By Anthony B. Atkinson
This e-book surveys fresh advancements in public economics via learning the proposals for a simple income/flat tax scheme. It discusses quite a few ways to taxation and offers a framework for a approach which might have an effect on either own source of revenue and the social safeguard method, changing the only via a flat-rate source of revenue tax and the opposite by means of a assured source of revenue. the assumption has generated large curiosity in a few nations, and is being actively mentioned by means of a few political teams. This booklet explains how those alterations would get advantages a wide selection of social teams, yet asks how a unmarried reform can meet the very various goals of other supporters.
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Extra resources for Public Economics in Action: The Basic Income Flat Tax Proposal (Lindahl Lectures on Monetary and Fiscal Policy)
He takes a labour supply function that allows for different values of the elasticity of substitution between leisure and goods. 4 and a revenue requirement of approximately 20 per cent of GNP. With a social welfare function such that the net social marginal valuation of income decreases as the square of income, the optimum tax rate is 54 per cent and the basic income is 34 per cent of the average income. He comments that The utilitarian approach therefore gives taxation rates which are rather high without any appeal to extreme social welfare functions, and need only invoke labour supply functions of the type which are commonly observed' (Stern 1976: 152).
The objective function at this stage is assumed to depend on individual welfares. 2) In this expression, v[B] denotes the welfare of the sick and retired (which depends only on B), and V[ ] is the indirect utility function of those in the potentially working population. The objective is maximized subject to the revenue constraint. e. 4) so that e is the elasticity of labour supply with respect to the net wage (L0 is a constant). This means that the level of the basic income has no direct impact on labour supply.
15). The assumption about labour supply affects, however, not just the aggregate labour supply but also the distributional term. 15), and through the evaluation of the welfare impact itself. The private marginal value of income, a, depends on the individual preferences underlying the supply of labour and on the way in which they are represented. 4), as does any increasing transformation of V. 16) is that which is the least concave representation, being linear in consumption (B). This provides a useful benchmark.