Western countries' income tax system exempts the return from investing in owner-occupied housing. Returns from other investments are instead taxed, thus distorting households' portfolio choices, although it is argued that housing property taxation might act as a counterbalance. Based on data...

Eric Jones has found that excessive taxes were detrimental for pre-modern China's economic growth whereas moderate taxes were conducive for Europe's economic growth. This paper provides a political-economic answer to the question why these two tax systems came about. Taxation is only feasible...

[enter Abstract Body]Historically, real property transactions have been exempted from VAT on the grounds that they are already subject to stamp duties and/or registration charges, and the levy of VAT would lead to excessive burden. However, recognizing the cascading impact of exemptions (through...