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Normative Aspects of Differential, State-Contingent Capital Income Taxation

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  • Christiansen, Vidar

Abstract

The paper studies optimal taxation in a two-period, two-asset model in which the assets have random returns. The taxes are state-contingent, proportional taxes on the asset-returns. Government revenue requirements in each state of nature are given. Consumers are identical. Two results are found. It is shown that the optimum has a degree of freedom, so that there is a set of equivalent optimal tax systems. Conditions are also established for the optimum to have no portfolio distortion in the sense that there is no tax inducement to switch from one asset to the other. Copyright 1995 by Royal Economic Society.

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  • Christiansen, Vidar, 1995. "Normative Aspects of Differential, State-Contingent Capital Income Taxation," Oxford Economic Papers, Oxford University Press, vol. 47(2), pages 286-301, April.
    • Handle: RePEc:oup:oxecpp:v:47:y:1995:i:2:p:286-301
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    Cited by:

    1. Clemens Fuest & Bernd Huber, 2000. "The Optimal Taxation of Dividends in a Small Open Economy," CESifo Working Paper Series 348, CESifo.
    2. Schindler, Dirk, 2008. "Human Capital, Multiple Income Risk and Social Insurance," Discussion Papers 2008/18, Norwegian School of Economics, Department of Business and Management Science.
    3. Ali Akbar Gholizadeh, 2014. "Capital Gains Tax and Housing Price Bubble: A Cross-Country Study," Iranian Economic Review (IER), Faculty of Economics,University of Tehran.Tehran,Iran, vol. 18(2), pages 47-71, Spring.

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