Housing policy and the progressivity of income taxation

• 成果类型: Article
• 署名作者: Chambers, Matthew; Garriga, Carlos; Schlagenhauf, Don E.
• 署名单位: State University System of Florida; Florida State University; University System of Maryland; Towson University; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2009.10.007
• 发表日期: 2009
• 页码: 1116-1134
• 关键词: Incomplete markets; Heterogeneous consumers

摘要

Most countries have tax provisions and subsidies to promote homeownership. These provisions generate an asymmetry in the tax treatment of owner- and rental-occupied housing, which affects the incentives to supply tenant-occupied housing. This paper analyzes the quantitative importance of the interaction of these provisions with the progressivity of income taxation in the context of an overlapping generations model with housing and rental markets. The model replicates the key facts observed in the economy, as well as distributional patterns of ownership, house size, and landlord behavior. The model suggests that the progressivity of income taxation can amplify or mitigate the effects of the asymmetries with important implications for housing tenure, housing consumption, portfolio reallocations, and welfare that differ from those reported in the literature. (C) 2009 Elsevier B.V. All rights reserved.