Gaowang Wang（王高望）, with Fanghui Li（李芳慧）and Heng-fu Zou（邹恒甫）

此文即将发表于国际知名SSCI期刊（国际B类）Economics Letters。

Abstract: The paper reexamines the famous Chamley-Judd zero capital tax theorem in model economies where the agents are endowed with the spirit of capitalism. It is shown that the limiting capital income tax is not zero in general and depends on the utility specifications rather than the production technology. The similar formulas of optimal capital taxes are derived in more general settings with multiple physical capitals or heterogeneous agents (capitalists and workers).

Keywords: the Spirit of Capitalism; Capital Income Taxation; Heterogeneous Agents.

JEL Classification Numbers: H21, E62.