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Download The economics of taxation by Bernard Salanié PDF

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By Bernard Salanié

This concise creation to the commercial theories of taxation is intuitive but rigorous, concerning the theories either to latest tax platforms and to key empirical reports. The ebook bargains an intensive dialogue of the implications of taxes on financial judgements and equilibrium results, in addition to important insights into how coverage makers should still layout taxes. It covers problems with valuable coverage significance, resembling taxation of source of revenue from capital, environmental taxation, tax credit for low-income households, and the intake tax. an information of microeconomics on the complex undergraduate point is needed, however the ebook includes an appendix with the most effects from patron and manufacturer idea utilized in the textual content. as the research of optimum taxation will depend on the idea of optimum keep watch over, which isn't frequently taught in economics classes, a moment appendix presents the mandatory historical past.

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Sample text

This analysis of the decision to particpate also applies to the decision to retire, with the caveat that pension rights depend on contributions paid. One could also reinterpret the standard model by analyzing L as an effort variable of the individual, something he does to improve the productivity of his labor input; the resulting problem is formally identical, so long as effort causes an increase in wages and is costly in utility terms. This reinterpretation is useful when studying the optimal taxation problem.

So far we have neglected the taxation of labor income. If it is taxed at the same rate as income from savings (as is the case for the ideal income tax), w must be replaced with wð1 À tÞ. Then taxation reduces permanent income and thus both consumptions. Since savings this time is wð1 À tÞ À C1 , the way this effect goes depends on the income elasticity h. The taxation of savings affects not only income but also accumulated savings. Such is the case for wealth taxes, but also for taxes on bequests.

If the consumer is paid wages in both periods, then we must take into account a new income effect as permanent income becomes w1 þ w2 1 þ rð1 À tÞ 48 Part I The Effects of Taxation This time the consumer may decide to borrow (if his second-period wages are relatively high), which makes imperfections on financial markets relevant. If the interest rate at which he can borrow rþ is larger than the interest rate paid on his savings rÀ , then his budget constraint has a kink at the zero savings point.

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