MARC record from Internet Archive

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035 $a(OCoLC)671769586
040 $aMYG$cMYG
090 $aHB31.M415 no.09-22
100 1 $aDiamond, Peter A.
245 10 $aCapital income taxes with heterogeneous discount rates /$c[by] Peter A. Diamond [and] Johannes Spinnewijn.
260 $aCambridge, MA :$bMassachusetts Institute of Technology, Dept. of Economics,$c[2009]
300 $a31 leaves :$bill. ;$c28 cm.
490 1 $aWorking paper series / Massachusetts Institute of Technology, Dept. of Economics ;$vworking paper 09-22
500 $a"July 14, 2009."
504 $aIncludes bibliographical references (leaves 30-31).
520 3 $aWith heterogeneity in both skills and discount factors, the Atkinson-Stiglitz theorem that savings should not be taxed does not hold. We consider a model with heterogeneity of preferences at each earnings level. With some assumptions on the equilibrium, a small savings tax on high earners and a small savings subsidy on low earners both increase welfare, regardless of the correlation between ability and discount factor. Key is that types who value future consumption less are more tempted to switch to a lower paid job. Extending Saez (2002), a uniform savings tax increases welfare if the correlation of skill with discount factor is sufficiently high. Some optimal tax results and empirical evidence to support the assumptions are presented. Keywords: Optimal Taxation, Capital Income, Discount Rates. JEL Classifications: H21.
530 $aAbstract in HTML and working paper for download in PDF available via World Wide Web at the Social Science Research Network.
650 0 $aSaving and investment$xTaxation$xEconometric models.
700 1 $aSpinnewijn, Johannes.
710 2 $aMassachusetts Institute of Technology.$bDept. of Economics.
830 0 $aWorking paper (Massachusetts Institute of Technology. Dept. of Economics) ;$vno. 09-22.
856 41 $uhttp://papers.ssrn.com/sol3/papers.cfm?abstract%5Fid=1434182$zTo download paper, go to the abstract page choose a download option
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