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• Taxation and household portfolio composition: US evidence from the 1980s and 1990s AI翻译
  作者：Poterba, JM; Samwick, AA
  作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Dartmouth College; National Bureau of Economic Research
  摘要：This paper explores the relationship between household marginal income tax rates, the set of financial assets that households own, and the portfolio shares accounted for by each of these assets. It analyzes data from the 1983, 1989, 1992, 1995, and 1998 Surveys of Consumer Finances and develops a new algorithm for imputing federal marginal tax rates to households in these surveys. The empirical findings suggest that marginal tax rates have important effects on asset allocation decisions. The p...
• Special issue - Proceedings of the Trans-Atlantic Public Economics Seminar on Taxation of Financial Income, Gerzensee, 22-24 May, 2000. Editorial introduction AI翻译
  作者：Bacchetta, P; Gordon, R
• The impact of corporate and personal income taxes on the location of firms and on employment:: some panel evidence for the Swiss cantons AI翻译
  作者：Feld, LP; Kirchgässner, G
  作者单位：University of St Gallen
  摘要：The impact of corporate income taxes on location decisions of firms is widely debated in the tax competition literature. Tax rate differences across jurisdictions may lead to distortions of firms' investment decisions. Empirical evidence on tax-induced relocation and subsequent economic development in the US and Europe is still inconclusive. Much the same applies to Switzerland. While there is some evidence on personal income tax competition between Swiss cantons, evidence on the impact of int...
• The effect of the tax reform act of 1986 on the location of assets in financial services firms AI翻译
  作者：Altshuler, R; Hubbard, RG
  作者单位：Rutgers University System; Rutgers University New Brunswick; Columbia University; National Bureau of Economic Research
  摘要：This paper examines the effects of the Tax Reform Act of 1986 on the international location decisions of U.S. financial services firms. The Act included rule changes that made it substantially more difficult for U.S. firms to defer U.S. taxes on overseas financial services income held in low-tax jurisdictions. We use information from the tax returns of U.S. corporations to examine how local taxes affect the allocation of financial assets held abroad by financial services firms. We find that, b...
• Repatriation taxes, repatriation strategies and multinational financial policy AI翻译
  作者：Altshuler, R; Grubert, H
  作者单位：Rutgers University System; Rutgers University New Brunswick; United States Department of the Treasury
  摘要：Several investment-repatriation strategies are added to the standard model of a multinational in which an affiliate is located in a low-tax country and is limited to two alternatives: repatriating taxable dividends to the parent or investing in its own real operations. In our model, affiliates can invest in passive assets, which the parent can borrow against, or in related affiliates which can be used as vehicles for tax-favored repatriations. We show analytically how the availability of alter...
• Why is the corporate tax rate lower than the personal tax rate? The role of new firms AI翻译
  作者：Fuest, C; Huber, B; Nielsen, SB
  作者单位：University of Cologne; Copenhagen Business School
  摘要：In many OECD countries, statutory corporate tax rates are lower than personal income tax rates. This tax rate difference is often particularly large for small firms. The present paper argues that a reduction of the corporate tax rate below the personal tax rate is an optimal tax policy if there are problems of asymmetric information between investors and firms in the capital market. The reduction of the corporate tax rate below the personal tax rate encourages equity financing and thus mitigat...
• On the marginal source of investment funds AI翻译
  作者：Auerbach, AJ; Hassett, KA
  作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of California System; University of California Berkeley; American Enterprise Institute for Public Policy Research
  摘要：Under the 'new view' of dividend taxation developed by Auerbach (Quarterly Journal of Economics 1979;93:433-446), Bradford (Journal of Public Economics 1981;15:1-22) and King (Public Policy and the Corporation, Chapman & Hall, London, 1977), the marginal source of finance for new investment projects is retained earnings. In this case, the tax advantage of retaining earnings precisely offsets the double taxation of subsequent dividends: taxes on dividends have no impact on the investment incent...
• Tax policy, venture capital, and entrepreneurship AI翻译
  作者：Keuschnigg, C; Nielsen, SB
  作者单位：University of St Gallen; University of St Gallen; Copenhagen Business School; Copenhagen Business School
  摘要：The paper studies the effects of tax policy on venture capital activity. Entrepreneurs pursue a single high risk project each but have no own resources. Financiers provide funds, covering investment cost plus an upfront payment, in exchange for a share in the firm. The contract must include incentives to enlist full effort of entrepreneurs. Venture capitalists also assist with valuable business advice to enhance survival chances. The paper develops a general equilibrium framework with a tradit...
• Withholding taxes or information exchange: the taxation of international interest flows AI翻译
  作者：Huizinga, H; Nielsen, SB
  作者单位：Copenhagen Business School; Tilburg University
  摘要：This paper considers withholding taxes and information exchange as alternative means to tax international interest income. For each regime, we consider the maximum level of taxation of foreign-source income that can be sustained as the equilibrium of a repeated game. The best regime is the one that brings the level of taxation in the repeated game closest to the cooperative level of interest taxation. Sustainable levels of taxation in either regime depend on the importance of bank profits and ...