한국조세재정연구원 - OAK리포지터리

Korea Institute of Public Finance
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On the Effects of Income Taxation in the Presence of Human and Physical Capital

Keyword
소득세, 이자세율, 투자
Title
On the Effects of Income Taxation in the Presence of Human and Physical Capital
Authors
국중호
Issue Date
1997-10-01
Publisher
KIPF
Citation
pp. 19
Abstract
This Paper aims to investigate the effects of income taxation on endogenous variables and utility level in the steady state using a general equilibrium model with overlapping generation in the presence of human and physical capital. Labor income and inheritance tax has no impact on the endogenous varialbes if the government pays back the agents in the form of a lump-sum transfer, while interest tax does influence them. The Highest utility level is not achieved when the interest tax rate is zero. The Utility level increases as the interest tax rate increases up to some point, after which it decreases. This is because though the human capital increases output and raises earning capacity, the cost function of human capital investment is convex. We show this using a simple simulation. An Implication of this is that both the contribution of human capital to earning capacity and the convexity of the cost function should be considered in determining income taxation.
Keywords
소득세, 이자세율, 투자
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