The Theory of Taxation and Public Economics 1st Edition by Louis Kaplow 069114821X 9780691148212

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ISBN 10: 069114821X

ISBN 13: 9780691148212

Author: Louis Kaplow

The Theory of Taxation and Public Economics presents a unified conceptual framework for analyzing taxation–the first to be systematically developed in several decades. An original treatment of the subject rather than a textbook synthesis, the book contains new analysis that generates novel results, including some that overturn long-standing conventional wisdom. This fresh approach should change thinking, research, and teaching for decades to come. Building on the work of James Mirrlees, Anthony Atkinson and Joseph Stiglitz, and subsequent researchers, and in the spirit of classics by A. C. Pigou, William Vickrey, and Richard Musgrave, this book steps back from particular lines of inquiry to consider the field as a whole, including the relationships among different fiscal instruments. Louis Kaplow puts forward a framework that makes it possible to rigorously examine both distributive and distortionary effects of particular policies despite their complex interactions with others. To do so, various reforms–ranging from commodity or estate and gift taxation to regulation and public goods provision–are combined with a distributively offsetting adjustment to the income tax. The resulting distribution-neutral reform package holds much constant while leaving in play the distinctive effects of the policy instrument under consideration. By applying this common methodology to disparate subjects, The Theory of Taxation and Public Economics produces significant cross-fertilization and yields solutions to previously intractable problems.

The Theory of Taxation and Public Economics 1st Table of contents:

1. Introduction

Part I: Framework

2. An Integrated View

A. Completeness of Policy Specification

B. Comprehensiveness of Instruments Considered

C. Comparability of Proposals under Assessment

1.The Problem

2. Distribution-Neutral Income Tax Adjustments as a Solution

3. Applicability

3. The Social Objective

A. Motivation

1. Examples

2. Implications

B. Exposition

1. Social Welfare Functions

2. Comments on a Range of Social Welfare Functions

3. Relevance of the Choice of a Particular Social Welfare Function

Part II: Optimal Taxation

4. Optimal Income Taxation

A. Statement of the Problem

B. Results

1. Linear Income Tax

2. Two-Bracket Income Tax

3. Nonlinear Income Tax

a. Analysis

b. Qualifications

c. Simulations

4. Discussion

5. Elaboration and Extensions

A. Behavioral Response to Labor Income Taxation

1. Labor Supply Elasticity

2. Taxable Income Elasticity

3. Long-Run Elasticity

B. Problems of Implementation

1. Administration and Enforcement

2. Lack of Comprehensive Tax Base

C. Income and Ability

1. Taxation of Earning Ability

2. Income as an Indicator of Ability versus Preferences

D. Interdependent Preferences

E. Additional Considerations

1. Liquidity Constraints

2. Uncertain Labor Income

3. General Equilibrium Effects

4. Nontax Distortions

6. Income and Commodity Taxation

A. Statement of the Problem

B. Optimal Commodity Taxation

1. Distribution-Neutral Income Tax Adjustment and Labor Effort

2. Elimination of Differential Commodity Taxation

3. Other Reforms of Commodity Taxation

C. Qualifications

1. Externalities

2. Preferences Nonseparable in Labor

3. Preferences Dependent on Earning Ability

4. Preference Heterogeneity

5. Administration and Enforcement

6. Taxpayer Illusion

7. Political Economy

D. Ramsey Taxation

Part III: Government Expenditures

7. Transfer Payments

A. Integrated View

1. Characterization

2. Analysis

B. Existing System

1. Aggregate Marginal Tax Rates

2. Application: Earned Income Tax Credit

3. Administration, Eligibility, and Measurement of Need

C. Categorical Assistance

1. Optimal Categorical Assistance

2. Application to Existing Programs

3. Endogenous Categorization

D. Work Inducements

1. Rewarding Earnings

2. Rewarding Hours

3. Other Reasons to Encourage or Discourage Work

E. Cash versus In-Kind Transfers

8. Goods and Services

A. Distribution-Neutral Income Tax Adjustments

B. Special Case: Government Provision Perfect Substitute for Consumption

C. General Case: Distributive Incidence and Optimal Provision

1. Analysis

2. Examples

3. Comments

D. General Case: Distributive Incidence and Optimal Redistribution

1. Introduction

2. Analysis

3. Optimal Income Taxation and Revenue Requirements

E. Measurement of Distributive Incidence

F. Benefit Taxation

G. Extension: Government Regulation

Part IV: Additional Aspects of Taxation

9. Taxation of Capital

A. Analysis

1. Taxation of Capital as Differential Commodity Taxation

2. Qualifications

B. Applications

1. Income versus Consumption Taxation

2. Wealth Taxation

3. Corporate Income Taxation

C. Extensions

1. Uncertain Capital Income

2. Capital Levies and Transitions

3. Human Capital

10. Taxation of Transfers

A. Analysis

1. Taxation of Transfers as Differential Commodity Taxation

2. Externalities Due to Transfers

a. Externality on donees

b. Externality involving tax revenue

3. Transfers’ Effects on the Marginal Social Value of Redistribution

B. Transfer Motives

1. Altruism

2. Utility from Giving Per Se

3. Exchange

4. Accidental Bequests

C. Additional Considerations

1. Other Aspects of Distribution

2. Human Capital

3. Charitable Giving

11. Taxation and Social Security

A. Redistribution

1. Labor Income Tax Comparison

2. lifetime Income

3. Intergenerational Redistribution

4. Redistribution across Family Types

B. Forced Savings

1. Myopia

a. Myopic labor supply

b. Nonmyopic labor supply

2. Samaritan’s Dilemma

3. Liquidity Constraints

4. Heterogeneity

5. Relationship to Redistribution

C. Insurance

12. Taxation of Families

A. Distribution

1. Unequal Sharing

2. Economies of Scale

3. Intrafamily Transfer Motives

a. Altruism

b. Utility from sharing per se

c. Exchange

4. Children

5. Distributive Shares as a Function of Income

B. Incentives

1. Labor Effort

a. One-worker families

b. Two-worker families

2. Endogenous Family Structure

a. Marriage

b. Procreation

Part V: Distributive Justice and Social Welfare

13. Welfare

A. Welfarism

1. Definition

2. Basis for Welfarism

3. Perspectives on Welfarism

a. Two-level moral theory

b. Moral intuitions

c. Relevance of nonwelfarist principles under welfarism

B. Well-Being

1. Definition

2. Limited Information and Other Decision-Making Infirmities

3. Other-Regarding Preferences

4. Capabilities, Primary Goods, and Well-Being

14. Social Welfare Function

A. Aggregation

1. Frameworks

a. Original position

b. Social rationality

2. Concerns

a. Interpersonal comparisons of utility

b. Weight on equality

B. Membership in Society

1. National Boundaries

2. Future Generations

3. Population Size

15. Other Normative Criteria

A. Inequality, Poverty, Progressivity, Redistribution

B. Horizontal Equity

C. Sacrifice Theories

D. Benefit Principle

E. Ability to Pay

F. Definitions as Norms

16. Conclusion

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