From 1922 to 1986, long-term capital gains were taxed at lower rates than other income, generally by allowing a portion of long-term capital gains to be excluded from taxable income. While taxing capital gains at the same rates as other income has been hailed by some as a major accomplishment of...

Suggests that a substantial part of the past variance in realization elasticities may have been due to the simultaneity between marginal tax rates and capital gains realizations. Finds that simulation is important for estimating the equilibrium response of individual taxpayers to changes in tax...

Examines the response of charitable contributions to changes in marginal tax rates and other tax law changes over the period from 1979-1990. The analysis spans three major tax laws affecting charitable giving: The Economic Recovery Tax Act of 1981, the Deficit Reduction Act of 1984, and the Tax...

This paper examines the intrastate distribution of revenue-sharing funds using a cross-section sample of New York communities. The concept of needs is discussed, and a measure of local public expenditure needs is derived from aggregate consumption function theory. This measure of local public...

This paper employs a long panel of income tax returns to examine trends in reported by the wealthy taxpayers over a number of tax reforms spanning the years 1979 through 1995. During this period, a number of tax reforms were enacted, including the Economic Recovery Tax Act of 1981, the Tax...

Like-kind exchanges enable taxpayers to defer capital gains taxes when certain types of property are exchanged rather than sold. The deferred gains from such exchanges have grown over the years, peaking at over $100 billion before the onset of the Great Recession. Equally noteworthy, the share...

We examine the responses of high-income taxpayers to the increases in the top income tax rates under the Omnibus Budget Reconciliation Act of 1993. We use a large panel of tax returns spanning 1987 to 1996 to estimate the elasticity of taxable income using a difference-in-differences approach....