Does the US economy face a ‘‘Fiscal Trilemma’’?

Read more in the Special Issue just published in Public Finance Review. Here are some of the questions that the James Alm and Steven Sheffrin of Tulane University address:

Are the goals we have for our tax system mutually incompatible? This is the
question that we posed to a distinguished group of tax economists at a conference
hosted by the Murphy Institute and the Department of Economics at
Tulane University in October 2012. More specifically, we asked whether
the US economy faced a ‘‘fiscal trilemma’’: Can the three goals of revenue
adequacy, fairness, and promotion of economic growth all be achieved, or
do we have to sacrifice one of these goals to meet the others?

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