(I)

(II)

(III)

(IV)

(V)

Main variables

ln(tax price)

−0.0257***

−0.1538***

−0.1548***

−0.1382***

−0.1413***

(0.0015)

(0.0143)

(0.0145)

(0.0144)

(0.0145)

ln(income)

0.0064***

−0.0080

−0.0083

−0.0067

−0.0058

(0.0007)

(0.0191)

(0.0192)

(0.0190)

(0.0189)

Other variables

Number of children = 1

0.0106***

(0.0038)

−0.0032

(0.0039)

−0.0042

(0.0039)

Number of children = 2

0.0031

(0.0079)

−0.0195**

(0.0079)

−0.0216***

(0.0080)

Number of children > 2

−0.0069

(0.0119)

−0.0372***

(0.0119)

−0.0404***

(0.0120)

Age²

−0.0005***

(0.0000)

−0.0005***

(0.0000)

ln(renting and leasing)

0.0009**

(0.0004)

ln(dividends and interests)

0.0028***

(0.0005)

Instrumenting

No

Yes

Yes

Yes

Yes

Individual fixed effects

Yes

Yes

Yes

Yes

Yes

Year fixed effects

Yes

Yes

Yes

Yes

Yes

Observations

289,247

289,247

289,247

289,247

289,247

R²

0.1098

0.0823

0.0819

0.0931

0.0926

First stage results

Tax price

R²

(−)

0.0235

0.0933

0.0936

0.0936

F-statistic

(−)

746.84

2,319.19

2,132.65

1,828.32

Income

R²

(−)

0.0164

0.0165

0.0179

0.0217

F-statistic

(−)

516.81

377.64

376.71

393.08