TAXATION AND RISK TAKING: A GENERAL EQUILIBRIUM PERSPECTIVE

Louis Kaplow

76 citations0/0 files storedNational Tax Journal

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Economic and Fiscal Studies Economic theories and models Fiscal Policy and Economic Growth

Abstract

Taxation and risk taking are examined in a general equilibrium model that incorporates uncertain government revenue and allows the government to influence risk through portfolio investments as well as through tax policy. It is demonstrated that each of a wide range of taxes can be decomposed into some combination of a wage tax, an ex ante wealth tax, and a modification of the government's investment portfolio. For example, with an adjustment in the governments portfolio, an income tax is equivalent to a wage tax plus an ex ante wealth tax (or, alternatively, a tax on riskless return)—taxes that absorb no investment risk and yield certain revenue.

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References

1958Liquidity Preference as Behavior Towards Risk 1981Lectures on Public Economics.1944Proportional Income Taxation and Risk-Taking 2013Handbook of Public Economics 1969The Effects of Income, Wealth, and Capital Gains Taxation on Risk-Taking 1984Discounting for Time and Risk in Energy Policy.1986Untangling the Income Tax 2016Tax Smoothing with Financial Instruments

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