haku: @author Imrohoroglu, S. / yhteensä: 2
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| Tekijä: | Imrohoroglu, S. |
| Otsikko: | A quantitative analysis of capital income taxation. |
| Lehti: | International Economic Review
1998 : MAY, VOL. 39:2, p. 307-328 |
| Asiasana: | CAPITAL INCOME TAX WELFARE ECONOMICS QUANTITATIVE TECHNIQUES |
| Kieli: | eng |
| Tiivistelmä: | The article studies the quantitative impact of eliminating capital income taxation on capital accumulation and steady-state welfare in a general equilibrium model with overlapping generations of 65-period-lived individuals who face idiosyncratic earnings risk, borrowing constraints, and life-span uncertainty. Under a wide range of parameter configurations, the capital income tax rate maximizes staedy-state welfare is positive, even though eliminating it completely would raise the steady-state capital stock toward the Golden Rule. This because the tax burden is shifted toward the younger and liquidity constrained years, reducing the individuals' ability to self-insure. |
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