By Martin Feldstein
Economists have lengthy famous the significance of capital accumulation for productiveness and fiscal development. The nationwide Bureau of monetary study is at present engaged in a examine of the connection among such accumulation and taxation rules, with specific specialize in saving, risk-taking, and company funding within the usa and in a foreign country. The papers offered in Taxes and Capital Formation are available, nontechnical summaries of fourteen person learn tasks inside of that learn. entire technical stories in this learn are released in a separate quantity, the consequences of Taxation on Capital Accumulation, additionally edited by means of Martin Feldstein. via addressing essentially the most serious coverage problems with the day with no less than fiscal jargon, Taxes and Capital Formation makes the result of Bureau learn on hand to a large viewers of coverage officers and employees in addition to to participants of the enterprise neighborhood. the quantity must also end up worthy for classes in public coverage, company, and legislations. based on Bureau culture, the papers don't comprise coverage thoughts; in its place, they advertise a greater knowing of ways the economic system works and the results of particular regulations on specific elements of the financial system.
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Extra resources for Taxes and Capital Formation (National Bureau of Economic Research Project Report)
Sample text
National Tax Journal 21 (December): 467-78. Kaplan, S. 1981. The holding period distinction of the capital gains tax. NBER Working Paper 762. , and'D. Fullerton. 1984. The taxation of income from capital, Chicago: University of Chicago Press. Lindsey, L. 1981. Is the maximum tax on earned income effective? National Tax Journal 34 (June): 249-56. 1987. Capital gains: Rates, realizations, and Revenues. In The effects of taxation on capital accumulation, ed. Martin Feldstein. Chicago: University of Chicago Press.
This conflict makes alternative tax policies difficult to analyze. It surely suggests that there is little basis for confidence in tax policy assessments based on specific assumed discount rates that are constant across companies. The paper is organized as follows. 1 argues that, given the risk characteristic of depreciation tax shields, a very low or negative real discount rate should be applied. 2 reports survey results on the actual capital budgeting practice of firms and discusses possible reasons for the apparent conflict between the recommendation of theory and firms’ reported behavior.
Tradeable assets include land, residential structures, corporate equities, and equity in noncorporate businesses. This last category includes the value of nonresidential real estate held by households. Tangible assets, such as consumer durables, that are seldom traded were excluded. These tradeable assets constituted about two-thirds of house- 23 Rates, Realizations, and Revenues of Capital Gains hold wealth over the period of the study. ^ The components of this tradeable wealth varied over time.