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Creator: Chari, V. V., Nicolini, Juan Pablo, and Teles, Pedro Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 571 Abstract:
We revisit the question of how capital should be taxed. We allow for a rich set of tax instruments that consists of taxes widely used in practice, including consumption, dividend, capital, and labor income taxes. We restrict policies to respect promises that the government has made in the previous period regarding the current value of wealth. We show that capital should not be taxed if households have preferences that are standard in the macroeconomics literature. We show that Ramsey outcomes that must respect such promises are time consistent. We show that the presumption in the literature that capital should be taxed for some length of time arises because the tax system is restricted.
Palabra clave: Production efficiency, Capital income taxe60, and Time consistency Tema: E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination, E62 - Fiscal Policy, and E60 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General