On The Distributional Effects Of Reducing Capital Taxes*
比较了代表性个体经济与存在异质性家庭和不完全市场的经济，发现资本减税在后者中仅使少数家庭受益，多数家庭面临福利损失。
This article asks whether household heterogeneity and market incompleteness have quantitatively important implications for the welfare effects of tax changes. We compare a representative‐agent economy to an economy in which households face idiosyncratic uninsurable income risk. The income process is consistent with empirical estimates and implies a realistic wealth distribution. We find that capital tax cuts imply large welfare gains in the representative‐agent economy. However, when households are heterogeneous, substantial redistribution during transition means that only a minority will support capital tax cuts, whereas most households can expect large welfare losses.