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Optimal Income Taxation with Unemployment and Wage Responses: A Sufficient Statistics Approach

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  • Kory Kroft
  • Kavan Kucko
  • Etienne Lehmann
  • Johannes Schmieder
Abstract
We derive a sufficient statistics optimal income tax formula in a general model that incorporâtes unemployment and endogenous wages, to study the shape of the tax and transfer system at the bottom of the income distribution. Key sufficient statistics are the macro employment response to taxation, the micro and macro participation response to taxation and the wage-moderating effect of tax progressivity. We empirically implement the tax formula by estimating the micro and macro elasticities using policy variation from the U.S. tax and transfer system. Our results suggest that the optimal tax more closely resembles a Negative Income Tax than an Earned Income Tax Credit relative to the case where unemployment and wage responses are not taken into account.
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  • Kory Kroft & Kavan Kucko & Etienne Lehmann & Johannes Schmieder, 2015. "Optimal Income Taxation with Unemployment and Wage Responses: A Sufficient Statistics Approach," TEPP Working Paper 2015-10, TEPP.
    • Handle: RePEc:tep:teppwp:wp15-10
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    JEL classification:

    • H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation
    • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
    • J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand

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