A worker can contribute pre-tax dollars to a private pension plan. Under a progressive tax, this feature reduces income … the complete time-series of US income tax history and find that the tax benefit of income smoothing is much smaller. …

The creeping stock market collapse eroded the wealth of funded pension systems. This led to political tensions between … generations due to the fuzzy definition of property rights on the pension funds wealth. We argue that this problem can best be … smoothly over lifetime consumption. When stock markets are depressed equity should be bought, savings and consumption should be …

This paper studies the effect of top tax rates on inventors' mobility since 1977. We put special emphasis on "superstar … Patent Offices to track inventors' locations over time and combine it with international effective top tax rate data. We …% inventors are significantly affected by top tax rates when deciding where to locate. The elasticity of the number of domestic …

wealth tax is negatively correlated with income and its expected value is generally positive. The marginal income tax is … in market economies supplemented with simple tax systems. The market structure in these economies is identical to that in … constraint and a debt limit. The tax system describes additional transfers that the agents must make to the government. It …

activity; (iii) increased savings, through an increase in the post-tax return on savings; (iv) increased investment, through an …This paper examines the effects of tax cuts in a multi-country world where both labour supply and capital formation are … endogenous and taxes are distortionary. We highlight four channels through which tax cuts affect interest rates and the economy …

This paper divides the population into two groups: the "inheritors" or "rentiers" (whose wealth is smaller than the … capitalized value of their inherited wealth, i.e. who consumed more than their labor income during their lifetime); and the … "savers" or "self-made men" (whose wealth is larger than the capitalized value of their inherited wealth, i.e. who consumed …

Capital market theory predicts that the wealth distribution of an economy affects real interest rates. This paper … empirically analyzes this relationship for the US, the UK and Sweden. We obtain that measures of wealth inequality are positively …

We use all available waves of the Survey of Consumer Finances to document the evolution of the wealth distribution in …