By Lloyd A. Metzler
Magazine of Political Economy
Vol. fifty nine, No. 2 (Apr., 1951), pp. 93-116
released through: The college of Chicago Press
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Additional resources for Wealth, Saving, and the Rate of Interest
A further increase of the personal allowance was announced in March 1 974 to take effect from July 1 974. For 1 976, the adjustment for inflation was used again but was limited to 80 percent of the rise in the relevant index and only for taxable incomes subject to marginal income tax rates of 49 percent and lower. Furthermore, except for the lowest rate of 20 percent, all the rates were raised by one percent age point. In 1 977 and 1 978, the adjustment was also limited to 80 percent. By limiting indexation to 80 percent of the special index, the gov ernment can continue raising more revenue than it would if full indexa tion were used.
By limiting indexation to 80 percent of the special index, the gov ernment can continue raising more revenue than it would if full indexa tion were used. By the same token , this limitation assures that some of the distortions in the tax incidence due to inflation will not be avoided . 4 percent of personal income tax revenues for those years . Obviously, these losses increase with an increase in the rate of inflation. For 1 975 they were estimated to be about 1 ,350 million guilders . The effect of the Dutch inflationary correction on various income groups for 1 975 is shown in Table 4.
The law required that the payment be adjusted by 100 percent of the increase in the consumer price index that occurred dur ing the year covered by the declaration (and not during the year when the payment was made) . In the 1 972-4 period , due to the acceleration in the rate of inflation , the monetary correction lagged substantially behind the current rate of inflation and became inadequate ; real re venue from incomes other than wages and salaries fell . From the beginning of 1 975 - on the basis of new legislation15 - the link to the minimum wage for indexing the nominal structure was cut and a new system of tax payment was introduced.