Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/30660 
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dc.contributor.authorMenoncin, Francescoen
dc.contributor.authorPanteghini, Paolo M.en
dc.date.accessioned2009-06-30-
dc.date.accessioned2010-05-14T08:23:45Z-
dc.date.available2010-05-14T08:23:45Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/30660-
dc.description.abstractIn 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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x2674en
dc.subject.jelH25en
dc.subject.jelH32en
dc.subject.ddc330en
dc.subject.keywordcapital gainsen
dc.subject.keywordrisken
dc.subject.keywordtaxationen
dc.subject.stwWertzuwachssteueren
dc.subject.stwSteuererhebungen
dc.subject.stwKapitalertragen
dc.subject.stwRisikoen
dc.subject.stwTheorieen
dc.titleRetrospective capital gains taxation in the real world-
dc.typeWorking Paperen
dc.identifier.ppn603387462en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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