The long-term effects of capital gains taxes in New Zealand
AbstractThis paper develops a model of the housing market to examine the long-term consequences of different types of capital gains taxes. The model, which uses an overlapping generations framework to model the housing demands of agents who differ by age, income, and wealth, incorporates rental and owner-occupancy options, credit constraints, detailed tax regulations, and a construction sector. It suggests capital gains taxes will raise rents, increase homeownership rates, promote smaller houses, and increase the net foreign asset position. The welfare implications are less clear, particularly for young low income households that will face higher rents.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal New Zealand Economic Papers.
Volume (Year): 44 (2010)
Issue (Month): 2 ()
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Web page: http://www.tandfonline.com/RNZP20
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