Revenue And Welfare Implications For A Capital Gains Tax Cut
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Author | : Patric H. Hendershott |
Publisher | : |
Total Pages | : 0 |
Release | : 1990 |
Genre | : |
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Download Revenue and Welfare Implications for a Capital Gains Tax Cut Book in PDF, Epub and Kindle
This paper uses a general equilibrium model to simulate both the effects of a preferential capital-gains tax rate on total income tax revenues and the effects of a revenue-neutral substitution between a capital gains preference and marginal income tax rates on economic efficiency and the distribution of income. In the simulations, a capital gains preference increases efficiency by reducing tax distortions between untaxed assets (household and state and local capital) and taxable business sector assets and between realized and unrealized capital gains (the "lock-in" effect), but reduces efficiency by increasing tax distortions between corporate dividends and retained earnings and between financial assets that produce capital gain income and those that produce ordinary income. Because the model treats aggregate factor supplies as fixed, however, the simulations do not capture the efficiency gain from reducing the tax distortion between current and future consumption or the loss from increasing the tax distortion between current consumption and leisure (or untaxed labor). The net estimated welfare effects depend on two parameters: the elasticity of capital gains realizations with respect to a change in the capital gains tax rate and the elasticity of the dividend-payout ratio with respect to a change in the tax cost of dividends relative to retentions. With no payout response, the net welfare effect from a 15% maximum rate on capital gains is positive for a wide range of realizations elasticities. With a high payout elasticity, the net welfare effect is slightly positive for high estimates of the realizations elasticity and slightly negative for low estimates of the realizations elasticity. The welfare changes, both positive and negative, mainly affect taxpayers with income of $50,000 and over.
Author | : Patric H. Hendershott |
Publisher | : |
Total Pages | : 46 |
Release | : 1990 |
Genre | : |
ISBN | : |
Download Revenue and welfare implications of a capital gains tax cut when gains realizations and dividend payouts are endogenous Book in PDF, Epub and Kindle
Author | : Patric H. Hendershott |
Publisher | : |
Total Pages | : 64 |
Release | : 1990 |
Genre | : Capital gains tax |
ISBN | : |
Download Revenue and Welfare Implications of a Capital Gains Tax Cut when Gains Realizations and Dividend Payouts are Endogenous Book in PDF, Epub and Kindle
Author | : United States. Congress. Senate. Committee on Finance |
Publisher | : |
Total Pages | : 160 |
Release | : 1978 |
Genre | : Capital gains tax |
ISBN | : |
Download Statements on Economic Effects of Changes in the Taxation of Capital Gains Book in PDF, Epub and Kindle
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 28 |
Release | : 1989-12-13 |
Genre | : Business & Economics |
ISBN | : 1451948638 |
Download Implications of a Lower Capital Gains Tax Rate in the United States Book in PDF, Epub and Kindle
This paper reviews the literature on the revenue implications of a lower capital gains tax rate in the United States. The existing empirical research indicates that the timing of realizations is sensitive to tax changes but is inconclusive on the long-run revenue implications. No study claims that tax revenues would increase very much on a permanent basis. The paper concludes that other aspects of a lower capital gains tax rate deserves more attention, in particular its impact on resource allocation and tax arbitrage.
Author | : United States. Office of Tax Analysis |
Publisher | : |
Total Pages | : 230 |
Release | : 1985 |
Genre | : Capital gains tax |
ISBN | : |
Download Report to Congress on the Capital Gains Tax Reductions of 1978 Book in PDF, Epub and Kindle
Author | : Leonard Burman |
Publisher | : |
Total Pages | : 88 |
Release | : 1991 |
Genre | : Capital gains tax |
ISBN | : |
Download Capital Gains Taxes in the Short Run Book in PDF, Epub and Kindle
Author | : |
Publisher | : |
Total Pages | : 132 |
Release | : 1988 |
Genre | : Capital gains tax |
ISBN | : |
Download How Capital Gains Tax Rates Affect Revenues Book in PDF, Epub and Kindle
Author | : United States. Congress. Joint Economic Committee |
Publisher | : |
Total Pages | : 20 |
Release | : 1997 |
Genre | : Capital gains tax |
ISBN | : |
Download The Economic Effects of Capital Gains Taxation Book in PDF, Epub and Kindle
Author | : J. Andrew Hoerner |
Publisher | : |
Total Pages | : 518 |
Release | : 1992 |
Genre | : Business & Economics |
ISBN | : |
Download The Capital Gains Controversy Book in PDF, Epub and Kindle
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.