Capital Gains Taxation In An Economy With An Austrian Sector
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Release | : 1983 |
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This paper examines the effects of a proportional capital gains tax in an economy with an Austrian sector (with wine and trees) and an ordinary sector. We analyze the effect of capital gains taxation (on both an accrual and a realization basis) on the efficiency with which resources are used within the Austrian sector. Since time is the only input which can be varied in the Austrian sector this amounts to looking at the effect of capital gains taxation on the harvesting time or selling time of assets. Accrual taxation decreases the selling time of Austrian assets. Realization taxation decreases the selling time of some Austrian assets and leaves it unchanged for others. Inflation further reduces the selling time of assets taxed on an accrual basis; often, but not always, inflation increases .the selling time of Austrian assets taxed on a realization basis. These results suggest that the capital gains tax can reduce the holding period of an asset. However, there is a sense in which such taxes (at least when levied on a realization basis) discourage transactions and increase holding periods. It is never profitable to change the ownership of an Austrian asset between the time of the original investment and the ultimate harvesting of the asset for final use. We examine the effect of capital gains taxation on the efficiency of the allocation of investment between sectors. No neutrality principles emerge when ordinary investment income is taxed at the same rate as capital gains income. We also analyze the effect of the special tax treatment of capital gains at death and find that the current U.S. tax system, under which capital gains taxes are waived at death, encourages investors to hold assets longer than they otherwise would.
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Total Pages | : 162 |
Release | : 1997 |
Genre | : Austria |
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Author | : Daniel J. Kovenock |
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Total Pages | : 54 |
Release | : 1985 |
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Author | : Daniel J. Kovenock |
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Total Pages | : 54 |
Release | : 1985 |
Genre | : Capital gains tax |
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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
Author | : OECD |
Publisher | : OECD Publishing |
Total Pages | : 147 |
Release | : 1998-06-11 |
Genre | : |
ISBN | : 9264151400 |
This 1998 edition of OECD's periodic economic reviews of Austria examines recent economic developments, policies and prospects. It includes special features on tax reform and on promoting employment and growth.
Author | : John Valentine Van Sickle |
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Total Pages | : 252 |
Release | : 1931 |
Genre | : Business & Economics |
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No detailed description available for "Direct Taxation in Austria".
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Total Pages | : 158 |
Release | : 1997 |
Genre | : Austria |
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Author | : Erkki Koskela |
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Total Pages | : 27 |
Release | : 1996 |
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ISBN | : 9789514574733 |
Author | : OECD |
Publisher | : OECD Publishing |
Total Pages | : 651 |
Release | : 2021-04-29 |
Genre | : |
ISBN | : 9264438181 |
This annual publication provides details of taxes paid on wages in OECD countries. It covers personal income taxes and social security contributions paid by employees, social security contributions and payroll taxes paid by employers, and cash benefits received by workers. Taxing Wages 2021 includes a special feature entitled: “Impact of COVID-19 on the Tax Wedge in OECD Countries”.
Author | : Fraser Institute (Vancouver, B.C.) |
Publisher | : The Fraser Institute |
Total Pages | : 36 |
Release | : 2001 |
Genre | : Capital gains tax |
ISBN | : 0889751897 |