consistentwith the distortions introduced by the tax system (before the reform dividend income was taxadvantagedin the UK). We also …

cash demands of the tax system. ‘Natural’ commerce and Smithian growth scarcely existed, since there was no surplus after …

significant policy reforms and tax increment financing. Much of the discussion is based on the results of a single study based on …

This paper asks whether tax cycles can represent the optimal policy in a model without any extrinsic uncertainty. I … expenditures are, the larger the class of preferences forwhich cycles are optimal becomes. Tax cycles are also more likely to be … two tax rates are needed to implement the Ramsey policy both in the Lucas-Stokey economy and in the model with frictions. …

with uncertain cash flows under differential tax rates for ordinary income and capital gains. We investigate whether …. Moreover, we show that taxing capital gains may induce a tax paradox for delayed investment. Depending on the pre-tax parameter … setting the future value of delayed investment may even increase in absolute terms for increasing capital gains tax rates. For …

We extend the WACC approach to a tax system having a firm income tax and a personal income tax of the investor as well …. We use an artificial tax system incorporating most of the G-7 national tax codes as for example the classical or the …