🕷️ Crawler Inspector

URL Lookup

Direct Parameter Lookup

Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 48 (from laksa163)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa048.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://pubsonline.informs.org/doi/10.1287/mnsc.2023.4823\')), getAhrefsUnparsedNoserviceFromURL(\'https://pubsonline.informs.org/doi/10.1287/mnsc.2023.4823\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/pubsonline.informs.org\/doi\/10.1287\/mnsc.2023.4823","crawl_time":1767322659,"first_indexed_time":1727587953,"http_code":200,"src_unparsed":"org,informs!pubsonline,\/doi\/10.1287\/mnsc.2023.4823 s443","src_root_hash":"9350116098236140448","history_drop_reason":null,"meta_title":"Taxing the Rich to Finance Redistribution: Evidence from a Permanent Tax Increase in Singapore | Management Science","meta_descriptions":["Based on a representative sample of consumer financial transaction data, this paper studies the consumption and savings response to a 2015 permanent increase in the marginal income tax of the high-..."],"attrs_boilerpipe_text":"Volume 70, Issue 4\nApril 2024\nPages v-vii, 2023-2704, iii-iv\nArticle Information\nSupplemental Material\nMetrics\nDownloaded 354 times in the past 12 months\nCited 1 times\nInformation\nReceived:\nMarch 21, 2022\nAccepted:\nJanuary 04, 2023\nPublished Online:\nJuly 14, 2023\nCopyright © 2023, INFORMS\nCite as\nhttps:\/\/doi.org\/10.1287\/mnsc.2023.4823\nKeywords\nAcknowledgments\nThe authors thank Piyush Gupta for his generosity for supporting academic research by providing access to DBS data; Lisa M. Andrew, Carla M. Camacho, and Ajit Singh for helpful discussion on the data and institutional details; and an anonymous referee, associate editor, and department editor (Lukas Schmid), Souphala Chomsisengphet, Ivan Png, David Reeb, Qin Yu, and seminar participants at National University of Singapore and Indian School of Business for insightful and constructive comments.","attrs_markdown":"- [INFORMS.org](https:\/\/www.informs.org\/)\n- [Certified Analytics Professional](https:\/\/www.certifiedanalytics.org\/)\n- [INFORMS Connect](http:\/\/connect.informs.org\/)\n- [Career Center](https:\/\/careercenter.informs.org\/)\n- [2026 INFORMS Analytics+ Conference](https:\/\/hubs.ly\/Q03QLZ6F0)\n\n[![INFORMS PubsOnline](https:\/\/pubsonline.informs.org\/pb-assets\/ux3\/PubsOnLine_Horizontal_Logo-1562072942217.png)](https:\/\/pubsonline.informs.org\/)\n\n[Log In](https:\/\/pubsonline.informs.org\/doi\/10.1287\/mnsc.2023.4823)\n\n- [![Informs icon](https:\/\/pubsonline.informs.org\/specs\/products\/informs\/releasedAssets\/images\/informs-icon-8ffc31322406b4542931067cc44669f3.png) INFORMS Member Login](https:\/\/pubsonline.informs.org\/action\/ssostart?idp=https%3A%2F%2Finforms.my.salesforce.com&redirectUri=%2Fdoi%2F10.1287%2Fmnsc.2023.4823)\n- [Nonmember Login](https:\/\/pubsonline.informs.org\/action\/oidc?redirectUri=%2Fdoi%2F10.1287%2Fmnsc.2023.4823)\n- [Institutional Access](https:\/\/pubsonline.informs.org\/action\/ssostart?redirectUri=%2Fdoi%2F10.1287%2Fmnsc.2023.4823)\n\n[Register](https:\/\/pubsonline.informs.org\/action\/connectRegistration?redirectUri=%2Fdoi%2F10.1287%2Fmnsc.2023.4823)\n\n[Help](https:\/\/pubsonline.informs.org\/page\/help)\n\n[0 Cart](https:\/\/pubsonline.informs.org\/action\/showCart?FlowID=1 \"Show shopping cart\")\n\n[Skip main navigation](https:\/\/pubsonline.informs.org\/doi\/10.1287\/mnsc.2023.4823#afterNav-kdj)\n\n*Open Drawer Menu**Close Drawer Menu*\n\n[Home](https:\/\/pubsonline.informs.org\/)\n\n- [Journals](https:\/\/pubsonline.informs.org\/doi\/10.1287\/mnsc.2023.4823)\n  - [Decision Analysis](https:\/\/pubsonline.informs.org\/journal\/deca)\n  - [Information Systems Research](https:\/\/pubsonline.informs.org\/journal\/isre)\n  - [INFORMS Journal on Applied Analytics](https:\/\/pubsonline.informs.org\/journal\/ijaa)\n  - [INFORMS Journal on Computing](https:\/\/pubsonline.informs.org\/journal\/ijoc)\n  - [INFORMS Journal on Data Science](https:\/\/pubsonline.informs.org\/journal\/ijds)\n  - [INFORMS Journal on Optimization](https:\/\/pubsonline.informs.org\/journal\/ijoo)\n  - [INFORMS Transactions on Education](https:\/\/pubsonline.informs.org\/journal\/ited)\n  - [Management Science](https:\/\/pubsonline.informs.org\/journal\/mnsc)\n  - [Manufacturing & Service Operations Management](https:\/\/pubsonline.informs.org\/journal\/msom)\n  - [Marketing Science](https:\/\/pubsonline.informs.org\/journal\/mksc)\n  - [Mathematics of Operations Research](https:\/\/pubsonline.informs.org\/journal\/moor)\n  - [Operations Research](https:\/\/pubsonline.informs.org\/journal\/opre)\n  - [Organization Science](https:\/\/pubsonline.informs.org\/journal\/orsc)\n  - [Service Science](https:\/\/pubsonline.informs.org\/journal\/serv)\n  - [Stochastic Systems](https:\/\/pubsonline.informs.org\/journal\/stsy)\n  - [Strategy Science](https:\/\/pubsonline.informs.org\/journal\/stsc)\n  - [Transportation Science](https:\/\/pubsonline.informs.org\/journal\/trsc)\n- [Magazines](https:\/\/pubsonline.informs.org\/doi\/10.1287\/mnsc.2023.4823)\n  - [ORMS Today](https:\/\/pubsonline.informs.org\/magazine\/orms-today)\n  - [Analytics](https:\/\/pubsonline.informs.org\/magazine\/analytics)\n- [Publications](https:\/\/pubsonline.informs.org\/doi\/10.1287\/mnsc.2023.4823)\n  - [TutORials in OR Book Series](https:\/\/pubsonline.informs.org\/series\/educ)\n  - [INFORMS Analytics Collections](https:\/\/pubsonline.informs.org\/informs-analytics-collections)\n  - [INFORMS Analytics Body of Knowledge](https:\/\/pubsonline.informs.org\/series\/abok)\n- [Pricing & Subscriptions](https:\/\/www.informs.org\/Publications\/Journal-Subscriptions)\n\n- [INFORMS.org](https:\/\/www.informs.org\/)\n- [Certified Analytics Professional](https:\/\/www.certifiedanalytics.org\/)\n- [INFORMS Connect](http:\/\/connect.informs.org\/)\n- [Career Center](https:\/\/careercenter.informs.org\/)\n- [2026 INFORMS Analytics+ Conference](https:\/\/hubs.ly\/Q03QLZ6F0)\n\n## Request Username\nCan't sign in? 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[Reprints](https:\/\/pubsonline.informs.org\/servlet\/linkout?type=rightslinkBasic&url=issn%3D1526-5501%26WT.mc.id%3DINFORMS)\n  - [Share](https:\/\/pubsonline.informs.org\/doi\/10.1287\/mnsc.2023.4823)\n    Share on\n    \n    - [Facebook](https:\/\/pubsonline.informs.org\/#facebook \"Facebook\")\n    - [X](https:\/\/pubsonline.informs.org\/#x \"X\")\n    - [Linked In](https:\/\/pubsonline.informs.org\/#linkedin \"Linked In\")\n    - [Email](https:\/\/pubsonline.informs.org\/#email \"Email\")\n    - [Bluesky](https:\/\/pubsonline.informs.org\/#bluesky \"Bluesky\")\n\n#### Go to Section\n- [Abstract](https:\/\/pubsonline.informs.org\/doi\/10.1287\/mnsc.2023.4823#d2577e1 \"Abstract\")\n\n[Home](https:\/\/pubsonline.informs.org\/)[Management Science](https:\/\/pubsonline.informs.org\/journal\/mnsc)[Vol. 70, No. 4](https:\/\/pubsonline.informs.org\/toc\/mnsc\/70\/4)\n\n# Taxing the Rich to Finance Redistribution: Evidence from a Permanent Tax Increase in Singapore\n- [Sumit Agarwal](https:\/\/pubsonline.informs.org\/action\/doSearch?text1=Agarwal%2C+Sumit&field1=Contrib)\n  Sumit Agarwal\n  \n  [bizagarw@nus.edu.sg](mailto:bizagarw@nus.edu.sg \"Link to email address\")\n  \n  <https:\/\/orcid.org\/0000-0002-8305-3786>\n  \n  NUS Business School, National University of Singapore, Singapore 119077;\n  \n  [Search for more papers by this author](https:\/\/pubsonline.informs.org\/author\/Agarwal%2C+Sumit)\n  ,\n- [Wenlan Qian](https:\/\/pubsonline.informs.org\/action\/doSearch?text1=Qian%2C+Wenlan&field1=Contrib)\n  Wenlan Qian\n  \n  [wenlan.qian@nus.edu.sg](mailto:wenlan.qian@nus.edu.sg \"Link to email address\")\n  \n  <https:\/\/orcid.org\/0000-0002-0064-2519>\n  \n  NUS Business School, National University of Singapore, Singapore 119077;\n  \n  [Search for more papers by this author](https:\/\/pubsonline.informs.org\/author\/Qian%2C+Wenlan)\n  ,\n- [Bernard Yeung](https:\/\/pubsonline.informs.org\/action\/doSearch?text1=Yeung%2C+Bernard&field1=Contrib)\n  Bernard Yeung\n  \n  [byeung@nus.edu.sg](mailto:byeung@nus.edu.sg \"Link to email address\")\n  \n  <https:\/\/orcid.org\/0000-0002-6902-863X>\n  \n  NUS Business School, National University of Singapore, Singapore 119077;\n  \n  [Search for more papers by this author](https:\/\/pubsonline.informs.org\/author\/Yeung%2C+Bernard)\n  ,\n- [Huanhuan Zheng](https:\/\/pubsonline.informs.org\/action\/doSearch?text1=Zheng%2C+Huanhuan&field1=Contrib)\n  Corresponding Author\n  \n  Huanhuan Zheng\n  \n  [sppzhen@nus.edu.sg](mailto:sppzhen@nus.edu.sg \"Link to email address\")\n  \n  <https:\/\/orcid.org\/0000-0003-0928-839X>\n  \n  Lee Kuan Yew School of Public Policy, National University of Singapore, Singapore 119077\n  \n  [Search for more papers by this author](https:\/\/pubsonline.informs.org\/author\/Zheng%2C+Huanhuan)\n\n[Sumit Agarwal](https:\/\/pubsonline.informs.org\/action\/doSearch?text1=Agarwal%2C+Sumit&field1=Contrib)\n\nSumit Agarwal\n\n[bizagarw@nus.edu.sg](mailto:bizagarw@nus.edu.sg \"Link to email address\")\n\n<https:\/\/orcid.org\/0000-0002-8305-3786>\n\nNUS Business School, National University of Singapore, Singapore 119077;\n\n[Search for more papers by this author](https:\/\/pubsonline.informs.org\/author\/Agarwal%2C+Sumit)\n\n,\n\n[Wenlan Qian](https:\/\/pubsonline.informs.org\/action\/doSearch?text1=Qian%2C+Wenlan&field1=Contrib)\n\nWenlan Qian\n\n[wenlan.qian@nus.edu.sg](mailto:wenlan.qian@nus.edu.sg \"Link to email address\")\n\n<https:\/\/orcid.org\/0000-0002-0064-2519>\n\nNUS Business School, National University of Singapore, Singapore 119077;\n\n[Search for more papers by this author](https:\/\/pubsonline.informs.org\/author\/Qian%2C+Wenlan)\n\n,\n\n[Bernard Yeung](https:\/\/pubsonline.informs.org\/action\/doSearch?text1=Yeung%2C+Bernard&field1=Contrib)\n\nBernard Yeung\n\n[byeung@nus.edu.sg](mailto:byeung@nus.edu.sg \"Link to email address\")\n\n<https:\/\/orcid.org\/0000-0002-6902-863X>\n\nNUS Business School, National University of Singapore, Singapore 119077;\n\n[Search for more papers by this author](https:\/\/pubsonline.informs.org\/author\/Yeung%2C+Bernard)\n\n,\n\n[Huanhuan Zheng](https:\/\/pubsonline.informs.org\/action\/doSearch?text1=Zheng%2C+Huanhuan&field1=Contrib)\n\nCorresponding Author\n\nHuanhuan Zheng\n\n[sppzhen@nus.edu.sg](mailto:sppzhen@nus.edu.sg \"Link to email address\")\n\n<https:\/\/orcid.org\/0000-0003-0928-839X>\n\nLee Kuan Yew School of Public Policy, National University of Singapore, Singapore 119077\n\n[Search for more papers by this author](https:\/\/pubsonline.informs.org\/author\/Zheng%2C+Huanhuan)\n\nPublished Online:14 Jul 2023<https:\/\/doi.org\/10.1287\/mnsc.2023.4823>\n\n## Abstract\nBased on a representative sample of consumer financial transaction data, this paper studies the consumption and savings response to a 2015 permanent increase in the marginal income tax of the high-income taxpayers. Using difference-in-differences regressions, controlling for individual and time fixed effects, we show robust results that the affected consumers experienced little change in their spending. The pattern is prevalent across consumer demographics and is found even among consumers who are sophisticated, have high levels of debt, or register little income changes. Furthermore, the tax increase financed fiscal redistribution leads to a long-lasting increase in the consumption of the lower-income population.\n\n*This paper was accepted by Lukas Schmid, finance.*\n\n**Funding:** The authors gratefully acknowledge financial support from Social Science Research Thematic Grant in Singapore \\[Future-Proofing Singapore: An Economic Approach MOE2019-SSRTG-024\\].\n\n**Supplemental Material:** The data files are available at <https:\/\/doi.org\/10.1287\/mnsc.2023.4823>.\n\n[Previous](https:\/\/pubsonline.informs.org\/doi\/10.1287\/mnsc.2023.4816 \"Previous\")\n\n[Back to Top](https:\/\/pubsonline.informs.org\/doi\/10.1287\/mnsc.2023.4823 \"Back to Top\")\n\n[Next](https:\/\/pubsonline.informs.org\/doi\/10.1287\/mnsc.2023.4824 \"Next\")\n\n- [Figures](https:\/\/pubsonline.informs.org\/doi\/10.1287\/mnsc.2023.4823#pane-pcw-figures)\n- [References](https:\/\/pubsonline.informs.org\/doi\/10.1287\/mnsc.2023.4823#pane-pcw-references)\n- [Related](https:\/\/pubsonline.informs.org\/doi\/10.1287\/mnsc.2023.4823#pane-pcw-related)\n- [Information](https:\/\/pubsonline.informs.org\/doi\/10.1287\/mnsc.2023.4823#pane-pcw-details)\n\n- [Cited by](https:\/\/pubsonline.informs.org\/doi\/10.1287\/mnsc.2023.4823 \"Cited By\")\n  - [Political institutions, the institutional milieu, and inward foreign direct investment](https:\/\/doi.org\/10.1016\/j.jbusres.2025.115447)\n    \n    Journal of Business Research, Vol. 197\n\n![Management Science cover image](https:\/\/pubsonline.informs.org\/cms\/10.1287\/mnsc.2024.70.issue-4\/asset\/1647f743-0d16-7f74-60d1-47f74360d164\/cover.png)\n\n## Volume 70, Issue 4\nApril 2024\n\nPages v-vii, 2023-2704, iii-iv\n\n#### Article Information\n##### [Supplemental Material](https:\/\/pubsonline.informs.org\/doi\/suppl\/10.1287\/mnsc.2023.4823)\n***\n###### Metrics\nDownloaded 354 times in the past 12 months\n\nCited 1 times\n\n###### Information\n- Received:March 21, 2022\n- Accepted:January 04, 2023\n- Published Online:July 14, 2023\n\nCopyright © 2023, INFORMS\n\n###### Cite as\n[Sumit Agarwal](https:\/\/pubsonline.informs.org\/action\/doSearch?text1=Agarwal%2C+Sumit&field1=Contrib), [Wenlan Qian](https:\/\/pubsonline.informs.org\/action\/doSearch?text1=Qian%2C+Wenlan&field1=Contrib), [Bernard Yeung](https:\/\/pubsonline.informs.org\/action\/doSearch?text1=Yeung%2C+Bernard&field1=Contrib), [Huanhuan Zheng](https:\/\/pubsonline.informs.org\/action\/doSearch?text1=Zheng%2C+Huanhuan&field1=Contrib) (2023) Taxing the Rich to Finance Redistribution: Evidence from a Permanent Tax Increase in Singapore. Management Science 70(4):2518-2548.\n\n<https:\/\/doi.org\/10.1287\/mnsc.2023.4823>\n\n###### Keywords\n- [income tax](https:\/\/pubsonline.informs.org\/keyword\/Income+Tax)\n- [consumption](https:\/\/pubsonline.informs.org\/keyword\/Consumption)\n- [savings](https:\/\/pubsonline.informs.org\/keyword\/Savings)\n- [redistributive policy](https:\/\/pubsonline.informs.org\/keyword\/Redistributive+Policy)\n- [fiscal policy](https:\/\/pubsonline.informs.org\/keyword\/Fiscal+Policy)\n***\n**Acknowledgments**\n\nThe authors thank Piyush Gupta for his generosity for supporting academic research by providing access to DBS data; Lisa M. Andrew, Carla M. Camacho, and Ajit Singh for helpful discussion on the data and institutional details; and an anonymous referee, associate editor, and department editor (Lukas Schmid), Souphala Chomsisengphet, Ivan Png, David Reeb, Qin Yu, and seminar participants at National University of Singapore and Indian School of Business for insightful and constructive comments.\n***\n[PDF download](https:\/\/pubsonline.informs.org\/doi\/pdf\/10.1287\/mnsc.2023.4823)\n***\n\n![](https:\/\/pubsonline.informs.org\/specs\/ux3\/releasedAssets\/images\/spinner-1ffd60b3aabe5b09bc98c48345208fd9.gif)\n\n[Close Figure Viewer](\"close\")\n\n[Browse All Figures]()[Return to Figure]()\n\nChange zoom level\n\nZoom in\n\nZoom out\n\n[Previous Figure](\"previous figure\")[Next Figure](\"next figure\")\n\n[Caption](https:\/\/pubsonline.informs.org\/doi\/10.1287\/mnsc.2023.4823 \"Open\/Close Caption\")\n\n## Sign Up for INFORMS Publications Updates and News\n[Sign Up](https:\/\/pubsonline.informs.org\/magazine\/analytics\/signup)\n\n![](https:\/\/pubsonline.informs.org\/pb-assets\/ux3\/partners-1562072941960.png)\n\nPartners\n\n- ![INFORMS](https:\/\/pubsonline.informs.org\/pb-assets\/logo-1693921532083.png)\n  ###### Institute for Operations Research and the Management Sciences\n  5521 Research Park Drive, Suite 200  \n  Catonsville, MD 21228 USA\n  \n  phone 1 [443-757-3500](tel:4437573500)\n  \n  phone 2 [800-4INFORMS (800-446-3676)](tel:8004463676)\n  \n  fax 443-757-3515\n  \n  email [informs@informs.org](mailto:informs@informs.org)\n- ### Get the Latest Updates\n  - [Discover INFORMS](https:\/\/www.informs.org\/Discover)\n  - [Explore OR & Analytics](https:\/\/www.informs.org\/Explore)\n  - [Get Involved](https:\/\/www.informs.org\/Get-Involved)\n  - [Impact](https:\/\/www.informs.org\/Impact)\n  - [Join Us](https:\/\/myaccount.informs.org\/joinapi__login?id=a201U000000Wyu4QAC&order=1&site=a0d1U000004oMn9QAE)\n  \n  - [Recognizing Excellence](https:\/\/www.informs.org\/Recognizing-Excellence)\n  - [Professional Development](https:\/\/www.informs.org\/Professional-Development)\n  - [Resource Center](https:\/\/www.informs.org\/Resource-Center)\n  - [Meetings & Conferences](https:\/\/www.informs.org\/Meetings-Conferences)\n  - [Publications](https:\/\/www.informs.org\/Publications)\n  - [About INFORMS](https:\/\/www.informs.org\/About-INFORMS)\n  - [Communities](https:\/\/www.informs.org\/Communities)\n  \n  - [PubsOnLine](http:\/\/pubsonline.informs.org\/)\n  - [2024 INFORMS\/ALIO\/ASOCIO International Conference](https:\/\/bit.ly\/44foivJ)\n  - [Certified Analytics Professional](http:\/\/certifiedanalytics.org\/about.php)\n  - [Career Center](http:\/\/careercenter.informs.org\/)\n  - [INFORMS Connect](http:\/\/connect.informs.org\/)\n\nCopyright 2026 INFORMS. 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Boilerpipe Text	Volume 70, Issue 4 April 2024 Pages v-vii, 2023-2704, iii-iv Article Information Supplemental Material Metrics Downloaded 354 times in the past 12 months Cited 1 times Information Received: March 21, 2022 Accepted: January 04, 2023 Published Online: July 14, 2023 Copyright © 2023, INFORMS Cite as https://doi.org/10.1287/mnsc.2023.4823 Keywords Acknowledgments The authors thank Piyush Gupta for his generosity for supporting academic research by providing access to DBS data; Lisa M. Andrew, Carla M. Camacho, and Ajit Singh for helpful discussion on the data and institutional details; and an anonymous referee, associate editor, and department editor (Lukas Schmid), Souphala Chomsisengphet, Ivan Png, David Reeb, Qin Yu, and seminar participants at National University of Singapore and Indian School of Business for insightful and constructive comments.
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[Wenlan Qian](https://pubsonline.informs.org/action/doSearch?text1=Qian%2C+Wenlan&field1=Contrib) Wenlan Qian [wenlan.qian@nus.edu.sg](mailto:wenlan.qian@nus.edu.sg "Link to email address") <https://orcid.org/0000-0002-0064-2519> NUS Business School, National University of Singapore, Singapore 119077; [Search for more papers by this author](https://pubsonline.informs.org/author/Qian%2C+Wenlan) , - [Bernard Yeung](https://pubsonline.informs.org/action/doSearch?text1=Yeung%2C+Bernard&field1=Contrib) Bernard Yeung [byeung@nus.edu.sg](mailto:byeung@nus.edu.sg "Link to email address") <https://orcid.org/0000-0002-6902-863X> NUS Business School, National University of Singapore, Singapore 119077; [Search for more papers by this author](https://pubsonline.informs.org/author/Yeung%2C+Bernard) , - [Huanhuan Zheng](https://pubsonline.informs.org/action/doSearch?text1=Zheng%2C+Huanhuan&field1=Contrib) Corresponding Author Huanhuan Zheng [sppzhen@nus.edu.sg](mailto:sppzhen@nus.edu.sg "Link to email address") <https://orcid.org/0000-0003-0928-839X> Lee Kuan Yew School of Public Policy, National University of Singapore, Singapore 119077 [Search for more papers by this author](https://pubsonline.informs.org/author/Zheng%2C+Huanhuan) [Sumit Agarwal](https://pubsonline.informs.org/action/doSearch?text1=Agarwal%2C+Sumit&field1=Contrib) Sumit Agarwal [bizagarw@nus.edu.sg](mailto:bizagarw@nus.edu.sg "Link to email address") <https://orcid.org/0000-0002-8305-3786> NUS Business School, National University of Singapore, Singapore 119077; [Search for more papers by this author](https://pubsonline.informs.org/author/Agarwal%2C+Sumit) , [Wenlan Qian](https://pubsonline.informs.org/action/doSearch?text1=Qian%2C+Wenlan&field1=Contrib) Wenlan Qian [wenlan.qian@nus.edu.sg](mailto:wenlan.qian@nus.edu.sg "Link to email address") <https://orcid.org/0000-0002-0064-2519> NUS Business School, National University of Singapore, Singapore 119077; [Search for more papers by this author](https://pubsonline.informs.org/author/Qian%2C+Wenlan) , [Bernard Yeung](https://pubsonline.informs.org/action/doSearch?text1=Yeung%2C+Bernard&field1=Contrib) Bernard Yeung [byeung@nus.edu.sg](mailto:byeung@nus.edu.sg "Link to email address") <https://orcid.org/0000-0002-6902-863X> NUS Business School, National University of Singapore, Singapore 119077; [Search for more papers by this author](https://pubsonline.informs.org/author/Yeung%2C+Bernard) , [Huanhuan Zheng](https://pubsonline.informs.org/action/doSearch?text1=Zheng%2C+Huanhuan&field1=Contrib) Corresponding Author Huanhuan Zheng [sppzhen@nus.edu.sg](mailto:sppzhen@nus.edu.sg "Link to email address") <https://orcid.org/0000-0003-0928-839X> Lee Kuan Yew School of Public Policy, National University of Singapore, Singapore 119077 [Search for more papers by this author](https://pubsonline.informs.org/author/Zheng%2C+Huanhuan) Published Online:14 Jul 2023<https://doi.org/10.1287/mnsc.2023.4823> ## Abstract Based on a representative sample of consumer financial transaction data, this paper studies the consumption and savings response to a 2015 permanent increase in the marginal income tax of the high-income taxpayers. Using difference-in-differences regressions, controlling for individual and time fixed effects, we show robust results that the affected consumers experienced little change in their spending. The pattern is prevalent across consumer demographics and is found even among consumers who are sophisticated, have high levels of debt, or register little income changes. Furthermore, the tax increase financed fiscal redistribution leads to a long-lasting increase in the consumption of the lower-income population. This paper was accepted by Lukas Schmid, finance. Funding: The authors gratefully acknowledge financial support from Social Science Research Thematic Grant in Singapore \[Future-Proofing Singapore: An Economic Approach MOE2019-SSRTG-024\]. Supplemental Material: The data files are available at <https://doi.org/10.1287/mnsc.2023.4823>. 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Management Science 70(4):2518-2548. <https://doi.org/10.1287/mnsc.2023.4823> ###### Keywords - [income tax](https://pubsonline.informs.org/keyword/Income+Tax) - [consumption](https://pubsonline.informs.org/keyword/Consumption) - [savings](https://pubsonline.informs.org/keyword/Savings) - [redistributive policy](https://pubsonline.informs.org/keyword/Redistributive+Policy) - [fiscal policy](https://pubsonline.informs.org/keyword/Fiscal+Policy) * Acknowledgments The authors thank Piyush Gupta for his generosity for supporting academic research by providing access to DBS data; Lisa M. Andrew, Carla M. Camacho, and Ajit Singh for helpful discussion on the data and institutional details; and an anonymous referee, associate editor, and department editor (Lukas Schmid), Souphala Chomsisengphet, Ivan Png, David Reeb, Qin Yu, and seminar participants at National University of Singapore and Indian School of Business for insightful and constructive comments. * [PDF download](https://pubsonline.informs.org/doi/pdf/10.1287/mnsc.2023.4823) * ![](https://pubsonline.informs.org/specs/ux3/releasedAssets/images/spinner-1ffd60b3aabe5b09bc98c48345208fd9.gif) [Close Figure Viewer]("close") [Browse All Figures]()[Return to Figure]() Change zoom level Zoom in Zoom out [Previous Figure]("previous figure")[Next Figure]("next figure") [Caption](https://pubsonline.informs.org/doi/10.1287/mnsc.2023.4823 "Open/Close Caption") ## Sign Up for INFORMS Publications Updates and News [Sign Up](https://pubsonline.informs.org/magazine/analytics/signup) ![](https://pubsonline.informs.org/pb-assets/ux3/partners-1562072941960.png) Partners - ![INFORMS](https://pubsonline.informs.org/pb-assets/logo-1693921532083.png) ###### Institute for Operations Research and the Management Sciences 5521 Research Park Drive, Suite 200 Catonsville, MD 21228 USA phone 1 [443-757-3500](tel:4437573500) phone 2 [800-4INFORMS (800-446-3676)](tel:8004463676) fax 443-757-3515 email [informs@informs.org](mailto:informs@informs.org) - ### Get the Latest Updates - [Discover INFORMS](https://www.informs.org/Discover) - [Explore OR & Analytics](https://www.informs.org/Explore) - [Get Involved](https://www.informs.org/Get-Involved) - [Impact](https://www.informs.org/Impact) - [Join Us](https://myaccount.informs.org/joinapi__login?id=a201U000000Wyu4QAC&order=1&site=a0d1U000004oMn9QAE) - [Recognizing Excellence](https://www.informs.org/Recognizing-Excellence) - [Professional Development](https://www.informs.org/Professional-Development) - [Resource Center](https://www.informs.org/Resource-Center) - [Meetings & Conferences](https://www.informs.org/Meetings-Conferences) - [Publications](https://www.informs.org/Publications) - [About INFORMS](https://www.informs.org/About-INFORMS) - [Communities](https://www.informs.org/Communities) - [PubsOnLine](http://pubsonline.informs.org/) - [2024 INFORMS/ALIO/ASOCIO International Conference](https://bit.ly/44foivJ) - [Certified Analytics Professional](http://certifiedanalytics.org/about.php) - [Career Center](http://careercenter.informs.org/) - [INFORMS Connect](http://connect.informs.org/) Copyright 2026 INFORMS. 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