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Capital Gains Tax Realizations and Tax Rates: New Evidence from Time Series

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  • Eichner, Matthew
  • Sinai, Todd

Abstract

Using data from the 1986 through 1997 period, we update the time series evidence on the response of capital gains realizations to tax rates. In general, we find higher long-run elasticities than reported in many previous studies, but the estimates decrease substantially when the influence of 1986 is effectively removed. We explore several explanations for a diminished behavioral response in the period following fundamental tax reform, finding some suggestive evidence that the response may be dulled in part by a succession of rate changes in a relatively short period and the increasing role of mutual funds in households’ portfolios.

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Bibliographic Info

Article provided by National Tax Association in its journal National Tax Journal.

Volume (Year): 53 (2000)
Issue (Month): n. 3 (September)
Pages: 663-82

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Handle: RePEc:ntj:journl:v:53:y:2000:i:n._3:p:663-82

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  1. Joel M. Dickson & John B. Shoven, 1994. "A Stock Index Mutual Fund Without Net Capital Gains Realizations," NBER Working Papers 4717, National Bureau of Economic Research, Inc.
  2. Alan J. Auerbach & Leonard E. Burman & Jonathan Siegel, 1998. "Capital Gains Taxation and Tax Avoidance: New Evidence from Panel Data," NBER Working Papers 6399, National Bureau of Economic Research, Inc.
  3. Burman, Leonard E & Randolph, William C, 1994. "Measuring Permanent Responses to Capital-Gains Tax Changes in Panel Data," American Economic Review, American Economic Association, American Economic Association, vol. 84(4), pages 794-809, September.
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Cited by:
  1. Jacob, Martin, 2011. "Tax Regimes and Capital Gains Realizations," Working Paper Series, Center for Fiscal Studies, Uppsala University, Department of Economics 2011:9, Uppsala University, Department of Economics.
  2. Mihir Desai & William M. Gentry, 2003. "The Character and Determinants of Corporate Capital Gains," NBER Working Papers 10153, National Bureau of Economic Research, Inc.
  3. Chen, Feng & Kraft, Arthur & Weiss, Ira, 2011. "Tax Planning By Mutual Funds: Evidence From Changes In The Capital Gains Tax Rate," National Tax Journal, National Tax Association, National Tax Association, vol. 64(1), pages 105-34, March.
  4. Niemann, Rainer & Sureth, Caren, 2009. "Investment effects of capital gains taxation under simultaneous investment and abandonment flexibility," arqus Discussion Papers in Quantitative Tax Research, arqus - Arbeitskreis Quantitative Steuerlehre 77, arqus - Arbeitskreis Quantitative Steuerlehre.

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