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This paper discusses the pure static price effects which are engendered by tax preferences for nonwage compensation. Section II demonstrates that, because of these price effects, optimal consumption bundles will contain larger quantities of the goods included in nonwage compensation, and smaller quantities of other goods, than they would in the absence of tax preferences. In the presence of preferences, the cost of a compensation package to an employer usually differs from its value to andoi:10.3386/w1630 fatcat:hebwpvyjgvekpeq34rvk3n6es4