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This paper studies a Ramsey taxation problem with endogenous investments in human capital. Contrary to Richter (2009) on the one hand and Bovenberg and Jacobs (2005) and Jacobs and Bovenberg (2008a) on the other, I first show that with an initial endowment of human capital the decision how much to invest in this stock is distorted. The return to education is subsidized on a net basis. Second, I will argue that the question of positive taxation of capital income is not related to human capital. Capital is taxed despite and not because of the presence of human capital.

Optimal Taxation of Education with an Initial Endowment of Human Capital