this study, however, indicate that investments were not significantly higher when the credit was in force than during periods when it was not. While the credit may have increased the rate of return on equipment investments, additional tests fail to find an increase in investment spending due to this particular incentive. The results also suggest that only a small fraction of additional corporate income generated by the credit was likely to have been spent on investment. Given the need to encourage investment spending, especially during recessions, alternatives to investment tax credits should be pursued. A logical alternative is a broader program of public investment in education, infrastructure, and research.

Fuels treatment and wildfire effects on runoff from Sierra Nevada mixed-conifer forests

We applied an eco-hydrologic model (Regional Hydro-Ecologic Simulation System [RHESSys]), constrained with spatially distributed field measurements, to assess the impacts of forest-fuel treatments and wildfire on hydrologic fluxes in two Sierra Nevada firesheds. Strategically placed fuels treatments were implemented during 2011–2012 in the upper American River in the central Sierra Nevada (43 km2) and in the upper Fresno River in the southern Sierra Nevada (24 km2). This study used the measured vegetation changes from mechanical treatments and modelled vegetation change from wildfire to determine impacts on the water balance. The well-constrained headwater model was transferred to larger catchments based on geologic and hydrologic similarities. Fuels treatments covered 18% of the American and 29% of the Lewis catchment. Averaged over the entire catchment, treatments in the wetter central Sierra Nevada resulted in a relatively light vegetation decrease (8%), leading to a 12% runoff increase, averaged over wet and dry years. Wildfire with and without forest treatments reduced vegetation by 38% and 50% and increased runoff by 55% and 67%, respectively. Treatments in the drier southern Sierra Nevada also reduced the spatially averaged vegetation by 8%, but the runoff response was limited to an increase of less than 3% compared with no treatment. Wildfire following treatments reduced vegetation by 40%, increasing runoff by 13%. Changes to catchment-scale water-balance simulations were more sensitive to canopy cover than to leaf area index, indicating that the pattern as well as amount of vegetation treatment is important to hydrologic response

The Incidence of the Corporate Profits Tax Revisited: A Post Keynesian Approach

Who bears the burden of the corporate income tax has been a topic of considerable discussion—and disagreement—among economists. Analyses within a post Keynesian framework have not, however, been included in the most widely cited literature surveys. In this working paper, Anthony J. Laramie constructs a post Keynesian model (á la Kalecki) in order to estimate the short-and long-run incidence of a rise in the corporate profits tax. He finds that the incidence of an increase in such a tax depends on (1) the government's budget stance, (2) the reaction of personal savings to the tax, (3) the reaction of investment to the tax in the long run, and (4) the change in corporate markups with respect to the tax. In the short run, the latter three (private sector) factors were found to have relatively small effects on the incidence of an increase in the profits tax. In the longer run, the extent of any shifting occurs will be determined politically through the government's budget stance.

Lipid peroxidation biomarkers for evaluating oxidative stress in equine neuroaxonal dystrophy.

BackgroundEquine neuroaxonal dystrophy/equine degenerative myeloencephalopathy (eNAD/EDM) is a neurodegenerative disorder affecting genetically predisposed foals maintained on an α-tocopherol (α-TOH) deficient diet. Currently no antemortem diagnostic test for eNAD/EDM is available.HypothesisBecause α-TOH deficiency is associated with increased lipid peroxidation, it was hypothesized that F2 -isoprostanes (F2 IsoP), F4 -neuroprostanes (F4 NP) and oxysterols derived from free radical oxidation would be increased in the cerebrospinal fluid (CSF) and neural tissue of eNAD/EDM affected horses and could serve as potential biomarkers for disease.AnimalsIsoprostane Study A: 14 Quarter horse foals (10 healthy foals and 4 eNAD/EDM affected foals) at 1 and 6 months of age. Isoprostane Study B: 17 eNAD/EDM affected and 10 unaffected horses ≥ 1-4 years of age. Oxysterol study: eNAD/EDM affected (n = 14, serum; n = 11, CSF; n = 10, spinal cord [SC]) and unaffected horses 1-4 years of age (n = 12, serum; n = 10, CSF; n = 7, SC).ProceduresCerebrospinal fluid [F2 IsoP] and [F4 NP] were assessed using gas chromatography-negative ion chemical ionization mass spectrometry. Serum, CSF, and cervical SC [oxysterols] were quantified using high performance liquid chromatography mass spectrometry. Results were compared with respective α-TOH concentrations.ResultsSpinal cord [7-ketocholesterol], [7-hydroxycholesterol], and [7-keto-27-hydrocholesterol] were higher in eNAD/EDM horses whereas [24-ketocholesterol] was lower. No significant difference was found in CSF [F2 IsoP] and [F4 NP], serum [oxysterols] and CSF [oxysterols] between eNAD/EDM affected and unaffected horses. No correlation was found between [F2 IsoP], [F4 NP], or [oxysterols] and respective [α-TOH].Conclusions and clinical importanceIn the SC, targeted markers of cholesterol oxidation were significantly increased in horses with eNAD/EDM

A reassessment of Schumpeter on fiscal policy from a dynamic tax: incidence perspective

With the approach of a new millenium there is a natural temptation to engage in speculation as to what the next century may hold. The choice of ‘Capitalism and Democracy in the 21st Century' as the theme of the 1998 conference of the International Joseph A. Schumpeter Society is clearly an invitation to reconsider the relevance of the ideas Schumpeter propounded in Capitalism, Socialism and Democracy (Schumpeter, 1943) in the context of the approaching millenium. Does the fact that Schumpeter's great prediction that the very success of capitalism would lead to its collapse and the emergence of socialism has so far not been borne out by the experience of the liberal representative democracies suggest that Schumpeter's vision should now be relegated to the dustbin of history? The answer we wish to suggest in this paper is no, it should not

Framingham Heart Study genome-wide association: results for pulmonary function measures

© 2007 Wilk et al; licensee BioMed Central Ltd. This is an open access article distributed under the terms of the Creative Commons Attribution Licens

Performance of LED-Based Fluorescence Microscopy to Diagnose Tuberculosis in a Peripheral Health Centre in Nairobi.

Sputum microscopy is the only tuberculosis (TB) diagnostic available at peripheral levels of care in resource limited countries. Its sensitivity is low, particularly in high HIV prevalence settings. Fluorescence microscopy (FM) can improve performance of microscopy and with the new light emitting diode (LED) technologies could be appropriate for peripheral settings. The study aimed to compare the performance of LED-FM versus Ziehl-Neelsen (ZN) microscopy and to assess feasibility of LED-FM at a low level of care in a high HIV prevalence country

Arctic deep water ferromanganese-oxide deposits reflect the unique characteristics of the Arctic Ocean

Author Posting. © American Geophysical Union, 2017. This article is posted here by permission of American Geophysical Union for personal use, not for redistribution. The definitive version was published in Geochemistry, Geophysics, Geosystems 18 (2017): 3771–3800, doi:10.1002/2017GC007186.Little is known about marine mineral deposits in the Arctic Ocean, an ocean dominated by continental shelf and basins semi-closed to deep-water circulation. Here, we present data for ferromanganese crusts and nodules collected from the Amerasia Arctic Ocean in 2008, 2009, and 2012 (HLY0805, HLY0905, and HLY1202). We determined mineral and chemical compositions of the crusts and nodules and the onset of their formation. Water column samples from the GEOTRACES program were analyzed for dissolved and particulate scandium concentrations, an element uniquely enriched in these deposits. The Arctic crusts and nodules are characterized by unique mineral and chemical compositions with atypically high growth rates, detrital contents, Fe/Mn ratios, and low Si/Al ratios, compared to deposits found elsewhere. High detritus reflects erosion of submarine outcrops and North America and Siberia cratons, transport by rivers and glaciers to the sea, and distribution by sea ice, brines, and currents. Uniquely high Fe/Mn ratios are attributed to expansive continental shelves, where diagenetic cycling releases Fe to bottom waters, and density flows transport shelf bottom water to the open Arctic Ocean. Low Mn contents reflect the lack of a mid-water oxygen minimum zone that would act as a reservoir for dissolved Mn. The potential host phases and sources for elements with uniquely high contents are discussed with an emphasis on scandium. Scandium sorption onto Fe oxyhydroxides and Sc-rich detritus account for atypically high scandium contents. The opening of Fram Strait in the Miocene and ventilation of the deep basins initiated Fe-Mn crust growth ∼15 Myr ago.National Science Foundation Grant Numbers: 1434493, 1713677; NSF-OCE Grant Number: 15358542018-05-0