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American Economic Review: Vol. 103 No. 3 (May 2013)

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Income and Substitution Effects of Estate Taxation

Article Citation

Hines, James R Jr. 2013. "Income and Substitution Effects of Estate Taxation." American Economic Review, 103(3): 484-88.

DOI: 10.1257/aer.103.3.484

Abstract

This paper evaluates the effect of estate taxes on labor supply. The analysis decomposes the effect of estate taxation into the substitution effect of relative price changes and the two income effects for which the estate tax is responsible. These two income effects arise from tax burdens on those who leave estates plus tax burdens on those who receive them. Despite the double income burden of the estate tax, existing empirical evidence suggests that the net effect of estate taxation on aggregate labor supply is uncertain.

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Hines, James R. Jr.(U MI)

JEL Classifications

D14: Personal Finance
D64: Altruism; Philanthropy
H21: Taxation and Subsidies: Efficiency; Optimal Taxation
H24: Personal Income and Other Nonbusiness Taxes and Subsidies; includes inheritance and gift taxes
H71: State and Local Taxation, Subsidies, and Revenue


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