distinguish between Real Tax Effects and Perception Effects when a proportional income tax, with and without a full loss offset … control for the Perception Effects. However, if we consider these effects, we find support for the theory. The isolated …

This paper exploits the tax rate variation generated by the Economic Growth and Tax Reconciliation Act of 2001 (which … reduced ordinary income tax rates) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (which reduced capital gains … and dividend tax rates) to estimate the effect of taxes on financial portfolio allocations. Using data from the 1998 and …

assets in categorizing the tax-efficiency of investment portfolios by race/ethnicity. We find that Blacks and Hispanics tend … to be more tax-efficient since they invest largely through tax-deferred accounts. We also find that minority households …