• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Journal of economic theory >Risky human capital and deferred capital income taxation
【24h】

Risky human capital and deferred capital income taxation

机译：风险人力资本和递延资本所得税

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

We study the structure of optimal wedges and capital taxes in a dynamic Mirrlees economy with endogenous distribution of skills. Human capital is a private, stochastic state variable that drives the skill process of each individual. Building on the findings of the labor literature, we construct a tractable life-cycle model of human capital evolution with risky investment and stochastic depreciation. In this setting, we demonstrate the optimality of (a) a human capital premium, i.e., an excess return on human capital relative to physical capital, (b) a large intertemporal wedge early in the life-cycle, and (c) a non-zero intratemporal wedge even at the top of the skill distribution at all dates except the last date in the life-cycle. The main implication for the structure of optimal linear capital taxes is the necessity of deferred taxation of physical capital. The average marginal tax rate on physical capital held in every period is zero in present value. However, expected capital tax payments do not equal zero in every period. Necessarily, agents face negative expected capital tax payments early in the life-cycle and positive expected capital tax payments late in the life-cycle.
机译：我们研究了具有内生技能分布的动态Mirrlees经济中的最优楔形结构和资本税。人力资本是驱动每个人的技能过程的私有，随机状态变量。基于劳动文献的发现，我们构建了具有风险投资和随机折旧的人力资本演化的可预测的生命周期模型。在这种情况下，我们证明了以下方面的最优性：（a）人力资本溢价，即相对于物质资本的人力资本超额收益；（b）生命周期初期的大跨期楔形；以及（c）非最优-零时空楔形，即使在生命周期中除最后日期以外的所有日期都位于技能分布的顶部。最优线性资本税结构的主要含义是有形资本递延税的必要性。每个期间持有的实物资本的平均边际税率的现值是零。但是，预期的资本税付款在每个期间都不等于零。代理商必须在生命周期的早期面临负的预期资本税，而在生命周期的后期面临正的预期资本税。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号