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Capital Gains Tax Realizations and Tax Rates: New Evidence From Times Series

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  • Matthew Eichner
  • Todd Sinai

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. 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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Paper provided by Wharton School Samuel Zell and Robert Lurie Real Estate Center, University of Pennsylvania in its series Zell/Lurie Center Working Papers with number 334.

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Handle: RePEc:wop:pennzl:334

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  1. Burman, Leonard E & Randolph, William C, 1994. "Measuring Permanent Responses to Capital-Gains Tax Changes in Panel Data," American Economic Review, American Economic Association, vol. 84(4), pages 794-809, September.
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Cited by:
  1. Niemann, Rainer & Sureth, Caren, 2009. "Investment effects of capital gains taxation under simultaneous investment and abandonment flexibility," arqus Discussion Papers in Quantitative Tax Research 77, arqus - Arbeitskreis Quantitative Steuerlehre.
  2. 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, vol. 64(1), pages 105-34, March Cit.
  3. Jacob, Martin, 2011. "Tax Regimes and Capital Gains Realizations," Working Paper Series, Center for Fiscal Studies 2011:9, Uppsala University, Department of Economics.
  4. Mihir A. Desai & William M. Gentry, 2004. "The Character and Determinants of Corporate Capital Gains," NBER Chapters, in: Tax Policy and the Economy, Volume 18, pages 1-36 National Bureau of Economic Research, Inc.

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