Author: Joseph E. StiglitzPublisher:
ISBN:
Category :
Languages : en
Pages : 44
Book Description
The Effects of Income, Wealth, and Capital Gains Taxation on Risk Taking
Author: Joseph E. StiglitzRisk-Taking and Optimal Taxation with Nontradable Human Capital
Author: Zuliu HuPublisher: International Monetary Fund
ISBN: 1451947429
Category : Business & Economics
Languages : en
Pages : 22
Book Description
What are the effects of taxation on individual/entrepreneurs’ risk-taking behavior? This paper re-examines this old question in a continuous time life-cycle model. We demonstrate that the stream of uncertain income from human capital has systematic effects on demand for the risky physical capital asset. If labor supply is inelastic and real wages are known with certainty, then a labor income tax will reduce holdings of the risky physical asset. However, if there are random fluctuations in labor income, then the effect depends on the nature of interaction between wage risk and investment income risk. A labor income tax may actually raise demand for the risky capital asset if human capital risk and physical capital risk are positively correlated. The idiosyncratic risk and nontradability of human capital also have implications for optimal taxation. When the insurance and disincentive effects are jointly taken into account, a Pareto efficient tax structure implies a strictly positive tax rate.
OECD Tax Policy Studies Taxation of Capital Gains of Individuals Policy Considerations and Approaches
Author: OECDPublisher: OECD Publishing
ISBN: 9264029508
Category :
Languages : en
Pages : 172
Book Description
This report investigates policy considerations in the taxation of capital gains of individuals and design features of capital gains tax systems.
The Taxation of Personal Wealth
Author: Alan A. TaitPublisher: Urbana : University of Illinois Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 256
Book Description
The Economic Effects of Taxing Capital Income
Author: Jane GravellePublisher: MIT Press
ISBN: 9780262071581
Category : Business & Economics
Languages : en
Pages : 370
Book Description
How should capital income be taxed to achieve efficiency and equity? In this detailed study, tax policy analyst Jane Gravelle, brings together comprehensive estimates of effective tax rates on a wide variety of capital by type, industry, legal form, method of financing, and across time. These estimates are combined with a history and survey of issues regarding capital income taxation that are aimed especially at bringing the findings of economic theory and recent empirical research to nonspecialists and policymakers. Many of the topics treated have been the subject of policy debate and legislation over the last ten or fifteen years.Should capital income be taxed at all? And, if capital income is to be taxed, what is the best way to do it? Gravelle devotes two chapters to the first question, and then, in answer to the second question, covers a broad range of topics - corporate taxation, tax neutrality, capital gains taxes, tax treatment of retirement savings, and capital income taxation and international competitiveness. Gravelle also includes a comprehensive history of tax institutions and data on constructing effective tax rates that are not available elsewhere.
Capital Income Taxation and Risk-taking in a Small Open Economy
Author: Patrick K. AseaPublisher:
ISBN:
Category : Capital gains tax
Languages : en
Pages : 62
Book Description
How do capital income taxes affect household portfolio choice and growth? We" approach this question within the context of a stochastic model of a small open economy in" which taxes on income from domestic capital (equity) and foreign bonds affect household" portfolio choice, welfare and the growth rate of the economy. The theoretical and numerical" analysis demonstrates the important role that risk plays in determining the mean and variability" of growth as well as the conditions under which a higher tax rate can be welfare improving. To" shed more light on the complex theoretical interaction between taxes and risk-taking we estimate" a reduced-form multinomial probit model of household portfolio choice using the method of" simulated moments. The empirical evidence is in stark contrast to the conventional wisdom " we find that higher taxes make it less likely that the household will hold risky assets."
OECD Tax Policy Studies Taxation of Capital Gains of Individuals Policy Considerations and Approaches
Author: OECDPublisher: OECD Publishing
ISBN:
Category :
Languages : en
Pages : 176
Book Description
This report investigates policy considerations in the taxation of capital gains of individuals and design features of capital gains tax systems.
Stochastic Optimization Models in Finance
Author: William T. ZiembaPublisher: World Scientific
ISBN: 981256800X
Category : Business & Economics
Languages : en
Pages : 756
Book Description
A reprint of one of the classic volumes on portfolio theory and investment, this book has been used by the leading professors at universities such as Stanford, Berkeley, and Carnegie-Mellon. It contains five parts, each with a review of the literature and about 150 pages of computational and review exercises and further in-depth, challenging problems.Frequently referenced and highly usable, the material remains as fresh and relevant for a portfolio theory course as ever.
International Evidence on the Effects of Having No Capital Gains Taxes
Author: Fraser Institute (Vancouver, B.C.)Publisher: The Fraser Institute
ISBN: 0889751897
Category : Capital gains tax
Languages : en
Pages : 36
Book Description
The Economic Effects of Capital Gains Taxation
Author: United States. Congress. Joint Economic CommitteePublisher:
ISBN:
Category : Capital gains tax
Languages : en
Pages : 20
Book Description