Incentive Effects of Inheritances and Optimal Estate Taxation
研究了在利他性遗赠动机下，最优非线性所得税和遗产税的设计，推导出最优遗产税率公式，并分析了遗产税与继承税在实施最优政策中的适用性。
I consider optimal nonlinear taxation of income and bequests with a joy-of-giving bequest motive and explicitly characterize the optimal estate tax rate. The optimal formula trades off correction of externality from giving and discouraging effort of children due to income effect generated by bequests. The analysis shows that optimality of a positive tax on bequests rests on the strength of the effect of bequests on behavior of future generations. The analysis also suggests that inheritance, rather than estate tax, is better suited to implement the optimal policy.