All tax theorists recognize that capital gains taxes ought to apply only to real gains; that is, those that are adjusted for inflation. This has never been the case in American history. As a consequence, a considerable portion of inflationary gains have been taxed as if they are real, according...

As the financial markets mature in a modern economy, capital gains tax concerns arise naturally among economists as well as policy makers. This paper intends to investigate the distortions of capital gains tax in an inflationary environment. We develop a dynamic general equilibrium, life-cycle...

This paper develops a model of the housing market incorporating a construction sector, a rental sector, and a housing demand sector to examine the long term consequences for the housing market of different types of capital gains taxes. The sector is based on an overlapping generations model of...