Generalized cash-flow taxation

• 成果类型: Article; Proceedings Paper
• 署名作者: Auerbach, AJ; Bradford, DF
• 署名单位: University of California System; University of California Berkeley; Princeton University
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/S0047-2727(03)00044-6
• 发表日期: 2004
• 页码: 957-980
• 关键词: cash-flow taxation

摘要

We show the unique form that must be taken by a tax system based entirely on realization accounting to implement a uniform capital income tax, or, equivalently, a uniform wealth tax. This system combines elements of an accrual based capital income tax and a traditional cash-flow tax, having many of the attributes of the latter while still imposing a tax burden on marginal capital income. Like the traditional cash-flow tax, this system may be integrated with a tax on labor income. We also show how such a tax can be supplemented with an optional accounting for a segregated subset of actively traded securities, subjected separately to mark-to-market taxation at the uniform capital income tax rate, to permit a fully graduated tax system applicable to labor income. (C) 2003 Elsevier B.V. All rights reserved.