Optimal taxation of normal and excess returns to risky assets
研究了在收益率异质的情况下，对风险资产的正常收益和超额收益征收线性最优税收，同时结合最优非线性劳动所得税，发现超额收益税因Domar-Musgrave效应仅能筹集收入，而正常收益税有助于再分配。
Abstract We examine optimal linear taxes on normal and excess capital income with heterogeneous rates of return, alongside an optimal nonlinear earnings tax. Households optimize a portfolio containing three types of assets: risk‐free, diversifiable risky, and private investment with idiosyncratic risk and heterogeneous expected returns. We define normal capital income as the risk‐free rate times the size of the portfolio, and excess returns as any deviations from it. In this setting, taxing excess returns is ineffective for redistribution due to a Domar–Musgrave effect and only generates revenue, to be balanced against the cost of revenue uncertainty. Taxing normal returns does serve redistribution, as they reveal information about the investors' types beyond what the earnings tax base reveals.