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On capital gain taxation

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Author Info
Anton Miglo () (University of Guelph, Department of Economics)

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Abstract

This note provides an explanation for why tax rates on capital gains are usually lower than ordinary income tax rates based on manager's agency problem related to "empire-building" or the underinvestment problem.

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File URL: http://www.economics.uoguelph.ca/Research/DisPapers/2008_13.pdf
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Publisher Info
Paper provided by University of Guelph, Department of Economics in its series Working Papers with number 0813.

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Length: 10 pages
Date of creation: 2008
Date of revision:
Handle: RePEc:gue:guelph:2008-13

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. James Poterba, 2004. "Taxation and Corporate Payout Policy," NBER Working Papers 10321, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Dittmar, Amy & Mahrt-Smith, Jan & Servaes, Henri, 2003. "International Corporate Governance and Corporate Cash Holdings," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 38(01), pages 111-133, March. [Downloadable!]
  3. Raj Chetty & Emmanuel Saez, 2005. "Dividend Taxes and Corporate Behavior: Evidence from the 2003 Dividend Tax Cut," The Quarterly Journal of Economics, MIT Press, vol. 120(3), pages 791-833, August.
    Other versions:
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