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Equity And Neutrality In Housing Taxation
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Book Synopsis Equity and Neutrality in Housing Taxation by : Philippe Thalmann
Download or read book Equity and Neutrality in Housing Taxation written by Philippe Thalmann and published by . This book was released on 2015 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Equity and neutrality are distinct concepts in housing taxation and weak and strong tenure neutrality should be distinguished. When a tax system is tested for those criteria, the taxes paid by landlords must be included, as they affect the rents renters pay. This paper defines appropriate tests, applies them to a stylised tax system and simulates tax changes designed to restore equity and/or neutrality. It shows how the homeowner's implicit income should be computed for taxes to be fundamentally tenure neutral or equitable or both. And it shows the key role played by the differential in producing housing services under owner-occupation and renting.
Book Synopsis Homeownership Investment and Tax Neutrality by : Francesco Figari
Download or read book Homeownership Investment and Tax Neutrality written by Francesco Figari and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Western countries' income tax systems exempt the return from investing in owner-occupied housing. Returns from other investments are instead taxed, thus distorting households’ portfolio choices, although it is argued that housing property taxation might act as a counterbalance. Based on data drawn from the Statistics of Income and Living Conditions and the UK Family Resources Survey, and building on tax-benefit model EUROMOD, we provide novel evidence on the interplay of income and property taxation in budgetary, efficiency and equity terms in eight European countries. Results reveal that, even accounting for recurrent housing property taxation, a sizeable 'homeownership bias' i.e. a lighter average and marginal taxation for homeownership investment, is embedded in current tax systems, and displays heterogeneous distributional profiles across different countries. Housing property taxation represents only a partial correction towards neutrality.
Book Synopsis Study on Tax Considerations in Multi-family Housing Investments by : Touche Ross & Co
Download or read book Study on Tax Considerations in Multi-family Housing Investments written by Touche Ross & Co and published by . This book was released on 1972 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Tax Policy, Leverage and Macroeconomic Stability by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Tax Policy, Leverage and Macroeconomic Stability written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2016-12-10 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risks to macroeconomic stability posed by excessive private leverage are significantly amplified by tax distortions. ‘Debt bias’ (tax provisions favoring finance by debt rather than equity) has increased leverage in both the household and corporate sectors, and is now widely recognized as a significant macroeconomic concern. This paper presents new evidence of the extent of debt bias, including estimates for banks and non-bank financial institutions both before and after the global financial crisis. It presents policy options to alleviate debt bias, and assesses their effectiveness. The paper finds that thin capitalization rules restricting interest deductibility have only partially been able to address debt bias, but that an allowance for corporate equity has generally proved effective. The paper concludes that debt bias should feature prominently in countries’ tax reform plans in the coming years.
Book Synopsis Property Taxation, Housing, and Urban Growth, with Attention to Tax Reform and Assessment Modernization by : Walter Rybeck
Download or read book Property Taxation, Housing, and Urban Growth, with Attention to Tax Reform and Assessment Modernization written by Walter Rybeck and published by . This book was released on 1970 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Federal Income Tax in Relation to Housing by : Richard E. Slitor
Download or read book The Federal Income Tax in Relation to Housing written by Richard E. Slitor and published by . This book was released on 1968 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Property Tax, School Funding Dilemma by : Daphne A. Kenyon
Download or read book The Property Tax, School Funding Dilemma written by Daphne A. Kenyon and published by Lincoln Inst of Land Policy. This book was released on 2007 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: States experiencing taxpayer revolts among homeowners are tempted to reduce reliance on the property tax to fund schools. But a more targeted approach can provide property tax relief and improve state funding for public education. This policy focus report includes a comprehensive review of recent research on both property tax and school funding, and summarizes case studies of seven states-- California, Massachusetts, Michigan, New Hampshire, New Jersey, Ohio and Texas. The majority of these states are heavily reliant on property tax revenues to fund schools. While there is no one-size-fits-all solution, the report recommends addressing property taxes and school funding separately.
Book Synopsis Taxation and the Owner Occupied Housing Market by : Michael Ball
Download or read book Taxation and the Owner Occupied Housing Market written by Michael Ball and published by . This book was released on 1990 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Good Tax written by Joan Youngman and published by . This book was released on 2016 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: In A Good Tax, tax expert Joan Youngman skillfully considers how to improve the operation of the property tax and supply the information that is often missing in public debate. She analyzes the legal, administrative, and political challenges to the property tax in the United States and offers recommendations for its improvement. The book is accessibly written for policy analysts and public officials who are dealing with specific property tax issues and for those concerned with property tax issues in general.
Book Synopsis Owner-occupied Housing Taxation by : Phyllis Alexander
Download or read book Owner-occupied Housing Taxation written by Phyllis Alexander and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This research identifies and quantifies horizontal and vertical inequities resulting from selected owner-occupied housing tax policies though micro-simulation. The simulations are spread sheet constructions underpinned by the respective UK and US tax systems. Within each country-specific simulation case families are established varying with regard to income levels and investment choices. The specific tax policies analysed are the acquisition taxes, property taxes, elements specific to housing affecting income taxes (i.e. mortgage interest relief) and capital gains taxes. In addition to the specific tax policies, the overall tax obligations (the sum of the four specific taxes) are considered. The time frame of the study is a twenty-year period from 1990 through 2009. A recurring theme in the literature is that homeowners ought to be taxed as investors in rental properties to ensure tenure neutrality or, alternatively, taxed as any other investor to ensure tax neutrality. This research considers the corresponding effects on horizontal and vertical equity by modifying the UK and US tax systems for increased levels of neutrality through further micro-simulation analysis. Finally, the respective owner-occupied housing tax policy changes and reforms that occurred within the twenty-year period studied are evaluated in terms of enhancements to or hindrances of horizontal and vertical equity. This is accomplished by simulating sixteen five-year periods within the twenty-year time frame and evaluating horizontal and vertical equity on a within-country and a cross- country basis. What appears to be lacking in the literature is an extensive comparative analysis of the specific owner-occupied housing tax policies and their interrelationship with respect to the complex overall tax system in which they are present. The aim of this research is to contribute to the middle/high range of comparative analytical work. The research is set within a comprehensive theoretical framework and systematically ii compares the two countries' specific tax policies and their overall impact on the respective tax systems. The methodology used is consistent between the two countries, ensuring a robust dual-nation comparison. The US specific tax policies relevant to homeownership and the overall tax system were found to have greater inherent horizontal inequities when compared with the UK tax policies and tax system. Both countries' specific tax systems were found to have varying inherent vertical inequities. The UK homeowner occupiers experience more vertical equity (progressivity) in the acquisition tax system when compared with the US investors. Conversely, the US homeowner occupiers experience more vertical equity (progressivity) in the property tax, income tax and capital gains tax systems. Overall, the US investors experience a more progressive tax system when compared directly with the UK investors. The abolition of the UK Mortgage Interest Relief at Source (MIRAS) resulted in a less progressive income tax system for homeowner occupiers but one that is more horizontally equitable with other investors. The erosion of the benefits realised from the US mortgage interest and real estate tax deductions has resulted in a more vertically and horizontally equitable income tax system for all but the most wealthy. Vertical equity was improved by the adoption of the UK council tax in that it is a less regressive form of property taxation when compared with its predecessor. The recent reforms to the UK stamp duty (land tax) have made the system of acquisition taxation more vertically equitable but have exacerbated the horizontal inequity of the system with respect to other capital investors. The US capital gains tax system as it relates to the homeowner occupier changed significantly with the Tax Reform Act of 1997, resulting in a simpler but less equitable system depending on circumstances. With regard to the equity of the overall tax systems of the two countries, the UK's progressivity has decreased while the horizontal equity has improved during the twenty-year period, whereas the progressivity of the US system has remained relatively flat with an improvement in horizontal equity. iii The author concludes with a call for the gradual repeal of the mortgage interest relief in the US, a subsidy shown to be extremely vertically inequitable in this study and one that was estimated to cost the exchequer $79 million in lost tax revenue in 2010 by the US Office for Management and Budget. While a taxable imputed rental income may be theoretically optimal, the well-recognised administrative and compliance issues associated with such tax reform make it untenable. Therefore, the second best option and the one adopted by the UK and most other developed nations, is not to allow a deduction for a cost in generating untaxed income. This research contributes a unique synthesis of methodological techniques to the housing equity literature. The combined analyses of horizontal equity under the classical definition with the chosen structural and distributional techniques in evaluating vertical equity have never been done before. The analysis of the overall tax system comprising four specific tax systems is also original in this area of research and employs the Suits (1977) method for determining overall progressivity. There is an attempt within this research to replicate the results derived from the Suits indices by similarly extending the structural indices, thus testing the transferability of the methodology established by Suits. This is the first attempt to extend the structural indices established decades earlier to researcher's knowledge. The results from two of the three structural measures are inconsistent with each other and the results from the Suits indices and therefore not believed to be informative. However, the results from the extended Liability Progression of both countries are indeed consistent with the results of Suits indices. This is an interesting research observation and may be indicative of the transferability of the Suits methodology. This area of research continues to be discussed by academics and policymakers given the conflicting underpinning theories and continued fiscal favouritism in many developed countries. This research area has become even more topical in the last few years given the recent financial crisis. The multi-layered, comparative micro-simulation technique employed within this research provides a solid platform from which to appraise conventional wisdoms and proposals for future policy with regard to owner-occupied housing taxation and beyond.
Book Synopsis Equity in the Real Property Tax by :
Download or read book Equity in the Real Property Tax written by and published by . This book was released on 1972 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Study of Property Taxes and Urban Blight by : Arthur D. Little, Inc
Download or read book A Study of Property Taxes and Urban Blight written by Arthur D. Little, Inc and published by . This book was released on 1973 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Tax Reform and Real Estate by : James R. Follain
Download or read book Tax Reform and Real Estate written by James R. Follain and published by University Press of America. This book was released on 1986 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Housing Taxation by : Walter Albert Morton
Download or read book Housing Taxation written by Walter Albert Morton and published by . This book was released on 1955 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Measuring Effective Taxation of Housing by : Bethany Millar-Powell
Download or read book Measuring Effective Taxation of Housing written by Bethany Millar-Powell and published by . This book was released on 2022 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper measures the effective taxation of housing investments in 40 OECD member and partner countries. The paper derives both Marginal Effective Tax Rates (METRs) and Average Effective Tax Rates (AETRs), which incorporate the stream of income and taxes over the life of the housing investment. The methodology is applied to owner-occupied and rented residential property for investments that are financed with debt or equity. The paper finds that the level and components of housing taxation depend greatly on the investment scenario. Effective tax rates vary substantially depending on the holding period, rate of return, tenure (owner-occupied or rented), financing scenario, and the inflation rate. Effective tax rates do not vary much with the taxpayer's income and wealth or with the rate of return. The paper finds there is scope to reduce the tax differential between different investment scenarios and strengthen progressivity and horizontal equity.
Book Synopsis The Economic Effects of Taxing Capital Income by : Jane Gravelle
Download or read book The Economic Effects of Taxing Capital Income written by Jane Gravelle and published by MIT Press. This book was released on 1994 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author :Organisation for Economic Co-operation and Development Publisher :OECD Publishing ISBN 13 : Total Pages :146 pages Book Rating :4./5 ( download)
Book Synopsis Taxation and Household Saving by : Organisation for Economic Co-operation and Development
Download or read book Taxation and Household Saving written by Organisation for Economic Co-operation and Development and published by OECD Publishing. This book was released on 1994 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bilingual background report to "Taxation and household saving"/"Fiscalité et épargne des ménages". This questionnaire survey on how different types of savings by households are taxed in each of the OECD countries shows how each country views its own tax system.