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Tax Policy Asset Prices And Growth
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Book Synopsis Tax Policy, Asset Prices, and Growth by : Lawrence H. Goulder
Download or read book Tax Policy, Asset Prices, and Growth written by Lawrence H. Goulder and published by . This book was released on 1987 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a multisector general equilibrium model that is capable of providing integrated assessments of the economy's short- and long- run responses to tax policy changes. The model contains an explicit treatment of firm's investment decisions according to which producers exhibit forward- looking behavior and take account of adjustment costs inherent in the installation of new capital. This permits an examination of both short-run effects of tax policy on industry profits and asset prices as well as 1ong-term effects on capital accumulation. The model contains considerable detail on U.S. industry, corporate financial policies, and the U.S. tax system. Simulation results reveal that the effects of tax policy differ significantly depending on whether the policy is oriented toward new or old capital measures like the investment tax credit stimulate investment without conferring significant windfall gains on corporate shareholders. Corporate tax rate reductions with the same revenue cost, on the other hand, yield large windfalls to shareholders while providing only a modest stimulus to investment in plant and equipment.
Book Synopsis Tax Policy, Asset Prices, and Growth by :
Download or read book Tax Policy, Asset Prices, and Growth written by and published by . This book was released on 1987 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :American Council for Capital Formation. Center for Policy Research Publisher : ISBN 13 :9781884032035 Total Pages :166 pages Book Rating :4.0/5 (32 download)
Book Synopsis Tax Policy and Economic Growth by : American Council for Capital Formation. Center for Policy Research
Download or read book Tax Policy and Economic Growth written by American Council for Capital Formation. Center for Policy Research and published by . This book was released on 1995 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Taxes, Regulations and Asset Prices by : Ellen R. McGrattan
Download or read book Taxes, Regulations and Asset Prices written by Ellen R. McGrattan and published by . This book was released on 2001 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: U.S. stock prices have increased much faster than gross domestic product (GDP) in the postwar period. Between 1962 and 2000, corporate equity value relative to GDP nearly doubled. In this paper, we determine what standard growth theory says the equity value should be in 1962 and 2000, the two years for which our steady-state assumption is a reasonable one. We find that the actual valuations were close to the theoretical predictions in both years. The reason for the large run-up in equity value relative to GDP is that the average tax rate on dividends fell dramatically between 1962 and 2000. We also find that, given legal constraints that effectively prohibited the holding of stocks as reserves for pension plans, there is no equity premium puzzle in the postwar period. The average returns on debt and equity are as theory predicts.
Book Synopsis Monetary Policy, Taxation, and International Investment Strategy by : Victor A. Canto
Download or read book Monetary Policy, Taxation, and International Investment Strategy written by Victor A. Canto and published by Praeger. This book was released on 1990-10-17 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written especially for portfolio managers, financial analysts, and corporate economists, this volume considers the practical implications of government economic policies. The contributors illustrate how incentives and disincentives affect economic behavior and the performance of the economy through an in-depth discussion of monetary, fiscal, and international economic issues. In addition, the authors present a unique top-down approach that enables the reader to trace the impact of government policies through the economy and thereby discover the investment strategies most likely to be successful within a given policy context. The first section of the book focuses on monetary issues and explores issues related to inflation, likely government intervention mechanisms to control inflation, variants of the monetarist model, interpreting the demand curve, and the development of a portfolio strategy designed to take advantage of anticipated changes in financial variables. The next group of chapters looks at supply-side economics and analyzes the effects of the economic incentives and constraints imposed by government. Particular attention is paid to the effects of taxation policies on equity values, economic growth, and savings. In the third section, the contributors present a supply-side view of selected international economic issues including the relationship between tax rate reductions and foreign exchange rates and the trade balance. The concluding section examines the portfolio strategies that can be derived from the analyses presented in previous chapters. An indispensable resource for finance executives, this book will also be of significant value to graduate students in economics, financial management, and business programs.
Book Synopsis Fiscal Policies and Asset Prices by : Mariano (Max) Massimiliano Croce
Download or read book Fiscal Policies and Asset Prices written by Mariano (Max) Massimiliano Croce and published by . This book was released on 2017 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: The surge in public debt triggered by the financial crisis has raised uncertainty about future tax pressure and economic activity. We examine the asset pricing effects of fiscal policies in a production-based general equilibrium model in which taxation affects corporate decisions by: i) distorting profits and investment; ii) reducing the cost of debt through a tax shield; and iii) depressing productivity growth. In settings with recursive preferences, these three tax-based channels generate sizable risk premia making tax uncertainty a first order concern. We document further that corporate tax smoothing can substantially alter the effects of public expenditure shocks.
Book Synopsis Tax Policy and Inclusive Growth by : Khaled Abdel-Kader
Download or read book Tax Policy and Inclusive Growth written by Khaled Abdel-Kader and published by INTERNATIONAL MONETARY FUND. This book was released on 2020-12-04 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the theory and practice of tax design to achieve an efficient and equitable outcome, i.e. in support of inclusive growth. It starts with a discussion of the key principles from tax theory to guide practical tax design. Then, it elaborates on more granular tax policy, discussing key choices in the structure of the personal income tax on labor and capital income, taxes on wealth, the corporate income tax, and consumption taxes. The paper concludes by highlighting the political economy considerations of the issues with concrete recommedtions as to how to implement tax reform.
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 Stochastic Taxation and Asset Pricing in Dynamic General Equilibrium by : Clemens Sialm
Download or read book Stochastic Taxation and Asset Pricing in Dynamic General Equilibrium written by Clemens Sialm and published by . This book was released on 2003 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Taxing Wages 2021 written by OECD and published by OECD Publishing. This book was released on 2021-04-29 with total page 651 pages. Available in PDF, EPUB and Kindle. Book excerpt: This annual publication provides details of taxes paid on wages in OECD countries. It covers personal income taxes and social security contributions paid by employees, social security contributions and payroll taxes paid by employers, and cash benefits received by workers. Taxing Wages 2021 includes a special feature entitled: “Impact of COVID-19 on the Tax Wedge in OECD Countries”.
Book Synopsis Tax Incentives and Economic Growth by : Barry P. Bosworth
Download or read book Tax Incentives and Economic Growth written by Barry P. Bosworth and published by Brookings Institution Press. This book was released on 2011-08-01 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sharp decline in U.S. productivity growth in the 1970s has brought about a renewed interest in economic policies to expand aggregate supply. Particular importance has been given to the role played by government intervention in the form of taxes, transfer payments, and regulation. This volume asks just what is known about the effect of government policy on the productive capacity of the nation. It also looks at the role played by capital formation, technological change, and the quality of the work force.
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.
Book Synopsis Tax Policy and the Asian Crisis by : Mr.David C. L. Nellor
Download or read book Tax Policy and the Asian Crisis written by Mr.David C. L. Nellor and published by International Monetary Fund. This book was released on 1999-02-01 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on tax policy and the crisis in Asia in the context of globalization and technological change. Two sets of conclusions, specific tax reform measures and general lessons from the crisis, form the tax policy agenda on these issues. The complexity and volume of financial transactions, associated with the opening of emerging markets, have made tax administration a more challenging task. Just as strengthening financial systems must be a precursor to capital account liberalization, tax administrations clearly also require strengthening in such an environment. In many emerging markets the capacity to tax capital returns is limited. Tax administrators need to understand and monitor complex financial transactions that grew rapidly due both to financial sector liberalization and technological innovation. Traditional difficulties for tax administrators, such as transfer pricing, that had often been limited to natural resource sectors in developing economies, took on wider importance as local companies gained sophistication and developed offshore operations.
Book Synopsis United States Taxes and Tax Policy by : David G. Davies
Download or read book United States Taxes and Tax Policy written by David G. Davies and published by Cambridge University Press. This book was released on 1986-07-25 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book outlines recent developments and ideas about taxes, tax policy and theory in the United States.
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 :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1498344658 Total Pages :257 pages Book Rating :4.4/5 (983 download)
Book Synopsis Fiscal Policy and Long-Term Growth by : International Monetary Fund
Download or read book Fiscal Policy and Long-Term Growth written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-04-20 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
Book Synopsis Asset Booms and Structural Fiscal Positions by : Mr. Daniel Kanda
Download or read book Asset Booms and Structural Fiscal Positions written by Mr. Daniel Kanda and published by International Monetary Fund. This book was released on 2010-03-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asset booms and sectoral changes can distort traditional estimates of structural fiscal revenue, and could lead to serious fiscal policy errors. This paper extends the estimation of structural revenues to take account of asset prices and sectoral changes, and applies this to the case of Ireland, where a property bust has revealed a large hole in the public finances. It is shown that excluding these factors led to a substantial bias in the estimation of structural revenues, and the structural balance prior to the crisis was much larger than earlier estimated.
