(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 | |

R | 0.1098 | 0.0823 | 0.0819 | 0.0931 | 0.0926 | |

First stage results | ||||||

Tax price | ||||||

R | (−) | 0.0235 | 0.0933 | 0.0936 | 0.0936 | |

F-statistic | (−) | 746.84 | 2,319.19 | 2,132.65 | 1,828.32 | |

Income | ||||||

R | (−) | 0.0164 | 0.0165 | 0.0179 | 0.0217 | |

F-statistic | (−) | 516.81 | 377.64 | 376.71 | 393.08 |