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One study found that Increasing the implicit tax on working longer from 0% to 100% reduces the employment of older men by 6.7 percentage points

One study found that Increasing the implicit tax on working longer from 0% to 100% reduces the employment of older men by 6.7 percentage points in the early retirement phase and 1.8 percentage points in the late retirement phase.

What is implicit tax? Why does it have effect on people's retirement decision?

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