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The Top Shares of Older Earners in Canada

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  • Michael R. Veall

Abstract

Within the 65+ age group, the percentage of labour market income received by the top 1% of earners has increased from about 30% in 1982 to more than 60% in 2002. The trend is smooth, is roughly uniform across provinces and does not appear to have been accelerated by top marginal tax rate reductions in 1988. Hence there is little evidence from this time series that further marginal tax rate reductions would have an important permanent effect on aggregate labour supply for this age group. Moreover, it is unlikely that this period could provide evidence regarding aggregate labour supply effects for this group with respect to reductions in Old Age Security or Guaranteed Income Supplement clawbacks, because the top 1% of earners are above the income range served by these programs.

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File URL: http://socserv.mcmaster.ca/sedap/p/sedap156.pdf
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Bibliographic Info

Paper provided by McMaster University in its series Social and Economic Dimensions of an Aging Population Research Papers with number 156.

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Length: 36 pages
Date of creation: Jul 2006
Date of revision:
Handle: RePEc:mcm:sedapp:156

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Keywords: Income distribution of seniors; employment income of seniors;

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References

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  1. Michael R. Veall, 1999. "Did Tax Flattening Affect RRSP Contributions?," Department of Economics Working Papers 1999-04, McMaster University.
  2. Michael Baker, 1999. "The Retirement Behavior of Married Couples: Evidence From the Spouse's Allowance," Working Papers baker-99-01, University of Toronto, Department of Economics.
  3. Michael Baker & Jonathan Gruber & Kevin Milligan, 2001. "The Retirement Incentive Effects of Canada's Income Security Programs," NBER Working Papers 8658, National Bureau of Economic Research, Inc.
  4. Slemrod, Joel, 1998. "Methodological Issues in Measuring and Interpreting Taxable Income Elasticities," National Tax Journal, National Tax Association, vol. 51(n. 4), pages 773-88, December.
  5. Gerald Auten & Robert Carroll, 1999. "The Effect Of Income Taxes On Household Income," The Review of Economics and Statistics, MIT Press, vol. 81(4), pages 681-693, November.
  6. Austan Goolsbee, 2000. "What Happens When You Tax the Rich? Evidence from Executive Compensation," Journal of Political Economy, University of Chicago Press, vol. 108(2), pages 352-378, April.
  7. Frank T. Denton & Byron G. Spencer, 2000. "Some Demographic Consequences of Revising the Definition of 'Old' to Reflect Future Changes in Life Table Probabilities," Quantitative Studies in Economics and Population Research Reports 352, McMaster University.
  8. Richard Blundell & Alan Duncan & Costas Meghir, 1998. "Estimating Labor Supply Responses Using Tax Reforms," Econometrica, Econometric Society, vol. 66(4), pages 827-862, July.
  9. Gruber, Jon & Saez, Emmanuel, 2002. "The elasticity of taxable income: evidence and implications," Journal of Public Economics, Elsevier, vol. 84(1), pages 1-32, April.
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