taxableincome

1 ceo pay across countries strongly negatively

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Unformatted text preview: NCE Recent micro-data for 2006 gathered by Fernandes, Ferreira, Matos, Murphy RFS’12. 1) CEO pay across countries strongly negatively correlated with top tax rates 2) Correlation remains as strong even when controlling for firms’ characteristics and performance ⇒ Consistent with rent-seeking effects 29 3.5 A. Average CEO compensation Elasticity= 1.97 (.27) Italy Switzerland 2.0 Germany Canada 1.5 United Kingdom Ireland Australia Netherlands Sweden France 1.0 CEO pay($ million, log-scale) 2.5 3.0 United States Norway Belgium .4 .5 .6 .7 .8 Top Income Marginal Tax Rate Piketty, Saez & Stantcheva () Three Elasticities November 2012 50 / 62 3.5 B. Average CEO compensation with controls United Kingdom Australia 2.5 Italy United States Canada Ireland 2.0 Switzerland Germany Netherlands 1.5 Norway France Belgium Sweden 1.0 CEO pay($ million, log-scale) with controls 3.0 Elasticity= 1.90 (.29) .4 .5 .6 .7 .8 Top Income Marginal Tax Rate Piketty, Saez & Stantcheva () Three Elasticities November 2012 51 / 62 Tax Induced International Migration Public debate concern that...
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