Labor-dependent capital income taxation
成果类型：
Article
署名作者：
Kitao, Sagiri
署名单位：
Federal Reserve System - USA; Federal Reserve Bank - New York
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2010.09.004
发表日期：
2010
页码：
959-974
关键词：
摘要：
Capital taxation which is negatively correlated with labor supply is proposed This paper uses a life-cycle model of heterogeneous agents that face idiosyncratic productivity shocks and shows that the tax scheme provides a strong work incentive when households possess large assets and high productivity later in the life-cycle when they otherwise would work less The system also adds to the saving motive of prime-age households and raises aggregate capital The increased economic activities expand the tax base and the revenue neutral reform results in a lower average tax rate The negative cross-dependence generates a sizable welfare gain in the long-run relative to the tax system that treats labor and capital income separately as a tax base The reform however can hurt the elderly during the transition with a high marginal tax on their capital income (C) 2010 Elsevier B V All rights reserved
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