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Auerbach, Alan J. - 1981

This paper explores the taxation of risky assets, both from the theoretical perspective of optimal taxation and from the practical one of measuring "the" tax rate on an asset when, as under existing practice, its stochastic returns are subject to differential tax treatment across states of...

Persistent link: https://www.econbiz.de/10012478307

Taxation, Portfolio Choice, and Debt-Equity Ratios : A General Equilibrium Model

Auerbach, Alan J. - 1980

This paper explores the portfolio behavior of investors differing with respect to both tax rates and risk …

Persistent link: https://www.econbiz.de/10012478595

Uncertainty and the Design of Long-Run Fiscal Policy

Auerbach, Alan J. - 1999

This paper explores optimal fiscal policy in an overlapping-generations general-equilibrium model under uncertainty and the impact on optimal policy of the introduction of a type of policy stickiness intended to account for the stylized fact that major reforms happen infrequently. In general,...

Persistent link: https://www.econbiz.de/10012471764

Corporate Financial Policy, Taxes, and Uncertainty : An Integration

Auerbach, Alan J. - 1979

, paying particular attention to the influence of differences in tax rates and attitudes toward risk. Under the plausible … assumptions that households are more risk averse than institutions and possess a greater relative "tax preference" for equity … versus debt, we are able to characterize the equilibria which may result when debt is subject to bankruptcy risk. Among the …

Persistent link: https://www.econbiz.de/10012478825

Capital Gains Realizations of the Rich and Sophisticated

Auerbach, Alan J. - 2000

This paper attempts to bring theoretical and empirical research on capital gains realization behavior closer together by considering whether investors who appear to engage more in strategic tax avoidance activity also respond differently to tax rates. We find that such investors exhibit...

Persistent link: https://www.econbiz.de/10012471242

A New Measure of Horizontal Equity

Auerbach, Alan J. - 1999

In this paper, we propose a new measure of horizontal equity that overcomes many of the shortcomings of previous proposed measures. Our starting point is the observation that a well-behaved social welfare function need not evaluate global' (vertical equity) differences in after-tax income using...

Persistent link: https://www.econbiz.de/10012471765

Anticipated Tax Changes and the Timing of Investment

Auerbach, Alan J. - 1986

This paper analyzes the short-run and long-run effects of corporate tax changes over the last three decades and the likely consequences of proposed future tax changes. Consideration of short-run effects of tax reform on investment and market value requires a careful analysis of three elements of...

Persistent link: https://www.econbiz.de/10012477189

Tax Loss Carryforwards and Corporate Tax Incentives

Auerbach, Alan J. - 1986

This paper investigates the extent to which loss-offset constraints affect corporate tax incentives. Using data gathered from corporate annual reports, we estimate that in 1984 fifteen percent of the firms in the nonfinancial corporate sector had tax loss carryforwards. When weighted by their...

Persistent link: https://www.econbiz.de/10012477213

Tax Reform, Investment, and the Value of the Firm

Auerbach, Alan J. - 1986

The taxation of corporate assets is well understood to influence investment and firm valuation. This paper explores the consequences of postwar U.S. tax changes in a dynamic model which incorporates costs of adjustment and investor expectations of future tax reforms and macroeconomic...

Persistent link: https://www.econbiz.de/10012477274

The Efficiency Gains from Social Security Benefit - Tax Linkage

Auerbach, Alan J. - 1985

This paper examines the efficiency gains from linking marginal Social Security benefits to marginal Social Security payroll taxes. In the U.S. the current combined employer-employee OASI payroll tax rate is 10.4 percent. Recent estimates suggest that the average marginal income tax rate is...

Persistent link: https://www.econbiz.de/10012477435