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Optimal Redistributive Taxation (Hardcover)
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Optimal Redistributive Taxation (Hardcover)
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Tax systems raise large amounts of revenue for funding public
sector's activities, and tax/transfer policy, together with public
provision of education, health care, and social services, play a
crucial role in treating the symptoms and the causes of poverty.
The normative analysis is crucial for tax/transfer design because
it makes it possible to assess separately how changes in the
redistributive criterion of the government, and changes in the size
of the behavioural responses to taxes and transfers, affect the
optimal tax/transfer system. Optimal tax theory provides a way of
thinking rigorously about these trade-offs. Written primarily for
graduate students and researchers, this volume is intended as a
textbook and research monograph, connecting optimal tax theory to
tax policy. It comments on some policy recommendations of the
Mirrlees Review, and builds on the authors work on public
economics, optimal tax theory, behavioural public economics, and
income inequality. The book explains in depth the Mirrlees model
and presents various extensions of it. The first set of extensions
considers changing the preferences for consumption and work:
behavioural-economic modifications (such as positional
externalities, prospect theory, paternalism, myopic behaviour and
habit formation) but also heterogeneous work preferences (besides
differences in earnings ability). The second set of modifications
concerns the objective of the government. The book explains the
differences in optimal redistributive tax systems when governments
- instead of maximising social welfare - minimise poverty or
maximise social welfare based on rank order or charitable
conservatism social welfare functions. The third set of extensions
considers extending the Mirrlees income tax framework to allow for
differential commodity taxes, capital income taxation, public goods
provision, public provision of private goods, and taxation
commodities that generate externalities. The fourth set of
extensions considers incorporating a number of important real-word
extensions such as tagging of tax schedules to certain groups of
tax payers. In all extensions, the book illustrates the main
mechanisms using advanced numerical simulations.
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