Positive Long Run Capital Taxation: Chamley-Judd Revisited
Positive Long Run Capital Taxation: Chamley-Judd Revisited
复制标题
积极的长期资本税：再谈查姆利-贾德
DOI：
--
复制
发表时间：
2014
期刊：
影响因子：
--
通讯作者：
I. Werning
中科院分区：
文献类型：
--
作者：
Ludwig Straub;I. Werning
根据Chamley-Judd结果，从长远来看，资本不应该被征税。在本文中，我们推翻了这一结论，表明它并不遵循用于推导它的模型。对于Judd（1985）的主要模型，我们证明了当跨期替代弹性低于1时，长期资本税是正的且显著的。对于更高的弹性，税收趋近于零，但经过几个世纪的高税率后，趋近于零的速度可能很慢。Chamley（1986）的主要模型规定了资本税的上限。我们提供了这些约束永远约束的条件，这意味着长期税收为正。如果情况并非如此，那么长期税收可能为零。然而，如果偏好是递归的，贴现在局部是非恒定的（例如，随着时间的推移，不能相加可分离），零长期资本税限制必须伴随着零私人财富（零税基）或零劳动税（最佳）。最后，我们解释了为什么正资本税与不断增加的消费税的等价物并不能提供反对资本税的坚定理由。（凝胶h21， h25）
According to the Chamley-Judd result, capital should not be taxed in the long run. In this paper, we overturn this conclusion, showing that it does not follow from the very models used to derive it. For the main model in Judd (1985), we prove that 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 tax rates. The main model in Chamley (1986) imposes an upper bound on capital taxes. We provide conditions under which these constraints bind forever, implying positive long-run taxes. When this is not the case, the long-run tax may be zero. However, if preferences are recursive and discounting is locally nonconstant (e.g., not additively separable over time), a zero long-run capital tax limit must be accompanied by zero private wealth (zero tax base) or by zero labor taxes (first-best). Finally, we explain why the equivalence of a positive capital tax with ever-increasing consumption taxes does not provide a firm rationale against capital taxation. (JEL H21, H25)