Personal income taxes Progressive personal income taxes reduce
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![Personal income taxes Progressive personal income taxes reduce growth n High top marginal personal Personal income taxes Progressive personal income taxes reduce growth n High top marginal personal](https://slidetodoc.com/presentation_image_h/74b4d1344e8a33cf2b5cd9d78cd50a72/image-20.jpg)
![Corporate taxes: industry level Corporate taxes reduce investment by increasing the user cost of Corporate taxes: industry level Corporate taxes reduce investment by increasing the user cost of](https://slidetodoc.com/presentation_image_h/74b4d1344e8a33cf2b5cd9d78cd50a72/image-21.jpg)
![Corporate taxes: firm level n n Statutory corporate taxes seem to have a smaller Corporate taxes: firm level n n Statutory corporate taxes seem to have a smaller](https://slidetodoc.com/presentation_image_h/74b4d1344e8a33cf2b5cd9d78cd50a72/image-22.jpg)
![The tax and growth Recurrent taxes on immovable property can offset other tax preferences The tax and growth Recurrent taxes on immovable property can offset other tax preferences](https://slidetodoc.com/presentation_image_h/74b4d1344e8a33cf2b5cd9d78cd50a72/image-23.jpg)
![The tax and growth Consumption taxes can affect labour supply but are mainly otherwise The tax and growth Consumption taxes can affect labour supply but are mainly otherwise](https://slidetodoc.com/presentation_image_h/74b4d1344e8a33cf2b5cd9d78cd50a72/image-24.jpg)
![The tax and growth n Corporate taxes are most harmful as they discourage investment The tax and growth n Corporate taxes are most harmful as they discourage investment](https://slidetodoc.com/presentation_image_h/74b4d1344e8a33cf2b5cd9d78cd50a72/image-25.jpg)
![Other key policy issues Broadening the base of consumption taxes is better for growth Other key policy issues Broadening the base of consumption taxes is better for growth](https://slidetodoc.com/presentation_image_h/74b4d1344e8a33cf2b5cd9d78cd50a72/image-26.jpg)
![Growth and equity Move from income to consumption taxes generally seen as regressive n Growth and equity Move from income to consumption taxes generally seen as regressive n](https://slidetodoc.com/presentation_image_h/74b4d1344e8a33cf2b5cd9d78cd50a72/image-27.jpg)
![CONCLUSIONS Growth can be increased, at least in the short-to-medium terms, by shifting away CONCLUSIONS Growth can be increased, at least in the short-to-medium terms, by shifting away](https://slidetodoc.com/presentation_image_h/74b4d1344e8a33cf2b5cd9d78cd50a72/image-28.jpg)
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![Laffer Curve ����� Laffer Curve �����](https://slidetodoc.com/presentation_image_h/74b4d1344e8a33cf2b5cd9d78cd50a72/image-55.jpg)
- Slides: 55
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![Personal income taxes Progressive personal income taxes reduce growth n High top marginal personal Personal income taxes Progressive personal income taxes reduce growth n High top marginal personal](https://slidetodoc.com/presentation_image_h/74b4d1344e8a33cf2b5cd9d78cd50a72/image-20.jpg)
Personal income taxes Progressive personal income taxes reduce growth n High top marginal personal income tax rates reduce productivity growth, especially in industries with industries characterised by high entry rates of new firms n High social security contributions reduce productivity growth, especially in labour intensive industries. n
![Corporate taxes industry level Corporate taxes reduce investment by increasing the user cost of Corporate taxes: industry level Corporate taxes reduce investment by increasing the user cost of](https://slidetodoc.com/presentation_image_h/74b4d1344e8a33cf2b5cd9d78cd50a72/image-21.jpg)
Corporate taxes: industry level Corporate taxes reduce investment by increasing the user cost of capital. n Corporate taxes reduce productivity and seem to matter more in highly profitable/risky industries. n R&D tax incentives seem to increase productivity and seem to matter more in R&D intensive industries. n
![Corporate taxes firm level n n Statutory corporate taxes seem to have a smaller Corporate taxes: firm level n n Statutory corporate taxes seem to have a smaller](https://slidetodoc.com/presentation_image_h/74b4d1344e8a33cf2b5cd9d78cd50a72/image-22.jpg)
Corporate taxes: firm level n n Statutory corporate taxes seem to have a smaller negative impact on productivity growth in firms that are both young and small. Statutory corporate taxes seem to have a stronger negative impact on productivity growth in ‘dynamic’ firms, that are profitable and experiencing rapid productivity growth.
![The tax and growth Recurrent taxes on immovable property can offset other tax preferences The tax and growth Recurrent taxes on immovable property can offset other tax preferences](https://slidetodoc.com/presentation_image_h/74b4d1344e8a33cf2b5cd9d78cd50a72/image-23.jpg)
The tax and growth Recurrent taxes on immovable property can offset other tax preferences and improve capital allocation n Taxes on property transactions also offset other tax preferences but discourage reallocation of housing – and labour n Other property taxes can also distort capital allocation and savings n
![The tax and growth Consumption taxes can affect labour supply but are mainly otherwise The tax and growth Consumption taxes can affect labour supply but are mainly otherwise](https://slidetodoc.com/presentation_image_h/74b4d1344e8a33cf2b5cd9d78cd50a72/image-24.jpg)
The tax and growth Consumption taxes can affect labour supply but are mainly otherwise neutral, especially VAT n Personal income taxes are more harmful because they are more progressive (marginal tax > average tax) and because they discourage savings n
![The tax and growth n Corporate taxes are most harmful as they discourage investment The tax and growth n Corporate taxes are most harmful as they discourage investment](https://slidetodoc.com/presentation_image_h/74b4d1344e8a33cf2b5cd9d78cd50a72/image-25.jpg)
The tax and growth n Corporate taxes are most harmful as they discourage investment and productivity improvements. They also reduce foreign direct investment and increase compliance costs. Finally, corporate taxes often have a large number of distortionary tax preferences for particular activities, distorting the allocation of resources
![Other key policy issues Broadening the base of consumption taxes is better for growth Other key policy issues Broadening the base of consumption taxes is better for growth](https://slidetodoc.com/presentation_image_h/74b4d1344e8a33cf2b5cd9d78cd50a72/image-26.jpg)
Other key policy issues Broadening the base of consumption taxes is better for growth than increasing the rate. n There is limited scope to improve growth by using multiple consumption tax rates, and their equity effects are best achieved by other means. n In-work tax credits can promote growth by increasing participation rates, but care is needed to contain costs and minimise adverse effects on hours worked. n
![Growth and equity Move from income to consumption taxes generally seen as regressive n Growth and equity Move from income to consumption taxes generally seen as regressive n](https://slidetodoc.com/presentation_image_h/74b4d1344e8a33cf2b5cd9d78cd50a72/image-27.jpg)
Growth and equity Move from income to consumption taxes generally seen as regressive n Reducing progressivity, including cuts to top rates of personal income tax, is regressive BUT: n Residential property tax need not be regressive n Corporate income tax may fall on workers n
![CONCLUSIONS Growth can be increased at least in the shorttomedium terms by shifting away CONCLUSIONS Growth can be increased, at least in the short-to-medium terms, by shifting away](https://slidetodoc.com/presentation_image_h/74b4d1344e8a33cf2b5cd9d78cd50a72/image-28.jpg)
CONCLUSIONS Growth can be increased, at least in the short-to-medium terms, by shifting away from income taxes n Recurrent taxes on immovable property are the least harmful to growth n It is necessary to design individual taxes well in order to benefit most from any tax shift n There is likely to be a trade-off between growth and equity, but there may be exceptions n
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![Laffer Curve Laffer Curve �����](https://slidetodoc.com/presentation_image_h/74b4d1344e8a33cf2b5cd9d78cd50a72/image-55.jpg)
Laffer Curve �����
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