Wealth taxation and life expectancy
研究了在死亡率风险异质且技能与寿命相关的王朝经济中，最优财富税的设计，发现寿命差异导致储蓄应被征税而早期遗产应获补贴，量化结果与美国等发达国家的实际税负水平相当。
I study the optimal taxation of wealth in a dynastic economy with heterogeneous mortality risk, and various sources of wealth accumulation (including savings and bequests). Working individuals are indexed by skills which are private information. Skills not only determine earning abilities but also correlate with survival probability, so that more productive agents on average live longer. My analysis points to the longevity gradient as a crucial determinant for optimal wealth taxation, both from a theoretical and from a quantitative angle. In particular, due to longevity variations, savings should be marginally taxed in expectation, while bequests received early in life should be marginally subsidized on average. When calibrated to U.S. data, such forces are commensurate with the actual levels of wealth taxation in a sample of developed countries.