Understanding the effects of marginal tax rate on debt policy is crucial not only for　considering various capital structure theories of firms but also for evaluating corporate tax reform proposals. In this empirical study, we have found a positive relation in most cases between the...

This article introduces the debate surrounding Prescott's (2004) theory in which he attributes the differences in working hours among the major industrialized nations to respective disparities in the tax systems and public retirement programs. The validity of this argument for Japan is examined....

This study provides new estimates of the income distribution of high income earners and uses recent empirical findings related to the elasticity of taxable income in Japan to derive the optimal highest marginal tax rate. Based on the 2003 Top Taxpayer Rankings, the Pareto distribution...