English, Article, Journal or magazine article edition: The Failure of Ricardian Equivalence Under Progressive Wealth Taxation Andrew B. Abel

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Bookmark: http://trove.nla.gov.au/version/167762
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Failure of Ricardian Equivalence Under Progressive Wealth Taxation
Author
  • Andrew B. Abel
Physical Description
  • preprint
Notes
  • Although the Ricardian Equivalence Theorem holds under a linear estate tax schedule, it fails to hold under a nonlinear estate tax schedule. In a representative consumer economy, a temporary lump-sum tax increase reduces contemporaneous consumption. If different consumers face different marginal estate tax rates because they leave bequests of different sizes, a lump-sum tax increase redistributes resources from consumers in low marginal estate tax brackets to consumers in high marginal estate tax brackets; aggregate consumption mey rise, fall, or remain unchanged. These departures from Ricerdian Equivalence hold more generally under any nonlinear tax on saving, wealth or income accruing to wealth.
  • RePEc:nbr:nberwo:1983
Language
  • English
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