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EconStor >
ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/30660
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Menoncin, Francesco | | en_US |
| dc.contributor.author | | Panteghini, Paolo M. | | en_US |
| dc.date.accessioned | | 2009-06-30 | | en_US |
| dc.date.accessioned | | 2010-05-14T08:23:45Z | | - |
| dc.date.available | | 2010-05-14T08:23:45Z | | - |
| dc.date.issued | | 2009 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/30660 | | - |
| dc.description.abstract | | In this article, we analyze Auerbach's (1991) proposal of a retrospective capital gains tax, which is equivalent to an accrual tax on an ex-ante basis. Using a continuous-time model with stochastic interest rates, we prove that equivalence holds even if the risk-free asset return is correlated with other risky assets' returns. However, equivalence fails to hold on an ex-post basis. In other words, if an investor faces a huge gain (loss), the effective tax rate under this system is less (higher) than that what would be due under an accrual tax system. This leads to a fairness problem. For this reason, we also find the conditions that ensure equivalence on an ex-post basis. As will be shown, however, ex-post equivalence can be achieved only if a huge amount of information is available, making its implementation a hard task. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | CESifo München | | en_US |
| dc.relation.ispartofseries | | CESifo working paper 2674 | | en_US |
| dc.subject.jel | | H25 | | en_US |
| dc.subject.jel | | H32 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | capital gains | | en_US |
| dc.subject.keyword | | risk | | en_US |
| dc.subject.keyword | | taxation | | en_US |
| dc.subject.stw | | Wertzuwachssteuer | | en_US |
| dc.subject.stw | | Steuererhebung | | en_US |
| dc.subject.stw | | Kapitalertrag | | en_US |
| dc.subject.stw | | Risiko | | en_US |
| dc.subject.stw | | Theorie | | en_US |
| dc.title | | Retrospective capital gains taxation in the real world | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 603387462 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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