Chapter18个人所得税与个人行为.ppt

McGraw-Hill/IrwinCopyright 2008 by The McGraw-Hill Companies, Inc. All rights reserved. CHAPTER 18 PERSONAL TAXATION AND BEHAVIOR 18-2 Labor Supply Hours of leisure per week Income per week 0T time endowment D |Slope| = w F G Leisure Work i ii iii E1 Income 18-3 Effects of Taxation Hours of leisure per week Income per week 0T D |Slope| = w F G ii iii E1 i I E2 |Slope| = (1-t)w H G Hours of work before tax Hours of work after tax 18-4 Effects of Taxation Hours of leisure per week Income per week 0T D F G ii iii E1 i J E3 H K Hours of work before tax Hours of work after tax 18-5 Effects of Taxation Hours of leisure per week Income per week 0T D F N E1 P E4 Hours of work before tax |Slope| = w |Slope| = (1-t1)w |Slope| = (1-t2)w |Slope| = (1-t2)w (1-t1)$5,000 (1-t1)$5,000 + (1-t2$5,000 18-6 Empirical Findings oEissa 2001 oMales oFemales 18-7 Some Caveats oDemand-side considerations oIndividual versus group effects oOther dimensions of labor supply oThe compensation package oThe expenditure side 18-8 Labor Supply and Tax Revenues Hours per week Wage rate per hour SL w L0 (1-t1)w L1 d b ac (1-t2)w e f L2 k (1-t3)w h i L3 j (1-tA)w LA 18-9 Tax Rates versus tax revenue Laffer Curve Tax rate Tax revenue t1t2tAt3 18-10 Debate Over the Laffer Curve oThe Laffer curve and the elasticity of labor supply oWhere on the Laffer curve is the economy operating? oEmpirical estimates of the elasticity of labor supply oOther ways tax rates can affect tax revenues oDetermining the optimal tax rate 18-11 Saving Present consumption (c0) Future consumption c1 Endowment point I0 I1 M N Slope = 1 + r E1 c0* c1* i ii iii Saving 18-12 Deductible Interest Payments and Taxable Interest Receipts Present consumption (c0) Future consumption c1 I0 I1 M N After-tax budget line Slope = 1 + (1-t)r E1 c0* c1* Saving before tax Q P A c0t c1t Saving after tax 18-13 Deductible Interest Payments and Taxable Interest Receipts Present consumption (c0) Future consumption c1 I0 I1 M N After-tax budget line Slope = 1 + (1-t)r E1 c0* c1* Saving before tax Q P A c0t c1t Saving after tax 18-14 Nondeductible Interest Payments and Taxable Interest Receipts Present consumption (c0) Future consumption c1 I0 I1 M N After-tax budget line Slope = 1 + (1-t)r c1* Q P A c1t 18-15 Some Additional Considerations oReal net rate of return oMany assets oPrivate saving versus social saving oValidity of life-cycle model oEmpirical evidence: the effect of taxation on saving 18-16 Tax-Preferred Savings Accounts oTypes of tax-preferred savings accounts and how they work oAre contributions to these accounts new saving? oAdministrative details and effect on saving 18-17 Taxes and the Capital Shortage oTaxes and investment oTaxes and excess burden oClosed versus open economy oEmpirical evidence 18-18 Housing Decisions oEffects of the income tax on housing decisions nRnet = R I + V oImplicit rent not taxed oDeductibility of mortgage interest and property tax payments oThe decision to rent or buy 18-19 Proposals for Change oCritique of subsidy for owner-occupied housing nAre there significant positive externalities? nImpact on distribution of income oPolitical feasibility of taxing imputed rent oReform proposals nElimination of deduction for property tax and mortgage interest nPlacing an upper-limit on deductions nAn efficient solution 18-20 Portfolio Composition oTobins model of portfolio composition oImpact of proportional tax with full loss offset nImpact on return nImpact on risk oEmpirical evidence 18-21 A Note on Politics and Elasticities oAmbiguity about effect of taxation on behavior oImportance of elasticities o“Convenient” beliefs about elasticities 18-22 Taxes and Human Capital Accumulation oHuman capital oInvesting in human capital nB C 0 n(1 t)B (1 t)C = (1 t)(B C) 0 nIncome versus substitution effects oShortcomings of mod