@techreport{Schindler2003Optimal,
abstract = {We show in a two-period world with endogenous savings and two assets,
one of them exhibiting a stochastic return that an interest adjusted income
tax is optimal. This tax leaves a safe component of interest income tax free
and taxes the excess return with a special tax rate. There is no trade off
between risk allocation and efficiency in intertemporal consumption. Both
goals are reached. As the resulting tax system divides income into three
parts, the tax can also be called a triple income tax. This distinction and a
special tax rate on the excess return is necessary in order to have an optimal
risk shifting effect.},
author = {Dirk Schindler},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {H21; 330; Optimal Taxation; Uncertainty; Consumption Tax; Triple Income Tax; Optimale Besteuerung; Einkommensteuerpolitik; Ausgabensteuer; Risiko; Theorie},
language = {eng},
number = {03/11},
title = {Optimal Income Taxation with a Risky Asset : The Triple Income Tax},
type = {Discussion paper series / Universit\"{a}t Konstanz, Center of Finance and Econometrics (CoFE)},
url = {http://hdl.handle.net/10419/23562},
year = {2003}
}
