Microsimulation based on income tax statistics may be useful in tax reform discussions. Unfortunately, access to … microsimulation, we compare both methods. Investigating tax scale effects by the group model leads to very good results. Determining … the financial effects of modified tax bases, the deviation from the microsimulation results increases especially if tax …

We look at the theory of arbitrage with taxation under certainty. The tax scale in our model is not linear. Under the … premise that tax scale is convex, we analyze prices that do not exhibit arbitrage opportunities. It turns out that there are … portfolio is bounded from above and cannot increase infinitely. In a model with a linear tax scale such a bounded arbitrage …

We study the effect of tax policy on stock market returns in the United States, Germany, and the United Kingdom using … GARCH models and a unique daily dataset of legislative tax changes during the period 1 December 1978 to 31 January 2018. We … find that days of discretionary tax legislation during all stages of the process often matter for returns, both in terms of …

This paper studies the design of tax systems that implement a planner's second-best allocation in a market economy. An … example shows that the widely used Mirrleesian (1976) tax system cannot implement all incentive-compatible allocations … one tax system. However, this tax system is often undesirable since it severely restricts the choice space of agents in …

This paper analyzes the impact of tax-induced value of external funding on the firm value of real estate corporations … under German Tax Law. Legal forms of real estate corporations are differentiated between commercial and asset managing Real … specific tax-privileges. However, the full tax-exemption of a REIT is attended by distribution and equity restrictions. To …

when an income tax has to be paid or when a subsidy is paid. If we combine both a tax and a subsidy, this effect …

Gender differences in voting patterns and political attitudes towards redistribution are well-documented. The … experiments on preferences for redistribution conducted in the U.S. and several European countries to disentangle these potential … mechanisms. We find that when choosing to redistribute income as a disinterested observer, women choose higher tax rates than men …

issue by estimating “unexplained” changes in tax and social contribution revenues, based on proxies for tax revenue bases … same exercise using alternative tax base proxies, either taken from forecasting models or on the basis of our knowledge of … the tax system in each country. The results show that, in the aggregate, revenue windfalls and shortfalls have exhibited a …

We estimate the elasticities of the most important tax categories using a new quarterly database of discretionary tax … the UK, long-term tax-to-base elasticities are generally higher than short-term elasticities, whereas results for the US … close to unity. (iii) German and UK tax-to-output elasticities in the short term are lower than long-term elasticities, with …

countries using pooled regressions. Fiscal effects are included via after-tax interest rates. Other factors shown to be relevant …