Tax Reform and Individual Investor Response: Evidence from Swedish Tax Return Data
This paper uses micro data on more than 3,000 Swedish households to investigate the effects of taxes on portfolio composition. The results indicate that marginal tax rates have substantial effects on household portfolio choice, and that the common procedure of focusing on the behavior of the "average" individual in the data is potentially misleading. The portfolio adjustments due to changes in marginal tax rates, thus, depend crucially on the age, wealth, and income of investors. A final section invokes these findings in discussing the likely effects of lowering marginal tax rates in line with recent reform proposals.
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Volume (Year): 44 (1989)
Issue (Month): 2 ()
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