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Capital Levies and Transition to a Consumption Tax
Kaplow, Louis - National Bureau of Economic Research (NBER) - 2006
The merits of capital levies depend on the likelihood of repetition, the extent of anticipation, and its effects on distribution. The relevance of these features, which in varying degrees is underdeveloped or underappreciated in pertinent literatures, is elaborated and then considered with...
Persistent link: https://www.econbiz.de/10005830739
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Debt, Taxes, and Liquidity
Bolton, Patrick; Wang, Neng; Chen, Hui - National Bureau of Economic Research (NBER) - 2014
We analyze a model of optimal capital structure and liquidity choice based on a dynamic tradeoff theory for financially constrained firms. In addition to the classical tradeoff between the expected tax advantages of debt and bankruptcy costs, we introduce a cost of external financing for the...
Persistent link: https://www.econbiz.de/10010796667
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The Impact of Tax Incentives on the Economic Activity of Entrepreneurs
Harju, Jarkko; Kosonen, Tuomas - National Bureau of Economic Research (NBER) - 2012
Based on existing evidence, we know little about how the taxation of small business owners affects their economic activity. This paper studies the effect of two Finnish tax reforms, in 1997 and 1998, on the effort decisions of the owners of small businesses utilizing both theoretical model and...
Persistent link: https://www.econbiz.de/10010578388
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Consumption Taxes: Some Fundamental Transition Issues
Bradford, David F. - National Bureau of Economic Research (NBER) - 1995
A number of tax reform plans under discussion in the United States would replace the existing hybrid income-based system with a consumption-based system. In this paper I use uniform (single-rate) consumption and income taxes: (a) to explain how the problem of taxing 'old savings' or 'old...
Persistent link: https://www.econbiz.de/10005774553
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Optimal Taxation in Theory and Practice
Weinzierl, Matthew C; Mankiw, N. Gregory; Yagan, Danny - National Bureau of Economic Research (NBER) - 2009
We highlight and explain eight lessons from optimal tax theory and compare them to the last few decades of OECD tax policy. As recommended by theory, top marginal income tax rates have declined, marginal income tax schedules have flattened, redistribution has risen with income inequality, and...
Persistent link: https://www.econbiz.de/10005660153
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Did Firms Substitute Dividends for Share Repurchases after the 2003 Reductions in Shareholder Tax Rates?
Shackelford, Douglas A.; Blouin, Jennifer L.; Raedy, … - National Bureau of Economic Research (NBER) - 2007
This paper tests whether firms altered their dividend and share repurchase policies in response to the 2003 reductions … in shareholder tax rates. We predict that firms substituted dividends for repurchases, because the reduction in dividend … (particularly officers and managers) when setting dividend and share repurchase policies. …
Persistent link: https://www.econbiz.de/10005720020
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Taxes and Portfolio Choice: Evidence from JGTRRA's Treatment of International Dividends
Dharmapala, Dhammika; Desai, Mihir A. - National Bureau of Economic Research (NBER) - 2007
foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA). JGTRRA lowered the dividend tax rate to 15 …
Persistent link: https://www.econbiz.de/10005828685
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Taxation and Portfolio Structure: Issues and Implications
Poterba, James - National Bureau of Economic Research (NBER) - 2001
overview of how taxation affects household portfolio structure. It begins by outlining six aspects of portfolio behavior that may be influenced by the tax system. These are asset selection, asset allocation, borrowing, asset location in taxable and tax-deferred accounts, asset turnover, and...
Persistent link: https://www.econbiz.de/10005829445
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Tax-Efficient Asset Management: Evidence from Equity Mutual Funds
Sialm, Clemens; Zhang, Hanjiang - National Bureau of Economic Research (NBER) - 2015
Investment taxes have a substantial impact on the performance of taxable mutual fund investors. Mutual funds can reduce the tax burdens of their shareholders by avoiding securities that are heavily taxed and by avoiding realizing capital gains that trigger higher tax burdens to the funds’...
Persistent link: https://www.econbiz.de/10011240568
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Generalized Cash Flow Taxation
Auerbach, Alan; Bradford, David F. - National Bureau of Economic Research (NBER) - 2001
We show the unique form that must be taken by a tax system based entirely on realization accounting to implement a uniform capital income tax, or, equivalently, a uniform wealth tax. This system combines elements of an accrual based capital income tax and a traditional cash flow tax, having many...
Persistent link: https://www.econbiz.de/10005589021