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"Entrepreneurship is a key determinant of investment, saving, and wealth inequality. We study the aggregate and distributional effects of several tax reforms in a model that recognizes this key role and that matches the large wealth inequality observed in the U.S. data. The aggregate effects of tax reforms can be particularly large when they affect small and medium-sized businesses, which face the most severe financial constraints, rather than big businesses. The consequences of changes in the estate tax depend heavily on the size of its exemption level. The current effective estate tax system insulates smaller businesses from the negative effects of estate taxation, minimizing the aggregate costs of redistribution. Abolishing the current estate tax would generate a modest increase in wealth inequality and slightly reduce aggregate output. Decreasing the progressivity of the income tax generates large increases in output, at the cost of large increases in wealth concentration"--Federal Reserve Bank of Minneapolis web site.
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Subjects
Econometric models, Entrepreneurship, Small business, TaxationPlaces
United StatesEdition | Availability |
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1
Taxation, entrepreneurship, and wealth
2006, Federal Reserve Bank of Chicago
electronic resource /
in English
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2
Taxation, entrepreneurship, and wealth
2004, Federal Reserve Bank of Minneapolis
Electronic resource
in English
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3
Taxation, entrepreneurship and wealth
2004, Federal Reserve Bank of Minneapolis, Research Dept.
Electronic resource
in English
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Book Details
Edition Notes
Also available in print.
Includes bibliographical references.
Title from PDF file (viewed on June 23, 2004).
"June 2004."
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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December 11, 2020 | Edited by MARC Bot | import existing book |
November 27, 2012 | Edited by raj | Reverted spam |
November 23, 2012 | Edited by 188.190.127.73 | Edited without comment. |
December 5, 2010 | Edited by Open Library Bot | Added subjects from MARC records. |
December 10, 2009 | Created by WorkBot | add works page |