What Is The Principle Of Stability

[Raymond Freedman]

TheDodd-Frank Wall Street Reform and Consumer Protection Act established FSOC to identify and respond to threats to financial stability in the United States. Other countries have created similar entities, and a growing body of research has developed around these macroprudential structures and approaches. This report presents a principles-based framework to serve as criteria for assessing the financial stability efforts of FSOC and its member agencies. It is intended as a resource for GAO and other auditors, FSOC and its member agencies, and Congress. It also may be useful to others, both domestically and internationally.

In developing this framework, GAO reviewed literature on macroprudential policy, prior GAO reports, relevant laws and regulations, and international risk-management guidelines. GAO also interviewed or held discussion groups with representatives of FSOC and its member agencies; international financial stability entities, supreme audit institutions, and international organizations; public interest and industry groups; former regulators and civil servants; and academic and regulatory experts.

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Titanium can dissolve unusually high concentrations of interstitial elements such as carbon and nitrogen to form a rich variety of compounds with beneficial structural and functional properties. A first-principles statistical mechanics study was performed to predict phase stability in the Ti-C and Ti-N binaries. Density functional theory calculations were combined with the cluster-expansion approach to determine ground-state carbon-vacancy and nitrogen-vacancy orderings over the octahedral sites of hcp and fcc Ti. A large number of vacancy-ordered rocksalt phases were found to be stable at low temperature. Monte Carlo simulations showed that the ordered rocksalts transform to a disordered rocksalt that can tolerate high vacancy concentrations at intermediate to high temperatures. Clear trends in phase stability, rooted in electronic structure, are revealed upon a comparison of the calculated Ti-C and Ti-N phase diagrams with the Ti-O phase diagrams from a previous study [N. S. H. Gunda et al., Phys. Rev. Mater. 2, 033604 (2018)].

Formation energies of enumerated configurations in (a) the Ti-C binary and (b) the Ti-N binary. The red line corresponds to the global convex hull and connects the energies of the ground-state orderings.

Interstitial-vacancy orderings within the ground states of the Ti-N and Ti-C binaries. Each ground-state ordering can be generated by a particular stacking of two-dimensional interstitial-vacancy ordered layers. The top half of each subfigure shows the stacking of alternate metal and interstitial layers along the c axis of hcp or along a (111) direction of fcc. Dashed lines indicate close-packed layers containing interstitial vacancies, while solid lines indicate completely filled layers. The bottom half of each subfigure shows the ordering of interstitial atoms over the triangular close-packed planes of octahedral sites in hcp and fcc. The black (gray) boxes shows the unit cell of the ordered ground states.

Computed phase diagrams for the (a) Ti-C, (b) Ti-N, and (c) Ti-O binary systems. Single phase regions colored in shades of blue have an hcp parent crystal and those colored in shades of red are rocksalt based.

The Tax Cuts and Jobs Act of 2017 simplified the federal tax code by doubling the standard deduction, which the Joint Committee on Taxation (JCT) estimated has resulted in nearly 30 percent fewer filers itemizing.

The sheer complexity of the American savings account system is astounding. As of 2020, there were 15 types of retirement accounts, each with an array of unique restrictions and requirements, including contribution limits, tax deduction limits, and guidelines for when savers can or must make withdrawals.

A simpler alternative would be the creation of universal savings accounts (USAs), which are simple, all-purpose accounts available to anyone, with no restrictions on either the timing or purpose of withdrawals. Savings are taxed only once, at the time of either contribution or withdrawal, and contributions are invested in assets such as bonds and equities, providing a return over time.

Employee-side payroll taxes are relatively transparent: If you pull out your latest pay stub, you will likely see lines for two federal programs, Social Security (sometimes called FICA) and Medicare (MEDFICA), along with the amount that was taken out of your wages to fund each. Added together, these figures represent your total payroll tax liability for that pay cycle.

A more neutral approach would be to tax digital services like other goods and services, through value-added taxes (VATs) and retail sales taxes. Such broad-based consumption taxes that apply to all final consumption are neutral because they have little effect on consumer behavior and apply to all business models the same.

Not only is full expensing for all investments non-distortionary, but when paired with the elimination of preferential credits, it can also result in a broader, simpler tax base overall, allowing governments to raise revenue more efficiently.

Cigarette taxes have been a source of state revenue for decades but face consistent erosion as consumption declines. In most states, cigarette tax hikes are met with a momentary bump in revenue, followed by a drop-off in future years.

Conversely, one of the advantages of a broad-based consumption tax is its stability. All tax revenue is subject to economic cycles and changing taxpayer behavior, but broad-based consumption taxes experience considerably less volatility than taxes that target a narrow tax base, such as cigarette use.

Permanent tax policies promote stability and, in turn, lead to more pronounced economic effects than temporary policies. The Tax Cuts and Jobs Act (TCJA) of 2017 is a good case study for understanding the real-world implications of this.

While both policies increase economic growth by incentivizing investment, our modeling shows that the corporate income tax cut will have a significantly larger, positive effect on GDP in the long run, while full expensing will result in a short-term boost to GDP, followed by a dramatic drop-off as the policy expires.

TaxEDU is a one-stop platform that gives teachers the tools to make students better citizens, taxpayers a vocabulary to see through the rhetoric, lawmakers crash courses to write smarter laws, and videos and podcasts for anyone who wants to boost their tax knowledge on the go.

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Arguments about justice or fairness have a long tradition in Western civilization. In fact, no idea in Western civilization has been more consistently linked to ethics and morality than the idea of justice. From the Republic, written by the ancient Greek philosopher Plato, to A Theory of Justice, written by the late Harvard philosopher John Rawls, every major work on ethics has held that justice is part of the central core of morality.

Justice means giving each person what he or she deserves or, in more traditional terms, giving each person his or her due. Justice and fairness are closely related terms that are often today used interchangeably. There have, however, also been more distinct understandings of the two terms. While justice usually has been used with reference to a standard of rightness, fairness often has been used with regard to an ability to judge without reference to one's feelings or interests; fairness has also been used to refer to the ability to make judgments that are not overly general but that are concrete and specific to a particular case. In any case, a notion of being treated as one deserves is crucial to both justice and fairness.

When people differ over what they believe should be given, or when decisions have to be made about how benefits and burdens should be distributed among a group of people, questions of justice or fairness inevitably arise. In fact, most ethicists today hold the view that there would be no point of talking about justice or fairness if it were not for the conflicts of interest that are created when goods and services are scarce and people differ over who should get what. When such conflicts arise in our society, we need principles of justice that we can all accept as reasonable and fair standards for determining what people deserve.

But saying that justice is giving each person what he or she deserves does not take us very far. How do we determine what people deserve? What criteria and what principles should we use to determine what is due to this or that person?

On the other hand, there are also criteria that we believe are not justifiable grounds for giving people different treatment. In the world of work, for example, we generally hold that it is unjust to give individuals special treatment on the basis of age, sex, race, or their religious preferences. If the judge's nephew receives a suspended sentence for armed robbery when another offender unrelated to the judge goes to jail for the same crime, or the brother of the Director of Public Works gets the million dollar contract to install sprinklers on the municipal golf course despite lower bids from other contractors, we say that it's unfair. We also believe it isn't fair when a person is punished for something over which he or she had no control, or isn't compensated for a harm he or she suffered.

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