A Theory of Optimal Capital最資本理論

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1、ATheoryofOptimalCapitalTaxationThomasPiketty,ParisSchoolofEconomicsEmmanuelSaez,UCBerkeleyNovember2011MOTIVATION:CAPITALTAXTHEORYFAILURE1)Standardeconomictheory:(Atkinson-Stiglitz,Chamley-Judd)optimaltaxrateK=0%onallformsofcapitaltaxes(stock-or ow-based))Eliminationofalli

2、nheritance,prop-erty,corporate,andcapitalincometaxesdesirable2)Practice:EuropeanUnion27countries:tax/GDP=39%andcapitaltax/GDP=9%.US:tax/GDP=27%andcapitaltax/GDP=8%(inheritancetax/GDP<1%butsignicanttoprates))Nogovernmentseemstobelievethisextremezero-capitaltaxresultwhichin

3、deedreliesonverystrongassumptions3)Hugegapbetweentheoryandpracticeonoptimalcapitaltaxationisamajorfailureofmodernpubliceconomics1MOTIVATIONANDGOALSWithnoinheritance(100%life-cyclewealthasinAtkinson-StiglitzorinnitelifeasinChamley-Judd)andperfectcapitalmarketsthen1+r=relat

4、ivepriceofpresentconsumption)Kisnotanecientredistributivetool(relativetoL)andcaseforK=0isstrongThisPaperdevelopsarealistic,tractableoptimalcapitaltaxtheorybasedupontwoingredients:1)Inheritance:lifeisnotinniteandinheritanceisasigni-cantsourceoflifetimeinequality2)Impe

5、rfectcapitalmarkets:withuninsurablerisk,lifetimecapitaltaxisausefuladditiontoinheritancetax2KEYRESULTS0)Wedevelopadynamicandtractablemodelofbequestswithheterogeneoussavingstastesandworkabilities1)Wederivesimpleformulasforoptimalinheritancetaxratesexpressedintermsofestimabl

6、eparameters(elasticities,be-quest ow,socialpreferences))Ourtheorycanaccountforthevarietyofobservedtopbequesttaxrates2)INPROGRESSUninsurableriskinindividualrateofre-turnoncapitalcaneasilyexplainwhysignicantportionofinheritancetaxisoptimallypartlyshiftedtocapitalincome)Ourt

7、heorycanexplainactualmixofinheritancevs.life-timecapitaltaxation[andwhytopinheritanceandtopcapitalincometaxratestendtobecorrelated]3Figure1:TopInheritanceTaxRates1900-2011100%90%U.S.80%U.K.70%France60%Germany50%40%30%20%10%0%190019101920193019401950196019701980199020002010

8、Figure2:TopIncomeTaxRates1900-2011100%90%80%70%60%50%U.S.40%U.K.30%France20%Germany10%0%1