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Money, Crises, and TransitionEssays in Honor of Guillermo A. Calvo$
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Carmen M. Reinhart, Carlos A. Vegh, and Andres Velasco

Print publication date: 2008

Print ISBN-13: 9780262182669

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262182669.001.0001

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Capital Income Taxation in the Globalized World

Capital Income Taxation in the Globalized World

Chapter:
(p.279) 11 Capital Income Taxation in the Globalized World
Source:
Money, Crises, and Transition
Author(s):

Assaf Razin

Efraim Sadka

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262182669.003.0012

This chapter illustrates how strong international tax competition in the era of globalization imposes severe constraints on capital income taxation that thereby put into question its standing in the public finance of the welfare state. It develops a political economy model to assess how the forces of globalization affect the taxation of capital income. The chapter is organized as follows. Section 2 provides a simple analytical framework for the study of capital taxation in the presence of international capital mobility, analyzing, in particular, the tax structure in the political–economy equilibrium. Section 3 applies the model for the analysis of international tax competition, while Section 4 concludes.

Keywords:   international tax competition, globalization, capital income tax, welfare state, public finance

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