| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w1568 |
| 来源ID | Working Paper 1568 |
| Notes on the Effect of Capital Gains Taxation on Non-Austrian Assets | |
| Daniel J. Kovenock; Michael Rothschild | |
| 发表日期 | 1985-02-01 |
| 出版年 | 1985 |
| 语种 | 英语 |
| 摘要 | This paper is an attempt to assess the effect of capital gains taxation on non-Austrian assets, such as claims to profits of continuing enterprises. As compared to taxation on an accrual basis, the capital gains tax discourages sales of appreciated assets. This is the "lock-in" effect. Because assets subject to capital gains taxation are generally held a long time, conventional estimates suggest that the effective rate of capital gains taxation is low. We contend that conventional estimates could seriously underestimate the effective rate of capital gains taxation because they ignore uncertainty. We construct a model which allows us to calculate the value of being able to actively manage a portfolio and use this model to calculate the effective rate of capital gains taxation. For several plausible parameter values the effective rate is significantly higher than estimates under certainty. We also discuss some of the ways in which the lock-in effect may distort the allocation of investment funds and the efficient workings of the capital market. |
| 主题 | Macroeconomics |
| URL | https://www.nber.org/papers/w1568 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/558806 |
| 推荐引用方式 GB/T 7714 | Daniel J. Kovenock,Michael Rothschild. Notes on the Effect of Capital Gains Taxation on Non-Austrian Assets. 1985. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w1568.pdf（588KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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