Capital Income Taxation and the Current Account in a Small Open Economy
Author : Yasushi Iwamoto
Publisher :
Page : 48 pages
File Size : 41,1 MB
Release : 1989
Category :
ISBN :
The Economic Effects of Taxing Capital Income
Author : Jane Gravelle
Publisher : MIT Press
Page : 370 pages
File Size : 42,32 MB
Release : 1994
Category : Business & Economics
ISBN : 9780262071581
Book Description
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.
Taxation and Endogenous Growth in Open Economies
Author : Mr.Gian Milesi-Ferretti
Publisher : International Monetary Fund
Page : 37 pages
File Size : 13,32 MB
Release : 1994-07-01
Category : Business & Economics
ISBN : 145184994X
Book Description
This paper examines the effects of taxation of human capital, physical capital and foreign assets in a multi-sector model of endogenous growth. It is shown that in general the growth rate is reduced by taxes on capital and labor (human capital) income. When the government faces no borrowing constraints and is able to commit to a given set of present and future taxes, it is shown that the optimal tax plan involves high taxation of both capital and labor in the short run. This allows the government to accumulate sufficient assets to finance spending without any recourse to distortionary taxation in the long run. When restrictions to government borrowing and lending are imposed, the model implies that human and physical capital should be taxed similarly.
Reforming Capital Income Taxation
Author : Horst Siebert
Publisher : Routledge
Page : 281 pages
File Size : 47,59 MB
Release : 2019-07-11
Category : Political Science
ISBN : 1000309363
Book Description
This book surveys the theoretical issues that characterize the problem of reforming capital income taxes in an open economy. It explores the tax incentives and disincentives to investment in an open economy framework allowing cross-border portfolio and direct investment.
Capital Taxation
Author : Martin S. Feldstein
Publisher : Harvard University Press
Page : 506 pages
File Size : 22,99 MB
Release : 1983
Category : Business & Economics
ISBN : 9780674094826
Book Description
Feldstein shows how systems of taxation influence the rate and nature of capital formation--key to the development of any economy. His identification of important economic and policy questions, adroit use of modeling and new data, and careful attention to dynamics make this book a powerful addition to the literature.
On Noncooperative Capital Income Taxation in Open Economies
Author : Kenneth Kletzer
Publisher : International Monetary Fund
Page : 40 pages
File Size : 25,33 MB
Release : 1990-08-01
Category : Business & Economics
ISBN : 1451959710
Book Description
This paper discusses the strategic use of capital income taxation and lump-sum fiscal policies for gaining national advantage in an integrated world capital market. Each fiscal authority seeks to maximize a social welfare function defined over the utilities of home country residents incorporating national redistributing objectives. A national optimum policy is to impose a non-discriminatory source-based capital income tax or subsidy along with an optimal lump-sum tax and transfer plan. Residence-based capital income taxes do not augment the set of lump-sum fiscal instruments, although both policies can be used to influence the world interest rate to national advantage, redistributing welfare internationally. When unrestricted lump-sum fiscal policies are unavailable, source-based capital income taxes may be needed to achieve distributional objectives, so that departures from global production efficiency can arise in a cooperative equilibrium.
Vanishing Tax on Capital Income in the Open Economy
Author : Assaf Razin
Publisher :
Page : 30 pages
File Size : 30,17 MB
Release : 1991
Category : Capital gains tax
ISBN :
Book Description
The increased integration of the world capital market implies that the supply of capital becomes more elastic, and therefore potentially a less efficient base for taxation. In general, the optimal taxation of capital income is subject to two conflicting forces. On the one hand the return on existing capital is a pure rent which is efficient to fully tax away. On the other hand taxing the returns on investment in new capital would retard growth, thus generating inefficiencies. Capturing these considerations, the paper carries out a simple optimal tax analysis for an open economy, which is fully integrated in the world capital markets. The analysis identifies well defined circumstances in which the capital income tax vanishes.
The Taxation of Income from Capital
Author : Arnold C. Harberger
Publisher :
Page : 372 pages
File Size : 24,42 MB
Release : 1969
Category : Business & Economics
ISBN :
Book Description
Compilation of papers on problems of income taxation and the effects thereof on capital gains in the USA - covers economic implications, legal aspects of the tax system, fiscal policy, long term pattern of financing of enterprises, the effects of income taxation on labour force supply, etc., and includes statistical tables and information on personal income and investment. References.
Capital Income Taxation and Risk-taking in a Small Open Economy
Author : Patrick K. Asea
Publisher :
Page : 62 pages
File Size : 25,87 MB
Release : 1997
Category : Capital gains tax
ISBN :
Book Description
How do capital income taxes affect household portfolio choice and growth? We" approach this question within the context of a stochastic model of a small open economy in" which taxes on income from domestic capital (equity) and foreign bonds affect household" portfolio choice, welfare and the growth rate of the economy. The theoretical and numerical" analysis demonstrates the important role that risk plays in determining the mean and variability" of growth as well as the conditions under which a higher tax rate can be welfare improving. To" shed more light on the complex theoretical interaction between taxes and risk-taking we estimate" a reduced-form multinomial probit model of household portfolio choice using the method of" simulated moments. The empirical evidence is in stark contrast to the conventional wisdom " we find that higher taxes make it less likely that the household will hold risky assets."
The Taxation of Capital Income
Author : Alan J. Auerbach
Publisher : Harvard University Press
Page : 142 pages
File Size : 13,45 MB
Release : 1983
Category : Business & Economics
ISBN : 9780674868458
Book Description
This important contribution to tax analysis presents seven related theoretical essays that examine the effects of capital income taxation on the behavior of firms. It is divided into three sections, focusing on optimal tax design, firm financial policy, and inflation. Taken together, the essays demonstrate the powerful role taxes play in shaping the behavior of American corporations, and also provide insights into the difficult task of tax reform. Auerbach's results suggest policies the government might adopt to promote the optimal accumulation of capital. He examines the implications for capital taxation of discrepancies between nominal depreciation rates and real economic depreciation, and suggests appropriate rules of thumb for determining when capital taxation is neutral among alternative investment projects. He also makes important contributions to the debate over the integration of corporate and personal taxes on capital income and to the behavioral puzzle of why corporations pay dividends to their shareholders.
