Economic Effects of Taxing Capital Income

Gravelle, Jane G.

Economic Effects of Taxing Capital Income
AUTHOR Gravelle, Jane G.
ISBN 9780262071581

Description of the book

How should capital income be taxed to achieve efficiency and equity? In this detailed study, tax policy analyst Jane Gravelle, brings together comprehensive estimates of effective tax rates on a wide variety of capital by type, industry, legal form, method of financing, and across time. These estimates are combined with a history and survey of issues regarding capital income taxation that are aimed especially at bringing the findings of economic theory and recent empirical research to nonspecialists and policymakers. Many of the topics treated have been the subject of policy debate and legislation over the last ten or fifteen years. Should capital income be taxed at all? And, if capital income is to be taxed, what is the best way to do it? Gravelle devotes two chapters to the first question, and then, in answer to the second question, covers a broad range of topics - corporate taxation, tax neutrality, capital gains taxes, tax treatment of retirement savings, and capital income taxation and international competitiveness. Gravelle also includes a comprehensive history of tax institutions and data on constructing effective tax rates that are not available elsewhere.Gravelle, Jane G. is the author of 'Economic Effects of Taxing Capital Income' with ISBN 9780262071581 and ISBN 0262071584.


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...DI, and entrepreneurial ... TAX AND ECONOMIC GROWTH 1 ... PDF The Economic Effects of Capital Gains Taxation ... . Summary and conclusion 1. Tax systems are primarily aimed at financing public expenditures. Tax systems are also used to promote other objectives, such as equity, and to address social and economic concerns. They need to be set up to minimise taxpayers‟ compliance costs and government‟s administrative cost, while also discouraging tax avoidance and evasion. But ... As we wrote previously, a 70 percent income ... The Impact of Taxation on Economic Growth: Case Study of ... ... . But ... As we wrote previously, a 70 percent income tax would only apply to income over a certain (high) limit; Rep. Ocasio-Cortez has said it would tax income above ten million dollars. But almost no one makes over 10 million dollars in traditional income—most of the super-rich gather their wealth through capital gains. So the income tax isn't an effective means for reducing inequality, and the ... Effects of Taxes on Labor Income "Higher tax rates on labor income and consumption expenditures lead to less work time in the legal market sector, more time working in the household sector, a larger underground economy, and smaller shares of national output and employment in industries that rely heavily on low-wage, low-skill labor inputs." Joe Biden and Bernie Sanders have both released proposals to tax capital gains at ordinary income rates for the wealthiest Americans. As part of a broader platform to address income inequality, Biden and Sanders suggest increasing current capital gains rates on taxpayers with income over $1 million and $250,000, respectively. Analysis of Democratic Presidential Candidate Individual Income Tax ... An OECD study explored the direct relationship between various taxes and economic growth for 21 developed countries over the period 1971 to 2004. While personal income, consumption and property taxes all had negative effects on per person income growth, corporate income taxes had the most damaging effect. Given that tax policy's economic impact is limited, there must be many other drivers of the economy, both specific (such as interest rates set by the Federal Reserve) to broader demographic and ... All taxes do not affect growth in the same way. For example, taxes on mobile capital and high marginal rates of tax on income affect growth disproportionately. Taxes on land, consumption and on economic activities that lead to harmful 'spillover' effects reduce growth to a lesser extent and can even improve economic welfare. The federal tax system relies on a number of taxes to generate revenue. By far the largest source of funds is the income tax that individuals, estates and trusts pay. In 2018, the Internal Revenue ... The effects of state tax policy on economic growth, entrepreneurship, and employment remain controversial. Using a framework that in prior research generated significant, negative, and robust ......