Public Finance in the Era of the COVID-19 Crisis
18-20 August 2021 | Online, Organized by University of Iceland, Reykjavík
Overview and details of the sessions of this online conference.
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Please note that all times are shown in the time zone of the conference. The current conference time is: 27th Nov 2021, 02:07:29am GMT
F05: Income Taxes and Labor
2:15pm - 2:37pm
Do Taxes on the Top 1% Trickle Down? A Local Labor Markets Approach
University of Michigan
This paper develops and implements an empirical test of the hypothesis that higher taxes on the rich (top 1%) trickle down and ultimately harm non-rich (bottom 99%) workers. The test examines whether the wages of bottom 99% workers in US local economies where top 1% workers account for a larger share of economic activity are more adversely affected by a tax increase for the rich. I develop a spatial equilibrium model to quantify the magnitude of trickle down effects implied by the reduced-form estimates. The results do not reveal statistically significant trickle down effects. An elasticity of bottom 99% wages with respect to the top 1% net-of-tax rate in excess of 0.066 can be rejected. The paper quantifies the implications of the estimates for optimal tax policy.
2:37pm - 3:00pm
Asset Bubbles In Explaining Top Income Shares
1Mount Allison University; 2Tampere University
This paper considers the role of asset price bubbles (crashes) as an important determinant in seeking a further explanation for top income shares. The asset price bubbles caused at least in part by monetary policies, along with other determinants such as top tax rates and innovative ness are the important drivers to explain the surge in top income shares. The empirical results show that correlation between asset bubbles and top inequality is positive and significant. The regression co-efficient of stock and housing market bubbles have a positive effect on top income shares, while the stock and housing market crashes fail to reduce the surge in top income shares.
3:00pm - 3:22pm
The Effects of Overtime Tax On Hours Worked: Evidence From France
ESRI Dublin, Trinity College Dublin, Ireland
Income from overtime work is subject to income tax in most European countries. However, the effect of higher overtime tax on hours worked has largely remained an unanswered question. This essay examines the re-introduction of French overtime tax in 2012, by comparing workers in large (treated) and small firms (control), before and after 2012. I find that overtime tax reduced actual hours worked, but increased reporting of overtime hours. The result is confirmed using synthetic control estimates for actual hours worked. On the other hand, after the reform, part-time and temporary workers increase their actual hours worked, but not overtime hours. This result suggests that firms adjusted hours of workers whose hours are more flexible, while avoiding the higher cost of overtime hours.
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