منابع مشابه
Optimal Capital Income Taxation with Endogenous Human Capital Formation∗
This paper analyzes optimal linear taxes on capital and labor incomes in a life-cycle model of human capital investment, financial savings, and labor supply with heterogenous individuals. A dual income tax with positive marginal tax rates on not only labor but also capital income is optimal. The key function of the tax on capital income is to reduce labor tax distortions on human capital accumu...
متن کاملOptimal Capital Income Taxation∗
In an economy with identical infinitely-lived households that obtain utility from leisure as well as consumption, Chamley (1986) and Judd (1985) have shown that the optimal tax system to pay for an exogenous stream of government purchases involves a zero tax rate on capital in the long run, with tax revenue collected by a distortionary tax on labor income. Extending the results of Hall and Jorg...
متن کاملOptimal Indirect and Capital Taxation
We consider an environment in which agents’ skills are private information and follow arbitrary stochastic processes. We prove that it is typically Pareto optimal for an individual’s marginal benefit of investing in capital to exceed his marginal cost of doing so. This wedge is consistent with a positive tax on capital income. We also prove that it is Pareto optimal for the marginal rate of sub...
متن کاملOptimal Taxation of Human Capital under Uncertainty reconsidered
In a model with ex-ante homogenous households, income risk and a general earnings function, we derive an optimal labor tax rate and optimal education subsidies. It turns out that the distinction of risk-increasing or risk-decreasing education does not have much effect on the optimal tax rate, but is crucial for optimal education subsidies. Moreover, an optimal education policy allows for better...
متن کاملOn the Optimal Taxation of Capital Income
We show that in models in which labor services are supplied jointly with human capital, the Chamley and Judd result on zero capital income taxation in the limit extends to labor taxes as long as accumulation technologies are constant returns to scale. Moreover, for a class of widely used preferences, consumption taxes are zero in the limit as well. However, we show by the construction of two ex...
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ژورنال
عنوان ژورنال: The Scandinavian Journal of Economics
سال: 2012
ISSN: 0347-0520
DOI: 10.1111/j.1467-9442.2012.01707.x