Researchers considering levels and trends in the resources available to the middle class traditionally measure the pre-tax … cash income of either tax units or households. In this paper, we demonstrate that this choice carries significant … implications for assessing income trends. Focusing on tax units rather than households greatly reduces measured growth in middle …

We propose a model consistent with two observations. First, the tax rates adopted by different countries are generally … their growth performance. In our model, the effects of taxation on growth are highly non-linear. Low or moderate tax rates … have a very small impact on long-run growth rates. But as tax rates rise, their negative impact on growth rises …

without commitment. This policy features a state-contingent macroprudential debt tax that is strictly positive at date t if a … under commitment the regulator's plans are time-inconsistent, and hence focus on studying optimal, time-consistent policy … crisis has positive probability at t + 1. Quantitatively, this policy reduces sharply the frequency and magnitude of crises …

I examine Ronald Coase's criticism of standard regulatory and tax policies to address environmental externalities. I …. Regulation, tax, and Coasean exchange, such as through cap-and-trade regimes, are presented as substitutes, based on the relative … and tax policies, although these costs have received somewhat more attention with cap and trade regimes. Coasean exchange …

outbound capital flows reflect efforts to bypass home country tax regimes and weak host country investor protections. The cross …-country analysis indicates that a 10% decrease in a foreign country's corporate tax rate increases US investors' equity FPI holdings by … 21%, controlling for effects on FDI. This suggests that the residual tax on foreign multinational firm earnings biases …

The paper studies the effects of tax policy on venture capital activity. Entrepreneurs pursue a single high risk … managerial advice. It considers dierential wage and capital income taxes, a comprehensive income tax, incomplete loss offset …

Tax rates have fluctuated considerably since federal income taxes were introduced in the United States in 1913. This … taxation affects the after-tax returns of both risky and safe assets. Whenever taxes change, bond and equity prices adjust to … for the risk introduced by tax changes …

This paper explores the implications of tax rate uncertainty, identifying circumstances in which revenue-neutral tax … heterogeneous taxpayers, tax rate variability is shown to perform an efficiency-enhancing screening function, imposing heavier … expected tax burdens on less responsive taxpayers. And while efficient tax uncertainty enables governments to reduce average …

equivalent tax incentives to result in meaningfully different behaviors. We argue that in the presence of such failures of … “implementation invariance,” decoupling the question of optimal feasible allocations from the tax system used to induce them …—the “mechanism design approach” to tax analysis—cannot be the right approach to analyzing optimal tax systems. After reviewing the …