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Main Authors:	Beare, Brendan K., Toda, Alexis Akira
Format:	Preprint
Published:	2023
Subjects:	General Economics Economics
Online Access:	https://arxiv.org/abs/2311.05822
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author	Beare, Brendan K. Toda, Alexis Akira
author_facet	Beare, Brendan K. Toda, Alexis Akira
contents	This article concerns the optimal choice of flat taxes on labor and capital income, and on consumption, in a tractable economic model in which agents are subject to idiosyncratic investment risk. We identify the tax rates which maximize welfare in stationary equilibrium while preserving tax revenue, finding that an increase in welfare equivalent to a permanent increase in consumption of nearly 7% can be achieved by only taxing capital income and consumption. The Domar-Musgrave effect explains cases where it is optimal to tax capital income. We characterize the dynamic response to the substitution of consumption taxation for labor income taxation.
format	Preprint
id	arxiv_https___arxiv_org_abs_2311_05822
institution	arXiv
publishDate	2023
record_format	arxiv
spellingShingle	Optimal taxation and the Domar-Musgrave effect Beare, Brendan K. Toda, Alexis Akira General Economics Economics This article concerns the optimal choice of flat taxes on labor and capital income, and on consumption, in a tractable economic model in which agents are subject to idiosyncratic investment risk. We identify the tax rates which maximize welfare in stationary equilibrium while preserving tax revenue, finding that an increase in welfare equivalent to a permanent increase in consumption of nearly 7% can be achieved by only taxing capital income and consumption. The Domar-Musgrave effect explains cases where it is optimal to tax capital income. We characterize the dynamic response to the substitution of consumption taxation for labor income taxation.
title	Optimal taxation and the Domar-Musgrave effect
topic	General Economics Economics
url	https://arxiv.org/abs/2311.05822

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