| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17266 |
| DP17266 Optimal Taxation of Risky Entrepreneurial Capital | |
| Corina Boar; Matthew Knowles | |
| 发表日期 | 2022-04-28 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We study optimal taxation in a model with endogenous financial frictions, risky investment and occupational choice, where the distribution of wealth across entrepreneurs affects how efficiently capital is used. The planner chooses linear taxes on wealth, capital and labor income to maximize the steady state utility of a newborn agent. Most agents in the model are poor, leading to a redistributive motive for taxation. Optimal tax rates can be written as a closed-form function of the size of the tax bases and their elasticities with respect to tax rates. We find that it is optimal to tax capital income because financial frictions reduce the elasticity of capital income with respect to taxes and because capital income taxes prevent excessive entry into entrepreneurship. Optimal wealth taxes are positive but close to zero, since they strongly discourage capital accumulation. |
| 主题 | Macroeconomics and Growth ; Public Economics |
| 关键词 | entrepreneurship Financial frictions Taxation |
| URL | https://cepr.org/publications/dp17266 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546280 |
| 推荐引用方式 GB/T 7714 | Corina Boar,Matthew Knowles. DP17266 Optimal Taxation of Risky Entrepreneurial Capital. 2022. |
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