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https://hdl.handle.net/10419/30660
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Menoncin, Francesco | en |
dc.contributor.author | Panteghini, Paolo M. | en |
dc.date.accessioned | 2009-06-30 | - |
dc.date.accessioned | 2010-05-14T08:23:45Z | - |
dc.date.available | 2010-05-14T08:23:45Z | - |
dc.date.issued | 2009 | - |
dc.identifier.uri | http://hdl.handle.net/10419/30660 | - |
dc.description.abstract | In this article, we analyze Auerbach's (1991) proposal of a retrospective capital gains tax, which is equivalent to an accrual tax on an ex-ante basis. Using a continuous-time model with stochastic interest rates, we prove that equivalence holds even if the risk-free asset return is correlated with other risky assets' returns. However, equivalence fails to hold on an ex-post basis. In other words, if an investor faces a huge gain (loss), the effective tax rate under this system is less (higher) than that what would be due under an accrual tax system. This leads to a fairness problem. For this reason, we also find the conditions that ensure equivalence on an ex-post basis. As will be shown, however, ex-post equivalence can be achieved only if a huge amount of information is available, making its implementation a hard task. | en |
dc.language.iso | eng | en |
dc.publisher | |aCenter for Economic Studies and ifo Institute (CESifo) |cMunich | en |
dc.relation.ispartofseries | |aCESifo Working Paper |x2674 | en |
dc.subject.jel | H25 | en |
dc.subject.jel | H32 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | capital gains | en |
dc.subject.keyword | risk | en |
dc.subject.keyword | taxation | en |
dc.subject.stw | Wertzuwachssteuer | en |
dc.subject.stw | Steuererhebung | en |
dc.subject.stw | Kapitalertrag | en |
dc.subject.stw | Risiko | en |
dc.subject.stw | Theorie | en |
dc.title | Retrospective capital gains taxation in the real world | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 603387462 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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