Social Versus Individual Work Preferences: Implications for Optimal Income Taxation PDF Download
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Author: Zhiyong An
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 28
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Book Description
The benchmark optimal income taxation model of Mirrlees (1971) finds that the optimal marginal income tax rate (MIT) is always non-negative. A key model assumption is the coincidence between social and individual work preferences. This paper extends the model to allow for differences in social and individual work preferences. The theoretical and simulation analyses show that under this model, when the government places a higher social weight on work than individuals, the optimal MIT schedule is shifted downwards, introducing the possibility for optimal wage subsidies at the bottom of the income distribution. This implies lower revenues, demogrants, and overall progressivity.
Author: Zhiyong An
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 28
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Book Description
The benchmark optimal income taxation model of Mirrlees (1971) finds that the optimal marginal income tax rate (MIT) is always non-negative. A key model assumption is the coincidence between social and individual work preferences. This paper extends the model to allow for differences in social and individual work preferences. The theoretical and simulation analyses show that under this model, when the government places a higher social weight on work than individuals, the optimal MIT schedule is shifted downwards, introducing the possibility for optimal wage subsidies at the bottom of the income distribution. This implies lower revenues, demogrants, and overall progressivity.
Author: Brandon Lehr
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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Book Description
This paper characterizes optimal nonlinear income taxation of individuals who exhibit social preferences. If individuals exhibit equity concerns, above and beyond the government's social welfare criterion, how is the shape of the marginal tax schedule impacted? In particular, I consider individuals who are concerned not only with their own consumption and labor supply, but also care positively or negatively about some aggregate consumption reference point. In addition, I allow for individuals to differ with respect to their attitudes towards this reference point. This framework flexibly allows for the specification of preferences that may be concerned with baseline altruism, inequality aversion, or social efficiency. A generalization of the optimal tax rate formula is derived in terms of the distribution of skills, the elasticity of labor supply, the government's distributional objectives, and new in this setting, the distribution of other-concerning preferences across the population.
Author: Joseph J. Cordes
Publisher: The Urban Insitute
ISBN: 9780877667520
Category : Business & Economics
Languages : en
Pages : 522
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Book Description
"From adjusted gross income to zoning and property taxes, the second edition of The Encyclopedia of Taxation and Tax Policy offers the best and most complete guide to taxes and tax-related issues. More than 150 tax practitioners and administrators, policymakers, and academics have contributed. The result is a unique and authoritative reference that examines virtually all tax instruments used by governments (individual income, corporate income, sales and value-added, property, estate and gift, franchise, poll, and many variants of these taxes), as well as characteristics of a good tax system, budgetary issues, and many current federal, state, local, and international tax policy issues. The new edition has been completely revised, with 40 new topics and 200 articles reflecting six years of legislative changes. Each essay provides the generalist with a quick and reliable introduction to many topics but also gives tax specialists the benefit of other experts' best thinking, in a manner that makes the complex understandable. Reference lists point the reader to additional sources of information for each topic. The first edition of The Encyclopedia of Taxation and Tax Policy was selected as an Outstanding Academic Book of the Year (1999) by Choice magazine."--Publisher's website.
Author: Thomas Aronsson
Publisher:
ISBN:
Category :
Languages : en
Pages : 38
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Book Description
Author: Joel Slemrod
Publisher: MIT Press
ISBN: 0262319012
Category : Business & Economics
Languages : en
Pages : 235
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Book Description
An approach to taxation that goes beyond an emphasis on tax rates to consider such aspects as administration, compliance, and remittance. Despite its theoretical elegance, the standard optimal tax model has significant limitations. In this book, Joel Slemrod and Christian Gillitzer argue that tax analysis must move beyond the emphasis on optimal tax rates and bases to consider such aspects of taxation as administration, compliance, and remittance. Slemrod and Gillitzer explore what they term a tax-systems approach, which takes tax evasion seriously; revisits the issue of remittance, or who writes the check to cover tax liability (employer or employee, retailer or consumer); incorporates administrative and compliance costs; recognizes a range of behavioral responses to tax rates; considers nonstandard instruments, including tax base breadth and enforcement effort; and acknowledges that tighter enforcement is sometimes a more socially desirable way to raise revenue than an increase in statutory tax rates. Policy makers, Slemrod and Gillitzer argue, would be well advised to recognize the interrelationship of tax rates, bases, enforcement, and administration, and acknowledge that tax policy is really tax-systems policy.
Author: Ritva Tarkiainen
Publisher:
ISBN:
Category :
Languages : en
Pages : 16
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Book Description
Author: Johann K. Brunner
Publisher: Springer Science & Business Media
ISBN: 3642838626
Category : Business & Economics
Languages : en
Pages : 227
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Book Description
This study offers a systematic analysis of basic questions relating to equitable income taxation. Of course, a definite solution, resting on scientific arguments, cannot be expected for this important field of government activity. However, what is possible, is an exhaustive dis cussion of various aspects of equitable income taxation, thus preparing the ground for reasonable political decisions. I hope that the present book will contribute to this continuing discus sion, presenting results from modern social-choice theory and optimum taxation theory in order to gain further insights into the problem of income taxation. On a fundamental level, social-choice theory is applied in order to in vestigate the normative foundation of different tax rules. Arrow's im possibility theorem forms the starting point of the analysis; as was shown by recent contributions to social-choice theory, this impossibi lity result can be overcome if various degrees of interpersonal utility comparisons are admitted. Using this approach, one can work out the general norms of equity behind familiar tax rules. As a special point, the traditional principle of equal proportional sacrifice will be given a social-choice theoretic foundation in this book. The second level on which tax rules can be discussed, concerns their respective consequences in concrete taxation models. TWo such models are specified in this study, the first one takes gross income of the taxpayers as given, it is contrasted with the second, more complex mod el, where the individual labour-leisure decision is taken into account.
Author: Narayana R. Kocherlakota
Publisher: Princeton University Press
ISBN: 1400835275
Category : Business & Economics
Languages : en
Pages : 230
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Book Description
Optimal tax design attempts to resolve a well-known trade-off: namely, that high taxes are bad insofar as they discourage people from working, but good to the degree that, by redistributing wealth, they help insure people against productivity shocks. Until recently, however, economic research on this question either ignored people's uncertainty about their future productivities or imposed strong and unrealistic functional form restrictions on taxes. In response to these problems, the new dynamic public finance was developed to study the design of optimal taxes given only minimal restrictions on the set of possible tax instruments, and on the nature of shocks affecting people in the economy. In this book, Narayana Kocherlakota surveys and discusses this exciting new approach to public finance. An important book for advanced PhD courses in public finance and macroeconomics, The New Dynamic Public Finance provides a formal connection between the problem of dynamic optimal taxation and dynamic principal-agent contracting theory. This connection means that the properties of solutions to principal-agent problems can be used to determine the properties of optimal tax systems. The book shows that such optimal tax systems necessarily involve asset income taxes, which may depend in sophisticated ways on current and past labor incomes. It also addresses the implications of this new approach for qualitative properties of optimal monetary policy, optimal government debt policy, and optimal bequest taxes. In addition, the book describes computational methods for approximate calculation of optimal taxes, and discusses possible paths for future research.
Author: Bernard Salanie
Publisher: MIT Press
ISBN: 0262297817
Category : Business & Economics
Languages : en
Pages : 249
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Book Description
A concise and rigorous text that combines theory, empirical work, and policy discussion to present core issues in the economics of taxation. This concise introduction to the economic theories of taxation is intuitive yet rigorous, relating the theories both to existing tax systems and to key empirical studies. The Economics of Taxation offers a thorough discussion of the consequences of taxes on economic decisions and equilibrium outcomes, as well as useful insights into how policy makers should design taxes. It covers such issues of central policy importance as taxation of income from capital, environmental taxation, and tax credits for low-income families. This second edition has been significantly revised and updated. Changes include a substantially rewritten chapter on direct taxation; a discussion of recent research in the chapter on mixed taxation; the replacement of the chapter on capital taxation with a chapter on the “new dynamic public finance”; and considerations of environmental taxation in both theory and policy chapters. The book is aimed at graduate students or advanced undergraduates taking public finance classes as well as economists who want to learn more about the topic. It combines discussion of theory, empirical work, and policy objectives in compact form. Appendixes provide necessary background material on consumer and producer theory and the theory of optimal control.
Author: Charles Victor Brown
Publisher: Oxford ; New York : Oxford University Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 208
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Book Description
Economic theory and analysis of the impact of income tax on labour supply - focussing on individual behaviour, discusses non-linear budget constraints, measurement problems, optimal income tax, tax evasion, the effect of indirect consumption tax, and negative income tax experiments in the USA; reviews research results and research methods used in empirical studies of men and woman workers' and household behaviour in the UK and USA. Bibliography, graphs, statistical tables.
