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Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,16-,*,Click to edit Master title style,CHAPTER 16,EFFICIENT AND,EQUITABLE TAXATION,Optimal Commodity Taxation,w(T l)=P,X,X+P,Y,Y,wT=P,X,X+P,Y,Y+wl,wT=(1+t)PX,X,+(1+t)PY,Y,+(1+t)wl,1,wT=PX,X,+PY,Y,+wl 1+t,The Ramsey Rule,X per year,P,X,D,X,P,0,X,0,c,P,0,+u,X,b,X,1,X,a,ExcessBurden,P,0,+(u,X,+1),f,X,2,i,x,e,j,h,g,MarginalExcessBurden,marginal excess burden=area,fbae,=1/2,xu,X,+(u,X,+1)=X,The Ramsey Rule continued,change in tax revenues=area,gfih,area,ibae =X,2,(X,1,X,2,)u,X,marginal tax revenue =X,1,X,marginal tax revenue per additional dollar of tax revenue =X/(X,1,-,X),marginal tax revenue per additional dollar of tax revenue for good Y =Y/(Y1-Y),To minimize overall excess burden =X/(X1-X)=Y/(Y1-Y),therefore,A Reinterpretation of the Ramsey Rule,inverse elasticity rule,The Corlett-Hague Rule,In the case of two commodities,efficient taxation requires taxing commodity complementary to leisure at a relatively high rate,Equity Considerations,Equity implications of inverse elasticity rule,Vertical equity,Optimal departure from Ramsey Rule,Application:Taxation of the Family,Under federal income tax law,fundamental unit of income taxation is family,Is excess burden minimized by taxing each spouses income at same rate?,Should husbands face higher marginal tax rates than wives?,Optimal User Fees,Z per year,$,A Natural Monopoly,D,Z,MR,Z,AC,Z,MC,Z,Z,M,P,M,AC,M,Z*,P*,Z,A,Marginal Cost Pricing with Lump Sum Taxes,Benefits received principle,Average Cost Pricing,A Ramsey Solution,Optimal Income Taxation-Edgeworths Model,W=U,1,+U,2,+U,n,Individuals have identical utility functions that depend only on their incomes,Total amount of income fixed,Implications of model for income tax,Optimal Income Taxation-Modern Studies,Supply-side responses to taxation,Linear income tax model(flat income tax),Revenues=-,+t*Income,Stern 1987,Gruber and Saez 2002,Income,Tax Revenue,=lump sumgrant,t=marginaltax rate,Politics and the Time Inconsistency Problem,Public choice analysis of tax policy,Time inconsistency of optimal policy,Other Criteria for Tax Design,Horizontal equity,Utility definition of horizontal equity,Transitional equity,Rule definition of horizontal equity,Costs of Running the Tax System,Costs of administering the income tax in the U.S.,Types of costs,Compliance,Administration,Tax Evasion,Evasion versus Avoidance,Policy Perspective:Architectural Tax Avoidance,Methods of tax evasion,Keeping two sets of books,Moonlight for cash,Barter,Deal in cash,Positive Analysis of Tax Evasion,(Dollars of underreporting),(Dollars of underreporting),$,$,MC=p*marginalpenalty,MC=p*marginalpenalty,MB=t,MB=t,R*,R*=0,Costs of Cheating,Psychic costs of cheating,Risk aversion,Work choices,underground economy,Changing Probabilities of Audit,Normative Analysis of Tax Evasion,Tax evaders given weight in the social welfare function,Tax evaders given no weight in the social welfare function,Expected marginal cost of cheating=penalty rate*probability of detection,probability of detection=f(resources devoted to tax administration,draconian v just retribution penalties,
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