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Transitional Dynamics of Dividend and Capital Gains Tax Cuts
Gourio, Francois - 2010
We develop a dynamic general equilibrium model to study the impact of the 2003 dividend and capital gains tax cuts. In … adjustment costs, equity issuance costs, and collateral constraints. We show that when the dividend and capital gains tax cuts … are unexpected and permanent, dividend payments, equity issuance, and aggregate investment rise immediately. By contrast …
Persistent link: https://www.econbiz.de/10013141317
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The Share Price Effects of Dividend Taxes and Tax Imputation Credits
Harris, Trevor S. - 2008
We examine the hypothesis that dividend taxes are capitalized into share prices by focusing on investors' implicit …-in equity is distributable as a tax-free return of capital. Consistent with dividend tax capitalization, firm-level results for … addition, differences in dividend tax rates across U.S. tax regimes are associated with predictable differences in the …
Persistent link: https://www.econbiz.de/10012774805
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Taxation and Corporate Payout Policy
Poterba, James M. - 2012
dividend income and that on accruing capital gains. It describes the construction of weighted average marginal tax rate series … impact of this change on payout depends on the elasticity of dividend payments with respect to the after-tax value of … dividend income relative to capital gains. Time series estimates suggest an elasticity of more than three, and imply that the …
Persistent link: https://www.econbiz.de/10013115697
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Inflation and the Excess Taxation of Capital Gains on Corporate Stock
Feldstein, Martin S.; Slemrod, Joel B. - 2021
The present study shows that in 1973 individuals paid nearly $500 million of extra tax on corporate stock capital gains because of the distorting effect of inflation. A detailed analysis shows that the distortion was greatest for middle income sellers of corporate stock. In 1973, individuals...
Persistent link: https://www.econbiz.de/10013215375
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Notes on the Effect of Capital Gains Taxation on Non-Austrian Assets
Kovenock, Dan - 2008
This paper is an attempt to assess the effect of capital gains taxation on non-Austrian assets, such as claims to profits of continuing enterprises. As compared to taxation on an accrual basis, the capital gains tax discourages sales of appreciated assets. This is the quot;lock-inquot; effect....
Persistent link: https://www.econbiz.de/10012774636
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Tax Externalities of Equity Mutual Funds
Shoven, John B. - 2010
Investors holding mutual funds in taxable accounts face a classic externality. The after-tax return of their investment depends on the behavior of others. In particular, redemptions may force the mutual fund to sell some of its equity positions in order to pay off the liquidating investors. As a...
Persistent link: https://www.econbiz.de/10012763329
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Tax Evasion and Capital Gains Taxation
Poterba, James M. - 2021
This paper uses time-series data to investigate how changes in capital gains tax rates affect taxpayer compliance. It finds that a one percent increase in the marginal tax rate reduces voluntary compliance by between one half and one percent. These results confirm the findings of previous...
Persistent link: https://www.econbiz.de/10013232916
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The Lock-In Effect of the Capital Gains Tax : Some Time Series Evidence
Slemrod, Joel B.; Feldstein, Martin S. - 2021
This study presents time-series evidence indicating that capital gains taxation reduces the realization of capital gains. The "lock-in" effect is detectable once we divide individuals into categories on the basis of how much recent capital gains tax in- creases have affected them. Since the tax...
Persistent link: https://www.econbiz.de/10013239990
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Capital Gains Taxation in an Economy with an "Austrian Sector"
Kovenock, Dan; Rothschild, Michael - 2021
This paper examines the effects of a proportional capital gains tax in an economy with an Austrian sector (with wine and trees) and an ordinary sector. We analyze the effect of capital gains taxation (on both an accrual and a realization basis) on the efficiency with which resources are used...
Persistent link: https://www.econbiz.de/10013249716
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Dividend Yields and Stock Returns : A Test for Tax Effects
Hess, Patrick J. - 2002
This paper examines the empirical relation between stock returns and dividend yields. Several equilibrium pricing …
Persistent link: https://www.econbiz.de/10012787433