✦ LIBER ✦

Flat tax reform: A quantitative exploration

✍ Scribed by Gustavo Ventura

Publisher: Elsevier Science
Year: 1999
Tongue: English
Weight: 242 KB
Volume: 23
Category: Article
ISSN: 0165-1889
DOI: 10.1016/s0165-1889(98)00079-7

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✦ Synopsis

This paper explores quantitatively the general equilibrium implications of a revenue neutral tax reform in which the current income and capital income tax structure in the U.S. is replaced by a #at tax, as proposed by Hall and Rabushka (1995), (The Flat Tax, 2nd ed. Hoover). The central aspects of such reform, the impact of tax reform on capital accumulation and labor supply, as well as its distributional consequences, are analyzed in a dynamic general equilibrium model. Main results are that, (i) the elimination of the actual taxation of capital income has an important and positive e!ect on capital accumulation; (ii) mean labor hours are relatively constant across tax systems, but aggregate labor in e$ciency units increases; (iii) in all circumstances analyzed, the distributions of earnings, income and especially wealth become more concentrated.

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