Average t_y

Average t_i

Average total tax rate

Optimal t_y

Optimal t_i

(1)

(2)

(3)

(4)

(5)

France

0.300

0.405

0.705

0.177

0.533

UK

0.344

0.294

0.638

0.092

0.547

Italy

0.503

0.498

1.001

0.296

0.704

Germany

0.267

0.241

0.508

0.186

0.324

USA

0.276

0.160

0.430

0.160

0.280

Japan

0.214

0.170

0.384

0.140

0.240