Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Download Optimal Debt Management Under Corporate And Personal Taxation full books in PDF, epub, and Kindle. Read online Optimal Debt Management Under Corporate And Personal Taxation ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author : David C. Mauer
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (316 download)
Download or read book Optimal Debt Management Under Corporate and Personal Taxation written by David C. Mauer and published by . This book was released on 1988 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Wilbur G. Lewellen
Publisher :
ISBN 13 :
Total Pages : 17 pages
Book Rating : 4.:/5 (648 download)
Download or read book Debt Management Under Corporate and Personal Taxation written by Wilbur G. Lewellen and published by . This book was released on 1987 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert J. Barro
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (318 download)
Download or read book Optimal Debt Management written by Robert J. Barro and published by . This book was released on 1995 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Optimal debt management can be thought of in three stages. First, if taxes are lump sum and the other conditions for Ricardian equivalence hold, then the division of government financing between debt and taxes is irrelevant, and the whole level of public debt is indeterminate from an optimal-tax standpoint. Second, if taxes are distorting, then the timing of taxes will generally matter; for example, it may be desirable to smooth tax rates over time. This consideration makes determinate the levels of debt at various dates, but does not pin down the composition of the debt, say by maturity. Finally, if there is uncertainty about real interest rates, levels of public outlay, GDP, and so on, then the relation of tax rates to states of nature becomes important. In some cases, optimal taxation dictates the smoothing of tax rates over states of nature, and this element may pin down the composition of the debt. For example, the maturity structure can be designed to insulate the government's financing costs from shifts in real interest rates. This paper studies dynamic optimal taxation in an equilibrium model that yields a form of tax smoothing as a basis for debt management. The main analysis uses a tractable form of the one-sector stochastic growth model. The type of taxation that yields the clearest results on tax smoothing is a proportional levy on consumption. In a simple benchmark case, optimal debt management entails the issue of indexed consols. More generally, payouts on debt would also be contingent on aggregate consumption and the level of government spending.
Author : Davide Debortoli
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (13 download)
Download or read book Optimal Taxation and Debt Management Without Commitment written by Davide Debortoli and published by . This book was released on 2018 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper considers optimal fiscal policy in a deterministic Lucas and Stokey (1983) economy in the absence of government commitment. In every period, the government chooses a labor income tax and issues any unconstrained maturity structure of debt as a function of its outstanding debt portfolio. We find that the solution under commitment cannot always be sustained through the appropriate choice of debt maturities, a result which contrasts with previous conclusions in the literature. This is because a government today cannot commit future governments to a particular side of the Laffer curve, even if it can commit them to future revenues. We find that the unique stable debt maturity structure under no commitment is flat, with the government owing the same amount of resources to the private sector at all future dates. We present examples in which the maturity structure converges to such a flat distribution over time. In cases where the commitment and no-commitment solutions do not coincide, debt converges to the natural debt limit.
Author : Jenny Simon
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (817 download)
Download or read book Optimal Debt Bias in Corporate Income Taxation written by Jenny Simon and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: I present a rationale for a government to discriminate between debt and equity financing when taxing corporate income. For risk-averse entrepreneurs, equity generates more surplus than debt, because it provides financing and insurance. A government seeking to extract surplus from entrepreneurs would naturally tax equity-generated income more than debt-generated income. I also establish a less obvious reason why the government might want to extract surplus from entrepreneurs. It is well understood that when the quality of projects is unobservable to investors, risk-averse entrepreneurs with higherreturn projects might retain a larger share of equity to signal their type (Leland and Pyle (1977)). I show that in such an adverse selection setting, while competitive investors are constrained to offer actuarially fair terms, the government can use taxes to discriminate between types. This degree of freedom allows manipulation of the relevant incentive constraints so that a lower level of debt suffices for separation, and an increase in overall efficiency can be obtained. Since entrepreneurs separate along their debt-to-equity ratios, the optimal non-linear tax schedule to achieve the desired discrimination is isomorphic to one that taxes debt-generated income at a lower rate than equitygenerated income.
Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264223258
Total Pages : 110 pages
Book Rating : 4.2/5 (642 download)
Download or read book Working Smarter in Tax Debt Management written by OECD and published by OECD Publishing. This book was released on 2014-10-24 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report provides an overview of best practices in tax debt management, with a particular emphasis on how to better differentiate debtors when deciding how to best secure payment and what can be done to ensure that payment issues are considered earlier in the compliance and collection process.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 149832892X
Total Pages : 39 pages
Book Rating : 4.4/5 (983 download)
Download or read book Guidelines for Public Debt Management -- Amended written by International Monetary Fund and published by International Monetary Fund. This book was released on 2003-09-12 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Author : Peter Birch Sørensen
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (96 download)
Download or read book Taxation and the Optimal Constraint on Corporate Debt Finance written by Peter Birch Sørensen and published by . This book was released on 2014 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert J. Barro
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Notes on Optimal Debt Management written by Robert J. Barro and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consider the finance of an exogenous path of public expenditure, G(t), with taxes and public debt issues. In the absence of unexpected default, borrowing does not allow the government to escape taxes in a present-value sense. But the choices of how much to borrow and in what form affect the timing of tax collections and the ways in which these collections are contingent on economic outcomes. This note assesses these choices from an optimal-tax perspective. That is, the government manages its debt to minimize the expected present value of the distortions from financing its expenditures.
Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498345204
Total Pages : 78 pages
Book Rating : 4.4/5 (983 download)
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.
Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498335926
Total Pages : 41 pages
Book Rating : 4.4/5 (983 download)
Download or read book Debt Bias and Other Distortions written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2009-12-06 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tax distortions are likely to have encouraged excessive leveraging and other financial market problems evident in the crisis. These effects have been little explored, but are potentially macro-relevant. Taxation can result, for example, in a net subsidy to borrowing of hundreds of basis points, raising debt-equity ratios and vulnerabilities from capital inflows. This paper reviews key channels by which tax distortions can significantly affect financial markets, drawing implications for tax design once the crisis has passed.
Author : World Bank
Publisher : World Bank Publications
ISBN 13 : 1464814414
Total Pages : 241 pages
Book Rating : 4.4/5 (648 download)
Download or read book Doing Business 2020 written by World Bank and published by World Bank Publications. This book was released on 2019-11-21 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.
Author : John D. Finnerty
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (787 download)
Download or read book Debt Management written by John D. Finnerty and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Daniel Leigh
Publisher : International Monetary Fund
ISBN 13 : 1455294691
Total Pages : 41 pages
Book Rating : 4.4/5 (552 download)
Download or read book Expansionary Austerity New International Evidence written by Mr.Daniel Leigh and published by International Monetary Fund. This book was released on 2011-07-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the short-term effects of fiscal consolidation on economic activity in OECD economies. We examine the historical record, including Budget Speeches and IMFdocuments, to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by responding to prospective economic conditions. Using this new dataset, our estimates suggest fiscal consolidation has contractionary effects on private domestic demand and GDP. By contrast, estimates based on conventional measures of the fiscal policy stance used in the literature support the expansionary fiscal contractions hypothesis but appear to be biased toward overstating expansionary effects.
Author : Jennifer Blouin
Publisher : International Monetary Fund
ISBN 13 : 1484384644
Total Pages : 37 pages
Book Rating : 4.4/5 (843 download)
Download or read book Thin Capitalization Rules and Multinational Firm Capital Structure written by Jennifer Blouin and published by International Monetary Fund. This book was released on 2014-01-24 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital structure of the foreign affiliates of US multinationals. We construct a new data set on thin capitalization rules in 54 countries for the period 1982-2004. Using confidential data on the internal and total leverage of foreign affiliates of US multinationals, we find that thin capitalization rules significantly affect multinational firm capital structure. Specifically, restrictions on an affiliate’s debt-to-assets ratio reduce this ratio on average by 1.9%, while restrictions on an affiliate’s borrowing from the parent-to-equity ratio reduce this ratio by 6.3%. Also, restrictions on borrowing from the parent reduce the affiliate’s debt-to-assets ratio by 0.8%, which shows that rules targeting internal leverage have an indirect effect on the overall indebtedness of affiliate firms. The impact of capitalization rules on affiliate leverage is higher if their application is automatic rather than discretionary. Furthermore, thin capitalization regimes have aggregate firm effects: they reduce the firm’s aggregate interest expense but lower firm valuation. Overall, our results show than thin capitalization rules, which thus far have been understudied, have a substantial effect on the capital structure within multinational firms, with implications for the firm’s market valuation.
Author : David Wessel
Publisher : Brookings Institution Press
ISBN 13 : 0815727062
Total Pages : 178 pages
Book Rating : 4.8/5 (157 download)
Download or read book The $13 Trillion Question written by David Wessel and published by Brookings Institution Press. This book was released on 2015-11-24 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: The underexamined art and science of managing the federal government's huge debt. Everyone talks about the size of the U.S. national debt, now at $13 trillion and climbing, but few talk about how the U.S. Treasury does the borrowing—even though it is one of the world's largest borrowers. Everyone from bond traders to the home-buying public is affected by the Treasury's decisions about whether to borrow short or long term and what types of bonds to sell to investors. What is the best way for the Treasury to finance the government's huge debt? Harvard's Robin Greenwood, Sam Hanson, Joshua Rudolph, and Larry Summers argue that the Treasury could save taxpayers money and help the economy by borrowing more short term and less long term. They also argue that the Treasury and the Federal Reserve made a huge mistake in recent years by rowing in opposite directions: while the Fed was buying long-term bonds to push investors into other assets, the Treasury was doing the opposite—selling investors more long-term bonds. This book includes responses from a variety of public and private sector experts on how the Treasury does its borrowing, some of whom have criticized the way the Treasury has been managing its borrowing.
Author : Thomas J. Anderson
Publisher : John Wiley & Sons
ISBN 13 : 1118758617
Total Pages : 276 pages
Book Rating : 4.1/5 (187 download)
Download or read book The Value of Debt written by Thomas J. Anderson and published by John Wiley & Sons. This book was released on 2013-09-16 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: A New York Times bestseller and one of the Ten Best Business Books of 2013 by WealthManagement.com, this book brings a new vision of the value of debt in the management of individual and family wealth In this groundbreaking book, author Tom Anderson argues that, despite the reflex aversion most people have to debt—an aversion that is vociferously preached by most personal finance authors—wealthy individuals and families, as well as their financial advisors, have everything to gain and nothing to lose by learning to think holistically about debt. Anderson explains why, if strategically deployed, debt can be of enormous long-term benefit in the management of individual and family wealth. More importantly, he schools you in time-tested strategies for using debt to steadily build wealth, to generate tax-efficient retirement income, to provide a reliable source of funds in times of crisis and financial setback, and more. Takes a "strategic debt" approach to personal wealth management, emphasizing the need to appreciate the value of "indebted strengths" and for acquiring the tools needed to take advantage of those strengths Addresses how to determine your optimal debt ratio, or your debt "sweet spot" A companion website contains a proprietary tool for calculating your own optimal debt ratio, which enables you to develop a personal wealth balance sheet Offering a bold new vision of debt as a strategic asset in the management of individual and family wealth, The Value of Debt is an important resource for financial advisors, wealthy families, family offices, and professional investors.
