This paper carries out an analysis of individual profitability of life insurance in form of endowment policies which have been very popular in Germany for several decades. We integrate taxes, transaction costs and the possibility of early termination into a model of capital budgeting. The aim of...

This paper discusses how payments from and contributions to a life annuity or a pension scheme can be taxed decision neutrally in the context of a classical income tax. We use the concept of "economic income" in the sense of Johansson and Samuelson. Within the framework of an economic analysis...

We derive an ex post neutral comprehensive income tax on pension schemes equivalent to a Johansson-Samuelson tax that guarantees non-discriminatory treatment of lifetime-dependent and other investments. By separately taxing contributions and benefits, our concept does not require any assumptions...

Ziel dieses Beitrags ist die modelltheoretische Analyse der Vorteilhaftigkeit der Sparform KLV zunächst bei Sicherheit und deterministischem Anlagezeitraum und anschließend bei Eintreten eines zufälligen Liquiditätsbedarfs und damit stochastischem Anlagehorizont. Besondere Beachtung gilt...

In der Diskussion um die Reform der Altersvorsorge mehren sich die Stimmen zugunsten einer nachgelagerten Rentenbesteuerung. Hierbei wird vielfach übersehen, dass es sich dabei um eine Form der konsumorientierten Besteuerung handelt. Demgegenüber bildet derzeit noch immer die alle Einkünfte...

We derive an ex post neutral comprehensive income tax on pension schemes equivalent to a Johansson-Samuelson tax that guarantees nondiscriminatory treatment of lifetime-dependent and other investments. By separately taxing contributions and benefits, our concept does not require any assumptions...

We derive an ex post neutral comprehensive income tax on pension schemes equivalent to a Johansson-Samuelson tax that guarantees non-discriminatory treatment of lifetime-dependent and other investments. By separately taxing contributions and benefits, our concept does not require any assumptions...