@techreport{Bas2010Secon-13432,
  year={2010},
  title={Second-best income taxation with endogenous human capital and borrowing constraints},
  author={Bas, Jacobs and Yang, Hongyan}
}

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    <dcterms:title>Second-best income taxation with endogenous human capital and borrowing constraints</dcterms:title>
    <dcterms:abstract xml:lang="eng">We formulate a two-period life-cycle model of saving, labor supply, and human capital investments when individuals differ in ability and initial wealth. Borrowing constraints prevent individuals to optimally smooth consumption over the life-cycle and to optimally invest in human capital. We show that the optimal linear income tax is positive - even in the absence of any redistributional concerns. A progressive income tax is efficient because it relaxes borrowing constraints by redistributing resources from the unconstrained to the borrowing constrained stages of the life- cycle. Hence, consumption is smoothed better and investments in human capital increase. The progressive income tax is a second-best instrument to correct the non-tax distortion in the capital market. The equity-efficiency trade-off is therefore less severe when progressive income taxes mitigate capital market imperfections.</dcterms:abstract>
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    <dcterms:issued>2010</dcterms:issued>
    <dc:contributor>Yang, Hongyan</dc:contributor>
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