the monetary returns in the form of income taxes. We study the policy implications of this fiscal externality in an … college education subsidies and for the excess burden of income taxation caused by the college margin. We also show how the … optimal nonlinear income tax problem is altered by the college margin. Our modeling assumptions are strongly guided by the …

substantial and heterogeneous employment responses that increased average income despite reduced transfers. We find zero effects …, consistent with the transition to employment elevating time pressure and stress. We find no effect on teenagers' education and …