CAPITAL INCOME TAXATION AND INTERNATIONAL PORTFOLIO CHOICE
成果类型：
Article
署名作者：
WERNER, IM
刊物名称：
JOURNAL OF PUBLIC ECONOMICS
ISSN/ISSBN：
0047-2727
DOI：
10.1016/0047-2727(94)90021-3
发表日期：
1994
页码：
205-222
关键词：
摘要：
Distortionary proportional capital income taxation is shown to cause both static effects via portfolio re-allocation and dynamic effects via changes in the value of a claim to future transfers as well as via perceived changes in the future investment opportunity set. The stochastic structure of returns to investment is important for understanding the consequences of a unilateral increase in the domestic tax rate. A government choosing optimal tax policy makes a tradeoff between the increase in the perceived value of future transfers and the distortion to portfolio allocation produced by taxation. With corporate taxation the optimal tax rate is positive.
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