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Growth Effects of Taxation under Altruism and Low Elasticity of Intertemporal Substitution

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Author Info
Caballe, Jordi

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Abstract

An increase in the tax rate on capital income may raise the rate of economic growth when the elasticity of intertemporal substitution is low and intergenerational transfers are absent. Since the strength of the bequest motive depends on tax rates, this paper provides conditions under which taxing capital income, and then reducing the labor income tax, is more growth enhancing than the classical policy of zero taxes on capital income, and vice versa.

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Publisher Info
Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 108 (1998)
Issue (Month): 446 (January)
Pages: 92-104
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Handle: RePEc:ecj:econjl:v:108:y:1998:i:446:p:92-104

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  1. Gregory Amacher & Erkki Koskela & Markku Ollikainen, 2001. "Optimal Forest Policies in an Overlapping Generations Economy with Timber and Money Bequests," Discussion Papers 756, The Research Institute of the Finnish Economy. [Downloadable!]
  2. Ho , Wai-Hong & Wang, Yong, 2009. "Capital Income Taxation Revisited: The Role of Information Asymmetry in the Credit Market," MPRA Paper 17040, University Library of Munich, Germany. [Downloadable!]
  3. Lars Kunze, 2009. "Capital Taxation, Long-run Growth, and Bequests," Ruhr Economic Papers 0113, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen. [Downloadable!]
  4. Carlos Garriga & Fernando Sánchez-Losada, 2009. "Indirect taxation and the welfare effects of altruism on the optimal fiscal policy," Working Papers 2009-047, Federal Reserve Bank of St. Louis. [Downloadable!]
  5. Elisabeth Hermann Frederiksen, 2006. "Spending Natural Resource Revenues in an Altruistic Growth Model," EPRU Working Paper Series 06-09, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics. [Downloadable!]
  6. Gustavo A. Marrero & Alfonso Novales, 2001. "Growth and welfare: Distorting versus non-distorting taxes," Documentos del Instituto Complutense de Análisis Económico 0105, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales. [Downloadable!]
    Other versions:
  7. James B. Davies & Jie Zhang & Jinli Zeng, 2000. "Optimal tax mix in a two-sector growth model with transitional dynamics," Departmental Working Papers wp0105, National University of Singapore, Department of Economics. [Downloadable!]
    Other versions:
  8. Fernando Sánchez-losada, 2004. "Growth effects of fiscal policy in presence of altruism and human capital," Annales d'Economie et de Statistique, ADRES, issue 73, pages 03, Janvier-M. [Downloadable!]
  9. Carl-Johan Dalgaard & Martin Kaae Jensen, 2007. "Life Cycle Savings, Bequest, and the Diminishing Impact of Scale on Growth," Discussion Papers 07-17, University of Copenhagen. Department of Economics. [Downloadable!]
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