Taxing Top Earners: a Human Capital Perspective
通过人力资本模型发现，美国最高税率在约49%时税收最大化，低于传统观点认为的73%，因为高收入者的人力资本会随税率变化而调整。
Abstract An established view is that the revenue maximising top tax rate for the US is approximately 73%. In contrast, the revenue maximising top tax rate is approximately 49% in our quantitative human capital model. The key reason for the lower top tax rate is the presence of two new forces not captured by the model underlying the established view. These new forces are strengthened by the endogenous response of top earners’ human capital to a change in the top tax rate.