Schindler, Dirk (contributor); Yang, Hongyan (contributor) - 2007
-improving tax reform: in order to avoid windfall
gains and/or losses, the old generation still faces the old tax rules, but the …
young and all following generations are liable to the new, post-reform tax
parameters. Thus, the government chooses tax … budget constraint turns into
t1·W ·[(1+r)(1−e)+X]+t2·W ·[H·L−X]+(1+r)·Pe·e+τ = R. (30)
A balanced budget policy reform …