The welfare loss from a capital income tax

Jinyong Cai and Jagadeesh Gokhale

Economic Review, 1997, issue Q I, 2-10

Abstract: A decomposition of the welfare loss from a capital income tax into its two components: the intertemporal (consuming today versus tomorrow) and the within-period or static (consuming durable versus nondurable goods). Its calculations, which use a calibrated life-cycle model with a representative consumer, suggest that ignoring the static distortion may lead to substantial underestimation of the total welfare loss.

Date: 1997
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