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A Study Of The Effect Of Capital Gains And Personal Tax On An Investors Optimal Portfolio Selection
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Book Synopsis A Study of the Effect of Capital Gains and Personal Tax on an Investor's Optimal Portfolio Selection by : Earl G. Hotrum
Download or read book A Study of the Effect of Capital Gains and Personal Tax on an Investor's Optimal Portfolio Selection written by Earl G. Hotrum and published by . This book was released on 1976 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Progressivity of Capital Gains Taxation with Optimal Portfolio Selection by : Michael Haliassos
Download or read book Progressivity of Capital Gains Taxation with Optimal Portfolio Selection written by Michael Haliassos and published by . This book was released on 1993 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide new data on capital gains realizations using a five-year stratified panel of taxpayers covering 1985-1989. We find, as earlier studies have, that capital gains realizations are very concentrated among the highest income groups. We use these data and data from the Federal Reserve Board Survey of Consumer Finances to draw inferences from a simulation model of the effects on progressivity and efficiency of alternative tax treatment of capital gains. Tax payments alone are not an accurate indication of the burden of a tax. Taxes generally create costs beyond the dollar value collected by causing persons to change their behavior to avoid the tax. Risk is also affected by the tax system. Beneficial risk-sharing characteristics of the tax system are frequently overlooked when examining the treatment of capital gains, We find that reforms comprising reductions in the capital gains tax rate offset by increases in the tax rate on other investment income are efficiency reducing. Surprisingly, we find that for taxpayers for whom loss limits are not binding a switch to accrual taxation is also efficiency reducing. For those taxpayers for whom loss limits are potentially binding, we find that large efficiency gains can be achieved by increasing the amount of capital losses that may be deducted against ordinary income. These results are partly attributable to changes in risk-sharing encompassed in these reforms.
Book Synopsis Taxation, Bequest, and Lifetime Portfolio Selection by : Chin-sun Yi
Download or read book Taxation, Bequest, and Lifetime Portfolio Selection written by Chin-sun Yi and published by . This book was released on 1986 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Gains, Minimal Taxes by : Kaye A. Thomas
Download or read book Capital Gains, Minimal Taxes written by Kaye A. Thomas and published by Fairmark Press Inc.. This book was released on 2004 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: A complete, authoritative guide to taxation of stocks, mutual funds and market-traded stock options.
Book Synopsis The Effect of Income Taxes on Optimal Portfolio Selection by : W. Cris Lewis
Download or read book The Effect of Income Taxes on Optimal Portfolio Selection written by W. Cris Lewis and published by . This book was released on 1999 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Notes on the Effect of Capital Gains Taxation on Non-Austrian Assets by : Daniel J. Kovenock
Download or read book Notes on the Effect of Capital Gains Taxation on Non-Austrian Assets written by Daniel J. Kovenock and published by . This book was released on 1985 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper is an attempt to assess the effect of capital gains taxation on non-Austrian assets, such as claims to profits of continuing enterprises. As compared to taxation on an accrual basis, the capital gains tax discourages sales of appreciated assets. This is the "lock-in" effect. Because assets subject to capital gains taxation are generally held a long time, conventional estimates suggest that the effective rate of capital gains taxation is low. We contend that conventional estimates could seriously underestimate the effective rate of capital gains taxation because they ignore uncertainty. We construct a model which allows us to calculate the value of being able to actively manage a portfolio and use this model to calculate the effective rate of capital gains taxation. For several plausible parameter values the effective rate is significantly higher than estimates under certainty. We also discuss some of the ways in which the lock-in effect may distort the allocation of investment funds and the efficient workings of the capital market
Book Synopsis The Economic Effects of Capital Gains Taxation by : United States. Congress. Joint Economic Committee
Download or read book The Economic Effects of Capital Gains Taxation written by United States. Congress. Joint Economic Committee and published by . This book was released on 1997 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :John Keith Butters Publisher :Boston : Graduate School of Business Administration, Harvard University ISBN 13 : Total Pages :584 pages Book Rating :4.F/5 ( download)
Book Synopsis Effects of Taxation by : John Keith Butters
Download or read book Effects of Taxation written by John Keith Butters and published by Boston : Graduate School of Business Administration, Harvard University. This book was released on 1953 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Portfolio Selection with Multiple Assets and Capital Gains Taxes by : Lorenzo Garlappi
Download or read book Portfolio Selection with Multiple Assets and Capital Gains Taxes written by Lorenzo Garlappi and published by . This book was released on 2001 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the portfolio choice of an investor who can invest in tow risky assets (in addition to a riskless asset) and who is subject to taxes on realized capital gains. These taxes appear in the portfolio choice problem as a form of time-independent, endogenous transaction costs. Similar to the case of portfolio choice with transaction costs, the optimal strategy of the taxable investor contains a quot;no tradequot; region originating from the excercise of the option to defer capital gains taxes. This may lead an investor to hold a markedly undiversified portfolio, for reasonable parameter values. With multiple risky assets the investor is effectively holding a portfolio of tax-deferral options. The value of these options is considerable, in the range of 5-10% of the wealth of an investor with constant relative risk aversion. Such value is decreasing in the volatility and correlation of the assets and in the risk aversion. If the risky assets can be held only through a mutual fund, the investor incurs a cost due to the loss of flexibility whose magnitude is small when assets re positively correlated but can increase considerably as the correlation decreases.
Book Synopsis An Empirical Study of the Effect of Federal Income Tax and Length of Investment Holding Period on the Benefits Derived from Return-standard-deviation-efficient Portfolio Selection by : Thor William Bruce
Download or read book An Empirical Study of the Effect of Federal Income Tax and Length of Investment Holding Period on the Benefits Derived from Return-standard-deviation-efficient Portfolio Selection written by Thor William Bruce and published by . This book was released on 1971 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Taxable Investor's Manifesto by : Stuart E. Lucas
Download or read book The Taxable Investor's Manifesto written by Stuart E. Lucas and published by John Wiley & Sons. This book was released on 2020-05-12 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Taxable Investor's Manifesto: Wealth Management Strategies to Last a Lifetime is written for every investor with taxable wealth and every advisor who serves them. The Taxable Investor's Manifesto guides readers through a series of related topics, bringing clarity to complexity with an economy of words, while providing valuable and actionable advice at every turn. This remarkable book combines the deep industry knowledge of a seasoned practitioner with the communication skills of a leading educator. Author Stuart E. Lucas is the founder and Chief Investment Officer of Wealth Strategist Partners, a firm that advises complex family enterprises, including his own. He also co-founded the University of Chicago’s Private Wealth Management program, now in its fourteenth year. Most investment books only address pre-tax headline returns, but individuals pay taxes. The incentives and disincentives of our tax system can have a dramatic impact on actual investment time horizons and returns. The Manifesto sensibly folds tax incentives into investment strategy in ways that can add profound value over a lifetime to actual results. It includes guidance on: How to keep a greater percentage of your profits with a higher probability of success and less effort Why it’s important to manage the intersection of investment, tax and estate planning How to compete for better long-term investment returns against tax-exempt investors. Whether you're a young professional or entrepreneur, a mid-career manager, a senior business executive, or a retiree this book will give you tools to enhance your net worth considerably. If you are an advisor, studying and implementing Lucas's advice will strengthen your business and make your clients happier.
Book Synopsis The Labyrinth of Capital Gains Tax Policy by : Leonard E. Burman
Download or read book The Labyrinth of Capital Gains Tax Policy written by Leonard E. Burman and published by Brookings Institution Press. This book was released on 2010-12-01 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: Few issues in tax policy are as divisive as the capital gains tax. Should capital gains--the increase in value of assets such as stocks or businesses--be taxed at all? If so, when should they be taxed--when they are earned, or when they are realized? Should taxes be adjusted for inflation? And should gains be taxed at both the individual and corporate levels? In this book, Leonard Burman cuts through the political rhetoric to present the facts about capital gains. He begins by explaining the complex rules that govern the taxation of capital gains, examines the kinds of assets that produce them, and the factors that can lead to gains or losses. He then reviews the effects of capital gains taxation on saving and investment and considers the arguments for and against indexing capital gains taxes for inflation, as well as other options for altering the current system.
Book Synopsis Optimal Portfolio Management with Transactions Costs and Capital Gains Taxes by : Hayne E. Leland
Download or read book Optimal Portfolio Management with Transactions Costs and Capital Gains Taxes written by Hayne E. Leland and published by . This book was released on 1999 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Diversification and Capital Gains Taxes with Multiple Risky Assets by : Robert M. Dammon
Download or read book Diversification and Capital Gains Taxes with Multiple Risky Assets written by Robert M. Dammon and published by . This book was released on 2009 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the impact of capital gains taxes upon the structure of an investor's optimal portfolio in the presence of multiple risky assets. Our numerical solutions suggest that the diversification benefits of reducing the exposure to a highly volatile concentrated position significantly outweigh the tax costs of selling, even for elderly investors. The presence of multiple risky assets in which the investor earns a substantial risk premium strongly increases the diversification incentive. We also contrast the impact of capital gains taxes and traditional transaction costs on rebalancing decisions and show that it can be optimal for the investor to reduce his overall equity exposure by selling underweighted assets with relatively small capital gains. Finally, we discuss the general qualitative features of the optimal investment policy in a broader context. Both our numerical and qualitative analyses show how the realization decision on one asset depends upon the embedded gains on other assets.
Book Synopsis The Capital Gains Controversy by : J. Andrew Hoerner
Download or read book The Capital Gains Controversy written by J. Andrew Hoerner and published by . This book was released on 1992 with total page 518 pages. Available in PDF, EPUB and Kindle. Book excerpt: A collection of documentation regarding the treatment of capital gains in the United States. Articles by economists, lawyers, Treasury Department officials, and congressional testimony. Chapters include general assessment of capital gains taxation, capital gains revenue estimates, capital gains and economic growth, fairness and distributional equity, inflation and indexing, designing a capital gains tax preference.
Book Synopsis Optimal Consumption and Investment with Capital Gains Taxes by : Robert M. Dammon
Download or read book Optimal Consumption and Investment with Capital Gains Taxes written by Robert M. Dammon and published by . This book was released on 2009 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article characterizes optimal dynamic consumption and portfolio decisions in the presence of capital gains taxes and short-sale restrictions. The optimal decisions are a function of the investor's age, initial portfolio holdings, and tax basis. Our results capture the trade-off between the diversification benefits and tax costs of trading over an investor's lifetime. The incentive to rediversify the portfolio is inversely related to the size of the embedded gain and investor's age. Contrary to standard financial advice, the optimal equity holding increases well into an investor's lifetime in our model due to the forgiveness of capital gains taxes at death.
Book Synopsis Taxing Corporate Income in the 21st Century by : Alan J. Auerbach
Download or read book Taxing Corporate Income in the 21st Century written by Alan J. Auerbach and published by Cambridge University Press. This book was released on 2007-04-16 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book was first published in 2007. Most countries levy taxes on corporations, but the impact - and therefore the wisdom - of such taxes is highly controversial among economists. Does the burden of these taxes fall on wealthy shareowners, or is it passed along to those who work for, or buy the products of, corporations? Can a country with high corporate taxes remain competitive in the global economy? This book features research by leading economists and accountants that sheds light on these and related questions, including how taxes affect corporate dividend policy, stock market value, avoidance, and evasion. The studies promise to inform both future tax policy and regulatory policy, especially in light of the Sarbanes-Oxley Act and other actions by the Securities and Exchange Commission that are having profound effects on the market for tax planning and auditing in the wake of the well-publicized accounting scandals in Enron and WorldCom.
