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Dr. Seth Giertz Featured in News Media Articles Related to Tax Reform and Fiscal Cliff

Dr. Seth Giertz, assistant professor of economics at the UNL College of Business Administration, has been featured in the news media recently regarding upcoming implications of the fiscal cliff that Congress is currently facing. Giertz wrote an article that appeared on The Hill's Congress Blog and was also quoted in an ABC News story.

The Hill's article looked at the upcoming fiscal cliff dilemma and the frictions that go along with gridlock in Congress. Giertz and co-author Dr. Jacob Feldman of George Mason University, looked at the consequences of recent trends in Washington to create laws with more uncertainty, such as tax rates that expire at a given date. They believe this uncertainty often has negative repercussions throughout the economy.

The article also stressed the need for new tax reform similar to the Tax Reform Act of 1986. Additionally, the authors noted the need to set new policies that do not allow for constant amending of the tax code over time. They argue that frequent amending of a new tax code could end up creating the same complications we face today.

In the ABC News article, Giertz, who co-wrote the Congressional Budget Office's May 2011 analysis of options for the charitable giving deduction, talked about how certain tax exemptions need to be handled cautiously.

"It's probably not going to hurt a whole lot," Giertz told ABC News with regard to eliminating the charitable giving deduction. "But it's probably more likely to hurt certain charities that some really high income people give money to." Universities are one charitable contribution which Giertz said might be hurt by a change in the tax law.

Published: December 10, 2012