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Table of Contents
1. Introduction
2. Comparison of uniform pure income and consumption taxes
3. Consequences of shifting the tax base from income to consumption
4. Elimination of the differential taxation of capital inocme
5. Consequences of eliminating differential capital taxation
6. Role of household portfolio composition
7. Distributional implications of tax reform
8. Conclusions
Appendix: effects of fundamental tax reform on asset prices.
2. Comparison of uniform pure income and consumption taxes
3. Consequences of shifting the tax base from income to consumption
4. Elimination of the differential taxation of capital inocme
5. Consequences of eliminating differential capital taxation
6. Role of household portfolio composition
7. Distributional implications of tax reform
8. Conclusions
Appendix: effects of fundamental tax reform on asset prices.