We develop an optimal tax timing model that takes into account asymmetric long-term and short-term tax rates for positive capital gains and limited tax deductibility of capital losses. In contrast to the existing literature, this model can help explain why many investors not only defer...

In asset return predictability, realized returns and future expected returns tend to move in opposite directions. This generates a tension between tax-timing and market-timing incentives. In this study, a portfolio choice problem in the presence of both return predictability and capital gains...

This study examines the effect of timing (gradual versus immediate) and direction (tax increase or decrease) of a tax change on taxpayer behavior. Specifically, we focus on capital gain tax changes and preferences for investment in riskier assets. We run an experiment with 117 participants who...

This study empirically examines the role of risk sharing between taxable investors and the government on the relation between capital gains taxes and expected returns. Specifically, using an international panel from 26 countries over the period 1990 to 2004, we find evidence that the general...

Taking Singapore as an example, this article lays out a series of tests for determining whether gains arising from the disposal of cryptocurrencies are trade or business income, “all other income” or capital gains. It also considers the possibility of a presumption that individuals engaging...

The favorable taxation of capital gains has seen extensive ex post celebration and condemnation, but the ex-ante reason for the taxation’s enactment has largely been forgotten. This Article, written one hundred years after the capital gains tax preference was first enacted in 1921, responds to...

This study empirically examines the role of risk sharing between taxable investors and the government on the relation between capital gains taxes and expected returns. Specifically, using an international panel from 26 countries over the period 1990 to 2004, we find evidence that the general...

This study empirically examines the role of risk sharing between taxable investors and the government on the relation between capital gains taxes and expected returns. Specifically, using an international panel from 26 countries over the period 1990 to 2004, we find evidence that the general...

We describe the evolution of Oregon’s one-off property tax system, which emphasizes stable growth in tax payments and inter-jurisdictional uniformity in tax rates. We contrast its outcomes in two sections of Portland, which had the best, most fairly administered property tax system in the...

The idea of higher wealth taxes to finance the mounting public debt in the wake of the financial crises is gaining ground in several OECD countries. We evaluate the revenue and distributional effects of a one-time capital levy on personal net wealth that is currently on the German political...