MARC details
| 000 -CABECERA |
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| Longitud fija campo de control |
04124cam a22003137 4500 |
| 001 - NÚMERO DE CONTROL |
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| Número de control |
w1094 |
| 003 - IDENTIFICADOR DELl NÚMERO DE CONTROL |
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| Identificador del número de control |
NBER |
| 005 - FECHA Y HORA DE LA ÚLTIMA TRANSACCIÓN |
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| Fecha y hora de la última transacción |
20211020115319.0 |
| 006 - CÓDIGOS DE INFORMACIÓN DE LONGITUD FIJA - CARACTERÍSTICAS DEL MATERIAL ADICIONAL |
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| Códigos de información de longitud fija - Características del material adicional |
m o d |
| 007 - CAMPO FIJO DE DESCRIPCIÓN FÍSICA |
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| Campo fijo de descripción física |
cr cnu|||||||| |
| 008 - CÓDIGOS DE INFORMACIÓN DE LONGITUD FIJA |
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| Códigos de información de longitud fija |
210910s1983 mau fo 000 0 eng d |
| 100 1# - PUNTO DE ACCESO PRINCIPAL-NOMBRE DE PERSONA |
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| Nombre de persona |
<a href="Stiglitz, Joseph E.">Stiglitz, Joseph E.</a> |
| 245 10 - TÍTULO PROPIAMENTE DICHO |
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| Título |
Some Aspects of the Taxation of Capital Gains / |
| Mención de responsabilidad, etc. |
Joseph E. Stiglitz. |
| 260 ## - PUBLICACIÓN, DISTRIBUCIÓN, ETC. (PIE DE IMPRENTA) |
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| Lugar de publicación, distribución, etc. |
Cambridge, Mass. |
| Nombre del editor, distribuidor, etc. |
National Bureau of Economic Research |
| Fecha de publicación, distribución, etc. |
1983. |
| 300 ## - DESCRIPCIÓN FÍSICA |
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| Extensión |
1 online resource: |
| Otras características físicas |
illustrations (black and white); |
| 490 1# - MENCIÓN DE SERIE |
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| Mención de serie |
NBER working paper series |
| Designación de volumen o secuencia |
no. w1094 |
| 500 ## - NOTA GENERAL |
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| Nota general |
March 1983. |
| 520 3# - NOTA DE SUMARIO |
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| Sumario, etc, |
The analysis of the effects ofcapital gains taxation requires a careful modelling both of the details of the tax code and the imperfections in the capital market. Under the standard assumptions concerning perfect capital marketsand under the standard idealizations of the tax code, there are several strategies by which rational investors can avoid not only all taxes on their capital income;these strategies leave individuals consumption and bequests in each state of nature and at each date unchanged from what they would have been in the absence of taxes.Although certain detailed provisions of the tax code may limit the extent to which rational investors can avail themselves of these tax avoidance activities, there are ways, in a perfect capital market, by which the effects of these restrictions can be ameliorated. Accordingly,any analysis of the effects of capital taxation must focus on imperfect capital market.If individuals face limitations on the amounts which they can borrow and/or if there are limitations on short sales, then under some circumstances there is a locked - in effect (individuals do not sell securities which they would have sold inthe absence of taxation); but under other circumstances individuals are induced to sell securities that they otherwise would have held, in order to takea dvantage of the a symmetric treatment of short term losses and long term gains. A policy of realizing gains as soon as they become eligible for long term treatment dominates the policy of postponing the realization of capital gains,provided the gains are not too large.A simple general equilibrium model is constructed within which it is shown that the taxation of capital gains may increase the volatility of asset prices,and lead individuals not to trade when they otherwise would.While the analysis casts doubt on the significance of the welfare losses resulting from these exchange inefficiencies,there are circumstances in which the tax leads to production inefficiencies, e.g. terminating projects at other than the socially optimal date.Finally, we argue that the focus of some recent policy debates on the short run revenue impact of a decrease in the tax rate on capital gains is misplaced: even when the short run revenue impact is positive, consumption may increase (thus exacerbating inflationary pressures) and private savings may decrease (thus leading to a lower level of investment in the private sector). Moreover, there issome presumption that the long run revenue impact is negative.Our analysis has some important implications for empirical research.In particular, it suggests that the impact of the tax is not adequately summarized by a single number, such as the "effective tax rate" representing the average ratio of tax payments to capital gains. Moreover, the impact of the tax cannot be assessed by looking only at reported capital gains and losses. |
| 530 ## - NOTA DE FORMATO FÍSICO ADICIONAL DISPONIBLE |
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| Nota de formato físico adicional disponible |
Hardcopy version available to institutional subscribers |
| 538 ## - NOTA DE DETALLES DEL SISITEMA |
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| Nota de detalles del sistema |
System requirements: Adobe [Acrobat] Reader required for PDF files. |
| 538 ## - NOTA DE DETALLES DEL SISITEMA |
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| Nota de detalles del sistema |
Mode of access: World Wide Web. |
| 588 0# - NOTA DE FUENTE DE LA DESCRIPCIÓN |
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| Nota de fuente de la descripción |
Print version record |
| 690 #7 - CAMPOS LOCALES DE ENCABEZAMIENTO DE MATERIA |
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| Término local o nombre geográfico como elemento de entrada |
E - Macroeconomics and Monetary Economics |
| Fuente de encabezamiento o término |
Journal of Economic Literature class. |
| 710 2# - PUNTO DE ACCESO ADICIONAL - NOMBRE DE ENTIDAD |
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| Nombre de entidad o nombre de jurisdicción como elemento inicial |
National Bureau of Economic Research. |
| 830 #0 - PUNTO DE ACCESO ADICIONAL DE SERIE - TÍTULO UNIFORME |
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| Título uniforme |
Working Paper Series (National Bureau of Economic Research) |
| Designación de volumen o secuencia |
no. w1094. |
| 856 40 - LOCALIZACIÓN Y ACCESO ELECTRÓNICO |
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| Identificador Uniforme del Recurso (URI) |
<a href="https://www.nber.org/papers/w1094">https://www.nber.org/papers/w1094</a> |
| 856 ## - LOCALIZACIÓN Y ACCESO ELECTRÓNICO |
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| Texto del enlace |
Acceso en línea al DOI |
| Identificador Uniforme del Recurso (URI) |
<a href="http://dx.doi.org/10.3386/w1094">http://dx.doi.org/10.3386/w1094</a> |
| 942 ## - ENTRADA DE ELEMENTOS AGREGADOS (KOHA) |
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| Fuente de clasificaión o esquema |
Dewey Decimal Classification |
| Koha [por defecto] tipo de item |
Working Paper |
