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The Lock-In Effect of the Capital Gains Tax: Some Time Series Evidence

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Author Info
Joel Slemrod

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Abstract

This study presents time-series evidence indicating that capital gains taxation reduces the realization of capital gains. The "lock-in" effect is detectable once we divide individuals into categories on the basis of how much recent capital gains tax in- creases have affected them. Since the tax law changes, those individeals who are affected have realized significantly ldss capital gains relative to those not affected. This analysis, in `ddition to evidence fpom cross-sectional research reported in Feldstein and Yitzhaki (1978) and Feldstein, Slemrod and Qitzhaki (1978),indicates that estimates of the tax revenue change resulting from a reduction in capital gains taxation based on the assumption of unchanged realized gains may be misleading.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0257.

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Date of creation: Jul 1978
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Handle: RePEc:nbr:nberwo:0257

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  1. Daniel J. Kovenock & Michael Rothschild, 1985. "Notes on the Effect of Capital Gains Taxation on Non-Austrian Assets," NBER Working Papers 1568, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Joel Slemrod & William Shobe, 1990. "The Tax Elasticity of Capital Gains Realizations: Evidence from a Panel of Taxpayers," NBER Working Papers 3237, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Martin Feldstein & Shlomo Yitzhaki, 1982. "Are High Income Individuals Better Stock Market Investors?," NBER Working Papers 0948, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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This page was last updated on 2009-12-14.

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