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optimal capital income taxation
Optimal capital income taxation is a subarea of optimal tax theory which refers to the study of designing a tax on capital income thus that a given economic criterion like utility is optimized.〔Slemrod, J. (1990). Optimal taxation and optimal tax systems. ''Journal of Economic Perspectives, 4(1), p. 158.〕 Starting from the conceptualization of capital income as future consumption, the taxation of capital income corresponds to a differentiated consumption tax on present and future consumption. Consequently, a capital income tax results in the distortion of individuals' saving and consumption behavior as individuals substitute the more heavily-taxed future consumption with current consumption. Due to these distortions, zero taxation of capital income might be optimal,〔Lucas, R.E. jr. (1990). Supply-Side Economics: An Analytical Review. ''Oxford Economics Papers'', 42(2), pp. 293-316.〕 a result postulated by the Atkinson-Stiglitz theorem (1976) and the Chamley-Judd zero capital income tax result (1985/1986). Subsequent work on optimal capital income taxation has elucidated the assumptions underlying the theoretical optimality of a zero capital income tax and advanced diverse arguments for a positive (or negative) optimal capital tax.
== Zero optimal capital income taxation ==
The assertion that a zero capital income taxes may be optimal is based on two individual economic intuitions: (1) the Atkinson-Stiglitz theorem and (2) the result derived by Chamley (1986) and Judd (1985) based on a dynamic Ramsey model. While Mankiw, Weinzierl and Yagan (2009) invoke the Diamond-Mirrlees production efficiency theorem (DMPET) as third intuition for no capital income taxation,〔Mankiw, N.G., Weinzierl, M., Yagan, D. (2009). Optimal Taxation in Theory and Practice. ''Journal of Economic Perspectives'', 23(4), p. 167.〕 their arguments are refuted by Diamond and Saez (2011).〔Diamond, P.A., Saez, E. (2011). The Case for a Progressive Tax: From Basic Research to Policy Recommendations. ''Journal of Economic Perspectives'', 25(4), p. 177.〕
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