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Optimal Taxation of Capital and Labor Income with Social Security and Variable Retirement Age

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  • Philippe Michel
  • Pierre Pestieau

Abstract

This paper extends the Diamond overlapping-generations model with pay-as-you-go social security by allowing for variable retirement age and for distortionary taxation of earnings and interest income. The tax rates are shown to depend on whether or not debt policy is available, and on the compensated elasticities of the two key variables: the amount of saving and the age of retirement. The relative tax on earnings, and thus the downward distortion on the age of retirement, is shown to be low if the age of retirement has a high tax elasticity and if, when there is no debt policy, there is underaccumulation (with respect to the modified golden rule).

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Bibliographic Info

Article provided by Mohr Siebeck, Tübingen in its journal FinanzArchiv.

Volume (Year): 59 (2002/2003)
Issue (Month): 2 (May)
Pages: 163-

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Handle: RePEc:mhr:finarc:urn:sici:0015-2218(2002/200305)59:2_163:otocal_2.0.tx_2-c

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Cited by:
  1. Pierre Pestieau, 2001. "Are We Retiring too Early?," CESifo Working Paper Series 522, CESifo Group Munich.
  2. repec:hal:wpaper:halshs-00857945 is not listed on IDEAS
  3. Marc Fleurbaey & Marie-Louise Leroux & Pierre Pestieau & Grégory Ponthière, 2013. "Fair Retirement Under Risky Lifetime," PSE Working Papers halshs-00857945, HAL.

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