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Progressivity Of Capital Gains Taxation With Optimal Portfolio Selection
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Book Synopsis Progressivity of Capital Gains Taxation with Optimal Portfolio Selection by : Andrew B. Lyon
Download or read book Progressivity of Capital Gains Taxation with Optimal Portfolio Selection written by Andrew B. Lyon and published by . This book was released on 2010 with total page 48 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 Progressivity of capital gains portfolio selection by : Michael Haliassos
Download or read book Progressivity of capital gains portfolio selection written by Michael Haliassos and published by . This book was released on 1993 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Progressivity of capital gains taxation with optimal protfolio selection by : Michael Haliassos
Download or read book Progressivity of capital gains taxation with optimal protfolio selection written by Michael Haliassos and published by . This book was released on 1993 with total page 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 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 Tax Progressivity and Income Inequality by : Joel Slemrod
Download or read book Tax Progressivity and Income Inequality written by Joel Slemrod and published by Cambridge University Press. This book was released on 1996-10-13 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book assembles nine papers on tax progressivity and its relationship to income inequality, written by leading public finance economists. The papers document the changes during the 1980s in progressivity at the federal, state, and local level in the US. One chapter investigates the extent to which the declining progressivity contributed to the well-documented increase in income inequality over the past two decades, while others investigate the economic impact and cost of progressive tax systems. Special attention is given to the behavioral response to taxation of high-income individuals, portfolio behavior, and the taxation of capital gains. The concluding set of essays addresses the contentious issue of what constitutes a 'fair' tax system, contrasting public attitudes towards alternative tax systems to economists' notions of fairness. Each essay is followed by remarks of a commentator plus a summary of the discussion among contributors.
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 Portfolio Selection Under Nonconvex Transaction Costs and Capital Gains Taxes by : Jason Benjamin Schattman
Download or read book Portfolio Selection Under Nonconvex Transaction Costs and Capital Gains Taxes written by Jason Benjamin Schattman and published by . This book was released on 2000 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal Investment with Deferred Capital Gains Taxes by : Frank Thomas Seifried
Download or read book Optimal Investment with Deferred Capital Gains Taxes written by Frank Thomas Seifried and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We solve the optimal portfolio problem of an investor in a complete market who is liable to deferred taxes due on capital gains, irrespective of their origin. In a Brownian framework we explicitly determine optimal strategies. Our analysis is based on a modification of the standard martingale method applied to the after-tax utility function, which exhibits a kink at the level of initial wealth, and Clark's formula. Numerical results show that the Merton strategy is close to optimal under taxation.
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 209 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 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 Heterogeneity and Persistence in Returns to Wealth by : Andreas Fagereng
Download or read book Heterogeneity and Persistence in Returns to Wealth written by Andreas Fagereng and published by International Monetary Fund. This book was released on 2018-07-27 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide a systematic analysis of the properties of individual returns to wealth using twelve years of population data from Norway’s administrative tax records. We document a number of novel results. First, during our sample period individuals earn markedly different average returns on their financial assets (a standard deviation of 14%) and on their net worth (a standard deviation of 8%). Second, heterogeneity in returns does not arise merely from differences in the allocation of wealth between safe and risky assets: returns are heterogeneous even within asset classes. Third, returns are positively correlated with wealth: moving from the 10th to the 90th percentile of the financial wealth distribution increases the return by 3 percentage points - and by 17 percentage points when the same exercise is performed for the return to net worth. Fourth, wealth returns exhibit substantial persistence over time. We argue that while this persistence partly reflects stable differences in risk exposure and assets scale, it also reflects persistent heterogeneity in sophistication and financial information, as well as entrepreneurial talent. Finally, wealth returns are (mildly) correlated across generations. We discuss the implications of these findings for several strands of the wealth inequality debate.
Book Synopsis Economic Analyses of Capital Gains Taxation by : George R. Zodrow
Download or read book Economic Analyses of Capital Gains Taxation written by George R. Zodrow and published by . This book was released on 1994 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Learning from the World by : J. Colombano
Download or read book Learning from the World written by J. Colombano and published by Springer. This book was released on 2016-01-08 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this far-ranging and provocative volume, Joe Colombano and Aniket Shah provide global perspectives on the most significant challenges facing modern America, seeking to inspire new ideas to redevelop America.
Book Synopsis International Evidence on the Effects of Having No Capital Gains Taxes by : Fraser Institute (Vancouver, B.C.)
Download or read book International Evidence on the Effects of Having No Capital Gains Taxes written by Fraser Institute (Vancouver, B.C.) and published by The Fraser Institute. This book was released on 2001 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Gains Taxes and Realizations by : William T. Bogart
Download or read book Capital Gains Taxes and Realizations written by William T. Bogart and published by . This book was released on 1993 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Incidence and Asset-pricing Effects of Realization-based Capital Gains Taxes by : Alan D. Viard
Download or read book The Incidence and Asset-pricing Effects of Realization-based Capital Gains Taxes written by Alan D. Viard and published by . This book was released on 1997 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
