Incidence and Asset-pricing Effects of Realization-based Capital Gains Taxes PDF Download
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Author: Alan D. Viard
Publisher:
ISBN:
Category : Capital gains tax
Languages : en
Pages : 22
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Book Description
Author: Alan D. Viard
Publisher:
ISBN:
Category : Capital gains tax
Languages : en
Pages : 22
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Book Description
Author: Alan D. Viard
Publisher:
ISBN:
Category : Capital gains tax
Languages : en
Pages : 44
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Book Description
Author: Alan D. Viard
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Many analyses of capital gains taxation assume that realization-based taxes are economically similar to accrual-based taxes. In equilibrium, however, the distinctive implications of realization taxes for asset trading through the lock-in effect are associated with distinctive dynamic asset pricing effects. Asset prices are increased by the current realization tax, to partly offset the sale disincentive that the tax wouldotherwise impose. The resulting division of the tax burden between buyers and sellers of assets is similar to traditional public finance models of excise-tax incidence in product markets.
Author:
Publisher:
ISBN:
Category : Capital gains tax
Languages : en
Pages : 132
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Author: United States. Congress. Senate. Committee on Finance
Publisher:
ISBN:
Category : Capital gains tax
Languages : en
Pages : 160
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Author: Michael Joseph Calegari
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: William Merritt Shobe
Publisher:
ISBN:
Category : Capital gains tax
Languages : en
Pages : 254
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Author: Joseph Gyourko
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ISBN:
Category :
Languages : en
Pages :
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In this paper, we examine the asset price incidence of the capital gains tax cut in the Taxpayer Relief Act of 1997. By comparing two organizational structures in the real estate industry that differ only in how they should be affected by a change in capital gains tax rates, we isolate the effect of the tax cut from industry trends and firm-level fixed effects. Our estimates indicate that, in this industry, the benefit of a capital gains tax deferral when selling appreciated property accrued almost totally to the buyer of the asset, not the seller. Using share price data, we find that real estate firms that experienced a reduction in their tax subsidy in TRA97, called quot;UPREITs,quot; had 8.6 percent less price appreciation in 1997 relative to 1996 than did the companies that had no tax change, known as quot;REITs.quot; Firms that appeared most likely to be purchasers of property ? and which thus received the most benefit from the tax subsidy before it was cut ? endured the largest relative decline in share prices. We also find suggestive evidence that prices for new acquisitions rose for UPREITs relative to the REITs after TRA97. We conclude that up to 25 percent of UPREITs' share values is due to the remaining tax subsidy that they enjoy.
Author: Todd Michael Sinai
Publisher:
ISBN:
Category : Capital gains tax
Languages : en
Pages : 41
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We provide new evidence that corporate-level investment subsidies can be substantially capitalized into asset prices by examining the relative stock price performance of publicly traded companies in the real estate industry that should have been differentially affected by the capital gains tax rate reduction enacted in the Taxpayer Relief Act of 1997. By comparing real estate firms that have an organizational structure that allow property sellers to defer capital gains taxes and plan to use it to acquire property with those that do not, we isolate the effect of the tax cut from industry trends and firm-level heterogeneity. When we examine the time period surrounding the reduction in the capital gains tax rate, our results suggest the tax change was substantially capitalized into lower share prices for these firms and that the benefit of the seller's capital gains tax deferral accrued mainly to the buyer of an appreciated property. The validity of our estimation strategy is supported by further tests showing that these firms did not experience any relative movement in share prices during the previous year when capital gains tax rates did not change
Author: Fraser Institute (Vancouver, B.C.)
Publisher: The Fraser Institute
ISBN: 0889751897
Category : Capital gains tax
Languages : en
Pages : 36
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