We analytically and quantitatively examine a prominent justification for capital income taxation: goods preferred by those with high ability ought to be taxed. We study an environment where commodity taxes are allowed to be nonlinear functions of income and consumption and find that, when...

The Market in Financial Instruments Directive (MiFID) aims to increasecompetition and to foster client protection in the European financialmarket. Among other provisions, it abolishes the concentration rule andchallenges the market ower of existing trading venues. The directiveintroduces venue...