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Economics is at its best when it offers important insights that contradict initial, casual impressions. The theory of tax incidence provides a rich assortment of such insights. Tax incidences basic lesson that the real and nominal tax burdens are not necessarily related means that taxes on capital are born by workers, that investment incentives are injurious to capitalists, that taxation of foreigners simply represent indirect domestic taxation, and that generations alive many decades in the future may be supporting those currently alive. The study of tax incidence is both fun, because it offers such surprising findings, and very important, because of its implications about the impacts of government policies. Much of the current tax incidence literature considers the settings of certainty, perfect information, and market clearing. As more sophisticated models relax these assumptions, the theory of tax incidence is …