Permanent and Transitory Responses to Capital Gains Taxes: Evidence from a Lifetime Exemption in Canada

• 成果类型: Article
• 署名作者: Lavecchia, Adam M.; Tazhitdinova, Alisa
• 署名单位: McMaster University; University of California System; University of California Santa Barbara; National Bureau of Economic Research
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest_a_01454
• 发表日期: 2026
• 关键词: crowd-out; REALIZATIONS; taxation; revenue

摘要

Using panel data on a 20% random sample of Canadian taxpayers, we study behavioral responses to the cancellation of a lifetime capital gains exemption that resulted in increased capital gains taxation for some individuals. We show that the exemption did not change the number of taxpayers reporting positive capital gains, and thus unlikely resulted in increased participation in capital markets. Furthermore, our results suggest that the cancellation increased the long-run capital gains realizations of tax filers with more unused exemption room but had a small, statistically insignificant impact on the capital gains realizations of those with little unused exemption room.