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Theses

La fiscalité optimale du capital

Abstract : We show that the inconsistency result is based on an unrealistic assumption that an expropriation of property rights or a government debt default may be optimal. Under the No Implied Default Condition, optimal policy is always dynamically consistent. We find this policy. If the tax rates on the microeconomic level are chosen optimally, then optimal capital tax is zero and the Friedman rule is satisfied from the beginning of the optimal policy. Optimal consumption and labor tax rates are about constant, but they are adjusted in a special way in the beginning of the optimal plan.
We find optimal fiscal policy in an economy which accumulates not only physical, but also human capital. All principles of optimal taxation are revised. At the microeconomic level, the first order conditions of Ramsey problem are revised. At the macroeconomic level, optimal capital tax rate is not zero even under homothetic preferences. Even the production efficiency principle is satisfied only under assumption that the human capital production function is homothetic.
We find optimal capital tax rate in a rent seeking economy. We find that optimal capital tax rate is approximately zero.
We also intuitively clarify some known results in the optimal fiscal theory.
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Submitted on : Wednesday, March 14, 2007 - 11:31:50 AM
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Nicolay Arefiev. La fiscalité optimale du capital. Economies et finances. Université Panthéon-Sorbonne - Paris I, 2006. Français. ⟨tel-00136505⟩

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