This paper discusses recent neoclassical analyses of taxation and savings.Contrary to the popular view that fiscal policy has highly ambiguous impacts on savings, neoclassical models admit a host of policies with clear and potentially quite powerful affects on the accumulation of wealth.The...

This paper uses British data to examine the effects of dividend taxes on investors' relative valuation of dividends and capital gains. British data offer great potential to illuminate the dividends and taxes question, since there have been two radical changes and several minor reforms in British...

In this paper, we evaluate existing tax law as of 1980, President Reagan's tax reform initiatives as enacted in the Economic Recovery Tax Act of 1981 (ERTA) and the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), as well as other proposals that were not enacted. For each law, we...