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...

This book will broaden the public and policy discourse on the importance of well-being by examining psychological, social, environmental, economic, organizational, institutional and political determinants of individual well-being.

Clinical services offering amniocentesis to inform women of the sex of their foetuses have appeared in North India in the past 10 years. They fit into cultural patterns in which girls are devalued, and some authors have seen direct links between female infanticide (assumed to have been...

This paper is intended as a survey of the effects of taxation and asymmetric information on the financing choice of the firm. The literature on taxation posits a straightforward relationship between the pretax cost of funds and the required return on an investment project to cover the cost of...

This paper provides an analysis of the long-run actuarial effects of four significant Social Security reform plans and their effects on representative workers. The reform plans include three plans establishing private accounts: the Social Security Guarantee Plan (proposed by Representatives Bill...

Develops a model of the cost of capital for firms anticipating Alternative Minimum Tax (AMT) liability. Finds that in many circumstances investments are actually favored under the AMT relative to the regular tax system.

Foreign tax credit systems limit the extent to which foreign tax credits can be used to offset tax liability in the taxpayer’s home country. We examine how two methods of limiting foreign tax credits, separate limitations based on type or source of income or an overall limitation aggregating...

In this paper I examine the effect of changes in tax laws on the value of firm stock prices. The behavior of oil firm stock prices in 1969 (at the time of congressional votes to reduce the percentage depletion allowance) is studied to test the hypothesis that this legislation resulted in a...