private consumption) asset categories.We interpret these results as indicating both the existence of real tax responses and … supportive of the notion that in the presence of dividend taxation closely-held firms partially serve as tax shelters. …

recessions than tax based fiscal adjustments. Finally, certain combinations of policies have made it possible for spending based …

-enhancing innovations result from profit-motivated R&D investment. Our main result is that, for a given required trend of public expenditure …, a zero tax/subsidy on capital becomes suboptimal. In particular, the higher the level of public expenditure and the …

preferences are recursive but non-additive across time, the zero-capital-tax limit comes accompanied by zero private wealth (zero … the long run tax on capital is positive and significant, whenever the intertemporal elasticity of substitution is below … one. For higher elasticities, the tax converges to zero but may do so at a slow rate, after centuries of high capital …

factors. The first is the impact of tax policy, which has varied over time and differs across countries. Top tax rates have … enterprise growth and employment. The third factor is capital income. Overall, private wealth (relative to income) has followed a … U-shaped path over time, particularly in Europe, where inherited wealth is, in Europe if not in the United States …

purchase health insurance to a financially equivalent tax on the uninsured. Participants report their probability of purchasing … equivalent tax, increased probability of insurance purchase by 10.6 percentage points -- an effect comparable to a $1000 decrease … in annual premiums. After the controversy, the mandate is no more effective than the tax. Our results show that how a …

wealth levels. This pattern is consistent with those who choose monthly distributions being more likely to use their …

, bequests, inheritances, inter vivos gifts) and wealth. The main message may be summarized as follows. Empirical evidence on … direction of (1) mixed motives (2) heterogeneity of preferences and (3) importance of retaining control over wealth. These … focus on understanding implications of inequality of inherited wealth: the topic that has been neglected in the past, even …