Articoli di riviste: "Capital gains tax"

1

Applebach, Richard O. "The Capital Gains Tax Penalty?" Journal of Portfolio Management 21, n. 4 (31 luglio 1995): 99–103. http://dx.doi.org/10.3905/jpm.1995.409531.

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2

LOMBARD, MARC. "WHO PAYS CAPITAL GAINS TAX?" Economic Papers: A journal of applied economics and policy 9, n. 4 (dicembre 1990): 71–77. http://dx.doi.org/10.1111/j.1759-3441.1990.tb00620.x.

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3

Couzin, Robert. "Capital Gains: Tax Policy Alternatives". Canadian Public Policy / Analyse de Politiques 21 (ottobre 1995): S225. http://dx.doi.org/10.2307/3551871.

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4

BLACK, PA. "Capital Gains Tax: Critical Notes". South African Journal of Economics 68, n. 4 (dicembre 2000): 352–54. http://dx.doi.org/10.1111/j.1813-6982.2000.tb01279.x.

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5

Williamson, M. L. "CAPITAL GAINS TAX — PRACTICAL ISSUES". APPEA Journal 28, n. 1 (1988): 372. http://dx.doi.org/10.1071/aj87032.

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This paper is directed at the capital gains tax implications arising on the day-to-day transactions and events occurring within our industry.After explaining in very basic terms how CGT can be applied in our industry, I lead the oilman to an examination of more specific transactions, such as splitting tenements, renewals, extensions, subleasing and farm-outs.Some alarming issues arise that must be recognised by every 'dealsman' today. Parameters for deals are indicated along with thought processes to solve the problems to the extent they are solvable.As 19 September 1985 fades faster into the past, the CGT legislation is becoming more relevant as old pre- assets are converted into post-assets. The traps are there, and many people have already fallen - to their horror. The conversions are subtle but are there waiting.In this era of self-assessment and absurd tax penalties, tax audits and guilt until proven innocent, penalty minimisation is the name of the game, not tax avoidance.

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6

Choi, Bo-Kwang. "Critical review about Preliminary Return and Final Return on Capital Gains Tax: With Focus on the Judgement Numbered 2017Du73297 Sentenced on December 31, 2021 by the Supreme Court". KOREAN SOCIETY OF TAX LAW 8, n. 2 (30 giugno 2023): 101–29. http://dx.doi.org/10.37733/tkjt.2023.8.2.101.

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In some cases, each individual tax law has a separate provision for ‘Final Return’ and ‘Preliminary Return’, and one of the representative tax items is Capital Gains Tax under the Income Tax Act. Opinions on the finalizing effect of the Preliminary Return on Capital Gains Tax are largely divided into Final Conclusive Theory and Provisional Conclusive Theory, and this discussion has been ongoing for a long time. Final Conclusive Theory is the opinion that tax liability for Capital Gains Tax is determined by Preliminary Return on Capital Gains Tax, and Provisional Conclusive Theory is the opinion that tax liability for Capital Gains Tax is determined with deferring the tax settlement procedure through Final Return on Capital Gains Tax by Preliminary Return on Capital Gains Tax. In reference to the Supreme Court's series of rulings on the validity of the Preliminary Return on Capital Gains Tax, it seems to adopt Provisional Conclusive Theory on finalizing effect of the Preliminary Return. In addition, the Target Judgement(the Judgement Numbered 2017Du73297 Sentenced on December 31, 2021 by the Supreme Court) seems to have confirmed the Supreme Court's legal principles regarding the validity of the Preliminary Return on Capital Gains Tax once again. According to the Target Judgement, it is judged that Preliminary Return on Capital Gains Tax and Tax office’s disposition of increase and correction based on Preliminary Return on Capital Gains Tax are absorbed and extinguished by Final Return. In this point of view, above all, this may cause a problem that taxpayers abuse the Final Return System. However, it is difficult to say that the conclusion of the Target Judgment is wrong under the current tax law, as it seems that the taxpayer cannot be prohibited from filing Final Return which revises the details of the Preliminary Return on Capital Gains Tax. In addition, under the current tax law related with the validity of the Preliminary Return of Capital Gains Tax, there seem to be various issues about Limitation Period for Imposition, Limitation Period for Imposition of National Taxes, Tax office’s disposition of increase and correction, and other provisions of the Framework Act on National Taxes etc. Therefore, through legislative supplementation which is premised on active discussions on the relevant tax laws related to the validity of the Preliminary Return on Capital Gains Tax, it is necessary to improve the systematic consistency of related tax law regulations and harmonize in some degree with the Supreme Court legal principles which seem to take an attitude of Provisional Conclusive Theory about the finalizing effect of the Preliminary Return on Capital Gains Tax. In other words, through the legislative supplementation as above, it is expected that problems which may arise due to the interpretation of the validity of the Preliminary Return on Capital Gains Tax can be minimized, legal stability can be improved, and equity among taxpayers can be enhanced at the same time.

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7

Auten, Gerald E., e Joseph J. Cordes. "Policy Watch: Cutting Capital Gains Taxes". Journal of Economic Perspectives 5, n. 1 (1 febbraio 1991): 181–92. http://dx.doi.org/10.1257/jep.5.1.181.

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From 1922 to 1986, long-term capital gains were taxed at lower rates than other income, generally by allowing a portion of long-term capital gains to be excluded from taxable income. While taxing capital gains at the same rates as other income has been hailed by some as a major accomplishment of tax reform, it has been criticized by others as one of its main flaws. As a result, there have been proposals each year since 1986 to restore some type of capital gains preference. These proposals have sparked a lively debate centered on three main questions: Would reducing the capital gains tax lower or raise federal revenues? Who benefits most from cutting the capital gains tax? Would lower tax rates on capital gains improve economic performance?

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Kosidłowska, Anna. "Fiscal Function of Capital Gains Tax". Annales Universitatis Mariae Curie-Skłodowska, sectio H, Oeconomia 50, n. 1 (19 aprile 2016): 93. http://dx.doi.org/10.17951/h.2016.50.1.93.

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9

AUERBACH, ALAN J. "CAPITAL GAINS TAXATION AND TAX REFORM". National Tax Journal 42, n. 3 (1 settembre 1989): 391–401. http://dx.doi.org/10.1086/ntj41788807.

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POTERBA, JAMES M. "CAPITAL GAINS TAX POLICY TOWARD ENTREPRENEURSHIP". National Tax Journal 42, n. 3 (1 settembre 1989): 375–89. http://dx.doi.org/10.1086/ntj41788806.

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11

Severn, Alan K., James Charles Mills e Basil L. Copeland. "Capital gains taxes after tax reform". Journal of Portfolio Management 13, n. 3 (30 aprile 1987): 69–75. http://dx.doi.org/10.3905/jpm.1987.409104.

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12

Jacob, Martin. "Tax Regimes and Capital Gains Realizations". European Accounting Review 27, n. 1 (14 luglio 2016): 1–21. http://dx.doi.org/10.1080/09638180.2016.1203811.

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13

KING, J. R. "What Future for Capital Gains Tax?" Fiscal Studies 6, n. 2 (maggio 1985): 71–77. http://dx.doi.org/10.1111/j.1475-5890.1985.tb00519.x.

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14

Breckenridge, S. "CAPITAL GAINS TAX IN THE PETROLEUM INDUSTRY". APPEA Journal 26, n. 1 (1986): 23. http://dx.doi.org/10.1071/aj85002.

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Eleven years after a previous abortive attempt, another Federal Labor Government has announced its intention to incorporate into the Australian fiscal scene a capital gains tax. The tax is to be levied at marginal and corporate income tax rates on 100 per cent of inflation adjusted gains realised on assets acquired on and after 20 September 1985.Whilst the Government expects its revenue yield to be low even at the end of five years of operation, the cost of protective administration and compliance to be incurred by taxpayers will be substantial.There are substantial areas of uncertainty in the capital gains tax proposals generally, and in particular as they relate to the petroleum industry. These issues, coupled with the prospect of significant legislative delay, will detract further from Australia's appeal as a focal point for essential exploration dollars.The capital gains tax proposals outlined to date deal, superficially, with basic and very tangible property. However, they do not come to grips with issues such as the potential duplication of this tax and resource rent tax, the need to protect the position of non-residents from double taxation, the basis for imposition of capital gains tax upon changes in licence and permit interest through direct or indirect transfers, to avoid bunching distortions, and to more fully provide for rollover relief.The capital gains tax proposals will exacerbate the substantial stress upon the Australian Taxation Office and, coupled with the forthcoming requirement of the Income Tax Assessment Act to accommodate the proposed resource rent tax, will only serve to highlight the fact that in reality the petroleum industry has not been a winner in this area of the tax reform process.The scope for unexpected capital gains tax exposures to arise is marked and will require a clear analysis of several long-established legal concepts to ensure that even reasonable results are obtained.

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15

Digumber, Sharvesh, Hemavadi Soondram e Bhavish Jugurnath. "Tax Policy and Foreign Direct Investment: Empirical Evidence from Mauritius". International Business Research 10, n. 3 (8 febbraio 2017): 42. http://dx.doi.org/10.5539/ibr.v10n3p42.

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This study demonstrates, through the use both qualitative and quantitative data, that there are several factors determining Foreign Direct Investment flows between two countries. A total of 180 accountants were surveyed in this study, whereby the majority of respondents agreed that Capital Gains Tax is an important factor determining FDI flow within a tax treaty but is not the only significant factor. The study also used regression analysis through a gravity equation to confirm the survey’s conclusion. Using Mauritius and a host of its tax treaty partners as proxies, it was found that Gross Domestic Product per capita, Capital Gains Tax, common language and distance were major factors affecting Foreign Direct Investment flow in a bilateral tax treaty. This study gives a good insight on the reasons why foreign investors use the Mauritian tax treaty network as a platform for investment. The main rationale for such investments was attributed to Mauritius offering a 0% Capital Gains Tax rate and being a low tax jurisdiction. However, this study sheds new light on this reasoning and provides evidence that investment does not depend solely on Capital Gains Tax levy but also a host of other important factors.

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Boadway, Robin, e Pierre Pestieau. "The Wealth Tax and the Tax Mix". Canadian Tax Journal/Revue fiscale canadienne 70, Supp (2022): 185–208. http://dx.doi.org/10.32721/ctj.2022.70.supp.boadway.

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This paper explores the potential role for a wealth tax as part of the mix of taxes applying to assets in the Canadian tax system. The existing system taxes assets in a variety of ways. Asset incomes, such as interest, dividends, capital gains, and profits, are taxed in the income tax system, albeit imperfectly. The value of assets is taxed by capital taxes on selective types of corporations and by the property tax on residential and non-residential property. Taxes applying to asset transfers include the deemed realization of capital gains on death as well as probate fees. There is neither a general tax on wealth nor a tax on wealth transferred through bequests. There are some glaring shortcomings of existing taxes on assets, such as the preferential treatment of capital gains, the exclusion of imputed returns, and the absence of a tax on inheritances. The authors argue that these deficiencies are best addressed by reforming the capital income tax system and introducing an inheritance tax rather than implementing an annual wealth tax.

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Kemmeren, Eric C. C. M. "A Global Framework for Capital Gains Taxes". Intertax 46, Issue 4 (1 aprile 2018): 268–77. http://dx.doi.org/10.54648/taxi2018029.

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Globally, tax systems are continuously discussed. That is more than a good thing! Taxes are in the midst of society and should, therefore, also be discussed in and by societies. Tax research can contribute to these discussions. In a number of countries, such as New Zealand, the Netherlands and the United States, it is debated in society whether capital gains should be included in the income tax base and, if so, how this should be done. In this context, the author will discuss whether, as a matter of principle, taxation of capital gains should be part of a comprehensive tax system that taxes a comprehensive concept of real net income and, if so, what are the key issues in the design of capital gains tax regimes. Attention will be paid not only to general aspects, but also to some international aspects of capital gains taxes. This article will ultimately present a global framework for capital gains taxes based on the developed benchmark. In the author’s view, this framework should be taken into account globally when designing a capital gains tax regime. It will contribute to creating a level playing field and to enhancing horizontal and vertical equality and equity.

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Krever, Richard, e Kerrie Sadiq. "Non-Residents and Capital Gains Tax in Australia". Canadian Tax Journal/Revue fiscale canadienne 67, n. 1 (aprile 2019): 1–22. http://dx.doi.org/10.32721/ctj.2019.67.1.krever.

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The evolution of capital gains taxation in Australia parallels that in Canada in many respects. Federal income taxes were adopted in both countries during the First World War, and in both jurisdictions the courts interpreted the term "income," the subject of taxation, using United Kingdom judicial concepts that excluded capital gains from the tax base. In the last quarter of the 20th century, both countries amended their income tax laws to capture capital gains, and in both countries concessional rates apply. Initially, the Australian capital gains tax regime had rules that paralleled those in Canada in respect of the application of capital gains tax measures to non-residents, and the list of assets that might generate a capital gains tax liability for non-residents was similar in both countries. Australia changed course just over a decade ago with a decision to limit the income tax liability of non-residents in respect of capital gains to gains on land and land-rich companies alone, albeit with an extended definition of land to capture directly related interests such as exploration and mining rights. Consequently, until this decade, reform of Australia's regime imposing capital gains tax on non-residents focused on the concept of source as a primary driver, with the categories of taxable assets being gradually reduced. However, after more than a decade of unprecedented increases in housing prices in Australia, reform has moved away from addressing source to integrity matters. In Australia, as in Canada, there has been considerable investment in property, particularly residential property, by non-residents in recent years, and the government has sought ways to enhance the enforcement and integrity of the capital gains tax rules applying to non-residents disposing of Australian real property. Since 2013, Australia has proposed three separate measures to ensure integrity within this regime: removal of a concessional rate, introduction of a withholding tax, and removal of the principal residence exemption for non-residents. This article considers the history and development of Australia's capital gains tax regime as it applies to non-residents and examines the recent shift in focus from what is captured in the capital gains source rules to integrity provisions adopted to achieve both compliance and geopolitical objectives.

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Lodhi, Khalid Mahmood. "Impact of Capital Gains Tax on Stock Investment in Pakistan". Information Management and Business Review 5, n. 7 (30 luglio 2013): 360–68. http://dx.doi.org/10.22610/imbr.v5i7.1063.

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This study analyzes the impact of capital gains tax on stocks investment in Pakistan. Whenever there is an increase in the value of a capital asset realized over its cost it is termed as capital gain and the tax imposed thereof is called Capital Gains Tax. The study finds that levy of Capital Gains Tax results in lower volume of stock investment and lesser growth in assets/securities whereas the revenues have also declined as further investments have declined due to the fears of documentation of small investors by the tax authorities.

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Advani, Arun. "Policy Forum: The Taxation of Capital Gains—Principles, Practice, and Directions for Reform". Canadian Tax Journal/Revue fiscale canadienne 69, n. 4 (2021): 1231–50. http://dx.doi.org/10.32721/ctj.2021.69.4.pf.advani.

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The taxation of capital gains is particularly complex given their relatively infrequent receipt, the different ways in which they are generated, and worries about harming productivity. There are theoretical arguments in support of policies ranging from zero rates to high rates of tax on capital. In this article, the author first discusses the impact of capital gains on inequality, which often motivates discussions about how gains should be taxed. He then sets out the principles that determine how gains should be taxed—in particular, how the tax rate should relate to tax rates on labour income. The author proposes that capital gains tax rates should be equalized with income tax rates, subject to provisions to allow gains to be "smoothed" over time and to remove inflation from the tax base. He highlights key transitional issues in moving to such a tax structure. Finally, he discusses specific lessons for Canada.

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21

Lally, Martin, e Tony van Zijl. "Capital gains tax and the capital asset pricing model". Accounting and Finance 43, n. 2 (luglio 2003): 187–210. http://dx.doi.org/10.1111/1467-629x.00088.

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22

Ayers, Benjamin C., Craig E. Lefanowicz e John R. Robinson. "The Effect of Shareholder-Level Capital Gains Taxes on Acquisition Structure". Accounting Review 79, n. 4 (1 ottobre 2004): 859–87. http://dx.doi.org/10.2308/accr.2004.79.4.859.

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This study investigates the effect of shareholder capital gains taxes on the structure of corporate acquisitions. We analyze a sample of large publicly traded firms acquired in taxable cash-for-stock and tax-free stock-for-stock acquisitions from 1975 to 2000. We model acquisition structure (i.e., taxable cash-for-stock acquisitions versus tax-free stock-for-stock acquisitions) as a function of target shareholder capital gains taxes and other economic factors believed to influence acquisition structure. Consistent with expectations, we find a positive association between the capital gains tax rate for individual investors and the use of tax-free stock-for-stock acquisitions. In addition, we find that the effect of the capital gains tax rate for individuals decreases with target institutional ownership (a proxy that represents the likelihood the price-setting shareholder is not subject to the individual capital gains tax rate). We reconcile our analyses with previous studies and identify a plausible explanation for the lack of results in prior research. In supplemental analysis, we also report evidence that corporations “time” the completion of taxable acquisitions around major tax rate changes to minimize shareholder capital gains taxes. In sum, results suggest that shareholder-level taxes have a significant effect on the choice of taxable cash-for-stock versus tax-free stock-for-stock acquisitions, and this effect varies with the tax status of target shareholders.

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23

Spindler, Zane A. "The political economy of capital gains taxation in South Africa - Part I: The public finance of capital gains taxation". South African Journal of Economic and Management Sciences 4, n. 1 (31 marzo 2001): 1–25. http://dx.doi.org/10.4102/sajems.v4i1.2628.

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Public Finance and Public Choice principles are used to analyze the ideological and practical basis for the proposed introduction of a Capital Gains Tax into the income tax system of South Africa. The paper concludes that this is a flawed tax whose time has passed - especially for countries like South Africa.

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COYNE, CHRISTOPHER, FRANK J. FABOZZI e UZI YAARI. "EFFECTIVE CAPITAL GAINS TAX RATES: A REPLY". National Tax Journal 44, n. 1 (1 marzo 1991): 105–7. http://dx.doi.org/10.1086/ntj41788882.

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25

OHSAWA, TOSHIKAZU. "Effects of “Japanese-Type” Capital Gains Tax". Studies in Regional Science 33, n. 2 (2003): 41–60. http://dx.doi.org/10.2457/srs.33.2_41.

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Bracewell-Milnes, Barry. "Capital gains tax: the case for competition". Intertax 20, Issue 11 (1 novembre 1992): 608. http://dx.doi.org/10.54648/taxi1992084.

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JIN, LI. "Capital Gains Tax Overhang and Price Pressure". Journal of Finance 61, n. 3 (16 maggio 2006): 1399–431. http://dx.doi.org/10.1111/j.1540-6261.2006.00876.x.

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28

Feenberg, Daniel, e Lawrence Summers. "Who Benefits from Capital Gains Tax Reductions?" Tax Policy and the Economy 4 (gennaio 1990): 1–24. http://dx.doi.org/10.1086/tpe.4.20061790.

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Susko, Peter M. "Capital Gains and the Alternative Minimum Tax". Journal of Wealth Management 4, n. 4 (31 gennaio 2002): 82–90. http://dx.doi.org/10.3905/jwm.2002.320428.

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Jacob, Martin. "Cross-base tax elasticity of capital gains". Applied Economics 48, n. 28 (29 dicembre 2015): 2611–24. http://dx.doi.org/10.1080/00036846.2015.1125438.

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31

GROTE, M., e K. FLETCHER. "Capital Gains Tax in South Africa*(1)". South African Journal of Economics 68, n. 4 (dicembre 2000): 343–47. http://dx.doi.org/10.1111/j.1813-6982.2000.tb01277.x.

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STEENEKAMP, TJ. "Good Tax Practice and Taxing Capital Gains". South African Journal of Economics 68, n. 4 (dicembre 2000): 348–51. http://dx.doi.org/10.1111/j.1813-6982.2000.tb01278.x.

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Joy, Anthony. "Capital gains tax V. the venture capitalist". Economic Affairs 12, n. 5 (settembre 1992): 16–17. http://dx.doi.org/10.1111/j.1468-0270.1992.tb00019.x.

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Kesselman, Jonathan Rhys. "The Pivotal Role of Capital Gains in Efficient and Progressive Tax Reform". Canadian Tax Journal/Revue fiscale canadienne 72, n. 1 (aprile 2024): 1–32. http://dx.doi.org/10.32721/ctj.2024.72.1.kesselman.

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Increased, targeted taxation of capital gains is key to making the personal income tax more progressive, and it can also contribute to a more efficient system. This article assesses a two-tier capital gains tax that would apply a second, higher inclusion rate for gains above a specified threshold. Relative to a general increase in the inclusion rate—widely promoted by tax analysts—a two-tier scheme would focus on high-income, high-wealth taxpayers, forgo limited revenue, and be more publicly acceptable and politically viable. Relative to reforms to the alternative minimum tax (AMT), the two-tier scheme would be simpler, cover more taxpayers, capture more revenue, and conform more closely to the notion that "the rich pay their fair share." The article explains how capital gains are an amalgam of capital and labour inputs, often containing supernormal returns that are an efficient target for increased taxation. The article further details the high concentration of recurrent large capital gains at top income levels and critically assesses arguments commonly made against raising the gains inclusion rate. It also identifies desirable companion measures for a two-tier gains tax—including restoration of income averaging and abolition of the federal 33 percent top tax bracket and the AMT itself. In short, the current 50 percent capital gains deduction serves as a gateway for endless tax-minimizing and economy-distorting stratagems. Closing that gate even partway for those most prone to enter into such planning would be pivotal in making Canada's tax system both more efficient and more progressive.

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Schanz, Deborah, e Christoph Maier. "Convergence of Dividend and Capital Gains Taxation in the European Union from 1990 to 2015". Intertax 44, Issue 12 (1 dicembre 2016): 913–37. http://dx.doi.org/10.54648/taxi2016086.

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The common regulatory framework and the European integration process determine the taxation of corporate distributions in the European Union (EU). Against the background of EU law and jurisdiction, we examine the development of the domestic tax rules and tax burdens on distributions in the form of dividend payments and capital gains in fourteen EU Member States from 1990 to 2015. We find that tax burdens differ for individual and corporate shareholders, particularly at the beginning of the observation period. Individual shareholders face higher tax burdens on dividend payments than on capital gains. For distributions to corporate shareholders, tax systems provide opposed tax incentives due to higher tax burdens on capital gains than on dividend payments. Despite the overall lack of EU harmonization regulation for direct taxes, our results reveal implicit convergence of the tax systems. Hence, tax reforms in the EU Member States show a trend toward equally taxed dividends and capital gains for both shareholder groups.

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Smart, Michael, e Sobia Hasan Jafry. "Policy Forum: Inequity and Inefficiency in the Tax Treatment of Capital Gains". Canadian Tax Journal/Revue fiscale canadienne 69, n. 4 (2021): 1157–74. http://dx.doi.org/10.32721/ctj.2021.69.4.pf.smart.

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This article makes the case for increasing tax rates on capital gains income under Canada's Income Tax Act. The current tax preference for capital gains costs $35 billion annually in forgone government revenues, with much of the benefit accruing to high-income families. To address the inequity of the present system, and to reduce tax non-neutralities, the 50 percent inclusion rate for capital gains should be raised to 80 percent. This would constitute a simpler, more efficient way of taxing high-wealth individuals than recent proposals for a novel tax on wealth, and would likely generate far more revenue as well.

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Sherris, M. "Reserving for deferred capital gains tax (an application of option pricing theory)". Journal of the Institute of Actuaries 119, n. 1 (1992): 45–67. http://dx.doi.org/10.1017/s0020268100019685.

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AbstractThis paper sets out a framework, based on option pricing theory, that can be used to assess the value of deferred unrealised capital gains tax. In the U.K. and Australia, capital gains tax is paid on realisation of assets and the basis for determining the tax allows for inflation indexation of the cost base of the asset. Capital gains tax payments under these circumstances are shown to resemble those of a complex option. A number of theoretical approaches to the valuation of this option are discussed in the paper.

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Amado Cardozo Paredes, Angel, Diana Beatriz Mereles Ibarra e Nilsa Rosalba Sánchez Bruno. "IRP AND RENT, CAPITAL GAINS FROM PROPERTY LEASE". Revista Gênero e Interdisciplinaridade 4, n. 01 (18 ottobre 2023): 152–85. http://dx.doi.org/10.51249/gei.v4i01.1652.

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This research work aims to demonstrate whether taxpayers comply with the tax formalities in the specific case, personal income tax, income category, capital gain from property lease, since it is important for taxpayers to know on the new current updates of the new tax reform law 6380/19 since it is important to know this data to improve formality and therefore seek solutions to the problems of our country. The approach used was quantitative, statistical data was obtained with more exact results, a descriptive investigation was planned, through closed surveys to know exactly what the real situation is in the formal field, resulting in a majority unaware of the new updates of the current regulations. It is important to note that most of the taxpayers of this tax obligation are not aware of or updated on the new tax reform, as there are also taxpayers with little interest in learning about it.

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Sikes, Stephanie A., e Robert E. Verrecchia. "Capital Gains Taxes and Expected Rates of Return". Accounting Review 87, n. 3 (1 gennaio 2012): 1067–86. http://dx.doi.org/10.2308/accr-50129.

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ABSTRACT Prior literature predicts a positive relation between firms' expected pre-tax rates of return and investor-level capital gains tax rates. We show that this relation is more nuanced than suggested by prior literature and that in three circumstances the relation can actually be negative. The first circumstance is when a firm's systematic risk is very high. The second circumstance is when the market risk premium is very high. The third circumstance is when the risk-free rate of return is very low. The circumstances arise because, in addition to reducing investors' expected after-tax cash proceeds, capital gains taxes reduce the risk that investors associate with the expected after-tax cash proceeds.

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Slemrod, Joel, e Xinyu Chen. "Are capital gains the Achilles’ heel of taxing the rich?" Oxford Review of Economic Policy 39, n. 3 (18 agosto 2023): 592–603. http://dx.doi.org/10.1093/oxrep/grad027.

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Abstract This paper considers the role of capital gains taxation in enhancing tax progressivity, and argues that capital gains are the Achilles’ heel of taxing the rich more effectively. We revisit the key aspects of how capital gains are taxed and address the main arguments against taxing capital gains more heavily: (i) it would discourage socially beneficial activities, such as innovation, (ii) implementing structural changes is unadministrable, and (iii) the ‘lock-in’ effect means that increasing the tax rate is an inefficient way to raise revenue. To address concerns with the unpopularity of taxing unrealized gains during one’s lifetime and retroactive taxes, we conclude with a partial proposal for constructive realization at death that would apply only to gains accrued after a certain date, while allowing for discounted pre-payments of tax liability.

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Dai, Zhonglan, Douglas A. Shackelford e Harold H. Zhang. "Capital Gains Taxes and Stock Return Volatility". Journal of the American Taxation Association 35, n. 2 (1 maggio 2013): 1–31. http://dx.doi.org/10.2308/atax-50509.

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ABSTRACT This paper presents an empirical investigation of the impact of capital gains taxes on stock return volatility. We predict that the more stock returns are subject to capital gains taxation, the greater the increase in return volatility following a capital gains tax rate cut due to reduced risk-sharing in firms' cash flows between shareholders and the government. Consistent with this prediction, we find larger increases in the return volatility for more appreciated stocks than for less appreciated stocks and for non-dividend-paying stocks than for dividend-paying stocks after both 1978 and 1997 capital gains tax rate reductions. The findings imply that capital gains taxes convey a heretofore overlooked benefit of lower stock return volatility.

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McMillan, Melville. "Policy Forum: Inflation Indexation and Capital Gains Tax Reform". Canadian Tax Journal/Revue fiscale canadienne 71, n. 2 (luglio 2023): 415–28. http://dx.doi.org/10.32721/ctj.2023.71.2.pf.mcmillan.

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Using data from the Toronto Stock Exchange Composite Index from 1971 to 2020, this article examines the differences between the real increases in purchasing power resulting from capital gains and assessed taxable capital gains, assuming inclusion rates of 50 percent and 75 percent, on assets with holding periods of 5, 10, and 20 years. The analysis shows that partial inclusion of nominal gains poorly approximates real (constant-dollar) capital gains income and typically results in considerable overassessment or underassessment of such income and tax. Hence, it is argued that capital gains should be indexed for inflation in order that individual investments, individual stockholders (and capital asset holders generally), and all taxpayers are treated fairly by the tax system. Also, indexation seems a realistic alternative.

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Anagnostopoulos, Alexis, Orhan Erem Atesagaoglu e Eva Cárceles-Poveda. "Financing corporate tax cuts with shareholder taxes". Quantitative Economics 13, n. 1 (2022): 315–54. http://dx.doi.org/10.3982/qe1167.

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We study the aggregate and distributional consequences of replacing corporate profit taxes with shareholder taxes, namely taxes on dividends and capital gains, in a setting with incomplete markets and heterogeneity at both the household and the firm level. The reform yields distributional gains with a large majority of households benefiting. Moreover, if dividend and capital gains are taxed at the same rate, the reform is also efficiency‐enhancing and the implied optimal corporate income tax rate is zero. In contrast, an asymmetric tax treatment of dividend and capital gains induces a trade‐off between efficiency and distributional concerns that is optimally resolved at a positive optimal corporate tax rate, implying double taxation.

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Agersnap, Ole, e Owen Zidar. "The Tax Elasticity of Capital Gains and Revenue-Maximizing Rates". American Economic Review: Insights 3, n. 4 (1 dicembre 2021): 399–416. http://dx.doi.org/10.1257/aeri.20200535.

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This paper uses a direct-projections approach to estimate the effect of capital gains taxation on realizations at the state level and then develops a framework for determining revenue-maximizing rates at the federal level. We find that the elasticity of revenues with respect to the tax rate over a 10-year period is −0.5 to −0.3, indicating that capital gains tax cuts do not pay for themselves and that a 5 percentage point rate increase would yield $18 to $30 billion in annual federal tax revenue. Our long-run estimates yield revenue-maximizing capital gains tax rates of 38 to 47 percent. (JEL E62, H25, H71)

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Spindler, Zane A. "The political economy of capital gains taxation in South Africa - Part II: The public choice of capital gains taxation and public policy". South African Journal of Economic and Management Sciences 4, n. 2 (30 giugno 2001): 234–53. http://dx.doi.org/10.4102/sajems.v4i2.2639.

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Public Finance and Public Choice principles are used to analyze the ideological and practical basis for the proposed introduction of a Capital Gains Tax into the income tax system of South Africa. The paper concludes that this is a flawed tax whose time has passed - especially for countries like South Africa.

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HENDERSON, YOLANDA K. "CAPITAL GAINS TAX RATES AND STOCK MARKET VOLUME". National Tax Journal 43, n. 4 (1 dicembre 1990): 411–25. http://dx.doi.org/10.1086/ntj41788862.

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Bartlett, Bruce. "The Case for Ending the Capital Gains Tax". Financial Analysts Journal 41, n. 3 (maggio 1985): 23–30. http://dx.doi.org/10.2469/faj.v41.n3.23.

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48

Sarin, Natasha, Lawrence Summers, Owen Zidar e Eric Zwick. "Rethinking How We Score Capital Gains Tax Reform". Tax Policy and the Economy 36 (1 maggio 2022): 1–33. http://dx.doi.org/10.1086/718949.

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Fuss, Robert. "Incorporation and the risk of capital gains tax". Medical Journal of Australia 146, n. 57 (giugno 1987): 8–9. http://dx.doi.org/10.5694/j.1326-5377.1987.tb104465.x.

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Wilson, Peter A. "CAPITAL GAINS TAX — ASPECTS OF CERTAIN FINANCING TRANSACTIONS". APPEA Journal 28, n. 1 (1988): 382. http://dx.doi.org/10.1071/aj87033.

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The Australian Income Tax Assessment Act, 1936 (the Act) has recently been amended by the inclusion of a full capital gains tax system.This system is particularly applicable to various aspects of financing transactions into which petroleum exploration and development companies may enter.In the light of recent changes to the means by which petroleum companies can access the capital markets, it becomes necessary to consider these issues. This paper is designed to provide petroleum company executives with additional information on the capital gains tax aspects of:creating royalty, net profit interests and production payments;conventional security management matters;bankruptcy/liquidation matters;allotment of ordinary and preference share issues;allotment of convertible notes;drawing down of conventional loans; andgroup reorganisations.The paper also sets out some recommendations for amendments to the Act designed to correct capital gains driven financing problems.These aspects and many other relevant planning points require consideration of complex legislation. In the absence of direct legal precedent, proper and full consideration is warranted if all intended financial problems are to be firstly, recognised and secondly, to the extent possible, overcome.

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