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The $250 Billion Price Tag Associated with Gift Tax Repeal 废除赠与税耗资2500亿美元
ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic) Pub Date : 2017-01-23 DOI: 10.2139/SSRN.2921123
Jay A. Soled
{"title":"The $250 Billion Price Tag Associated with Gift Tax Repeal","authors":"Jay A. Soled","doi":"10.2139/SSRN.2921123","DOIUrl":"https://doi.org/10.2139/SSRN.2921123","url":null,"abstract":"For close to a century, many commentators, academics, and politicians have considered the gift tax as an important backstop to preserve the integrity of the nation’s estate tax. Indeed, in the absence of a viable gift tax, taxpayers could easily circumvent their estate tax obligations. \u0000But what these very same people often fail to realize is that the gift tax also serves an entirely different, yet significant purpose as well: it acts as an integral backstop to ensure the progressive nature of the nation’s income tax. Indeed, in the absence of a viable gift tax, taxpayers could easily circumvent their income tax obligations. \u0000In light of the gift tax’s historic roles, this analysis contends that even if Congress repeals the estate tax, it should retain the gift tax; otherwise, untold damage may be perpetrated against the income tax, producing an estimated revenue shortfall of $250 billion.","PeriodicalId":420615,"journal":{"name":"ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132861845","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Recent Trends in U.S. Top Income Shares in Tax Record Data Using More Comprehensive Measures of Income Including Accrued Capital Gains 使用包括应计资本利得在内的更全面的收入衡量方法的税收记录数据中美国最高收入份额的近期趋势
ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic) Pub Date : 2016-12-01 DOI: 10.3386/W23007
Jeff Larrimore, R. Burkhauser, Gerald E. Auten, Philip Armour
{"title":"Recent Trends in U.S. Top Income Shares in Tax Record Data Using More Comprehensive Measures of Income Including Accrued Capital Gains","authors":"Jeff Larrimore, R. Burkhauser, Gerald E. Auten, Philip Armour","doi":"10.3386/W23007","DOIUrl":"https://doi.org/10.3386/W23007","url":null,"abstract":"Access to IRS personal income tax records improves researchers’ ability to track U.S. income and inequality, especially at the very top of the distribution (Piketty and Saez 2003). However, rather than following standard Haig-Simons income definitions, tax form income measures were designed to implement the Internal Revenue Code. Using IRS tax record data since 1989 statistically matched to Survey of Consumer Finances and Census data for income sources not available in tax data, we explore the robustness of levels and trends in inequality using the top income literature’s tax return market income definition (Saez 2016) compared to more comprehensive income measures. We find that focusing solely on market income misses the important redistributive effects of government taxes and transfers. In addition, we find that the use of taxable realized capital gains changes the level and trend in top incomes relative to an accrued capital gains measure that is more consistent with Haig-Simons income definitions.","PeriodicalId":420615,"journal":{"name":"ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117073453","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 19
Should We Be Worried about 'Zero Net Taxpayers'? 我们应该担心“零净纳税人”吗?
ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic) Pub Date : 2016-11-01 DOI: 10.2139/ssrn.3886267
P. Whiteford
{"title":"Should We Be Worried about 'Zero Net Taxpayers'?","authors":"P. Whiteford","doi":"10.2139/ssrn.3886267","DOIUrl":"https://doi.org/10.2139/ssrn.3886267","url":null,"abstract":"In the past decade, libertarians, free-market think tanks, and conservative media and politicians in English-speaking countries (Romney, 2012; Ryan, 2010; Morrison, 2016) have increasingly argued that a growing share of the population are receiving more in benefits than they pay in taxes, and are “voting for a living”. This presentation of a class conflict between ‘tax producers’ and ‘tax consumers’ is related to public choice theories (MacLean, 2017), and has also been argued in Sweden (Lindbeck, 1983, 1985, 1997). Statistics on the share of the taxed and the “taxed not” are used to argue that tax systems are too progressive, and that welfare states have become over-generous and unsustainable. This article analyses the creation, interpretation and development of measures used to estimate the number of the taxed and the taxed nots. The paper shows that the share of households who receive more in benefits than they pay in taxes is very similar across countries and is not related to the size of the welfare state, the distribution of benefits and taxes or the welfare state regimes commonly used to classify different countries. The paper analyses the relationship between these concerns and political rhetoric justifying austerity policies.","PeriodicalId":420615,"journal":{"name":"ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic)","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125718364","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Online Appendix to 'The Effects of Required Minimum Distribution Rules on Withdrawals from Traditional Individual Retirement Accounts' “法定最低分配规则对传统个人退休帐户提款的影响”网上附录
ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic) Pub Date : 2016-10-25 DOI: 10.2139/ssrn.2859088
Jacob A. Mortenson, Heidi R. Schramm, Andrew Whitten
{"title":"Online Appendix to 'The Effects of Required Minimum Distribution Rules on Withdrawals from Traditional Individual Retirement Accounts'","authors":"Jacob A. Mortenson, Heidi R. Schramm, Andrew Whitten","doi":"10.2139/ssrn.2859088","DOIUrl":"https://doi.org/10.2139/ssrn.2859088","url":null,"abstract":"Traditional Individual Retirement Accounts (IRAs) are a substantial source of retirement savings. In 2013, individuals age 60 or older held $3.8 trillion in wealth in IRAs. Under current law, some fraction of these funds must be withdrawn each year beginning the year one turns 70.5 years of age, with the required fraction increasing in age. We study the effects of these Required Minimum Distribution (RMD) rules on the decumulation behavior of retirees using a 16-year panel of administrative tax data. Our data consist of a 5% random sample of individuals age 60 or older from 1999 to 2014, with approximately 2.6 million individuals per year. This period encompasses a unique policy change that we exploit for identification: a one-year suspension of the RMD rules in 2009. Though the RMD rules are modest – leaving one third of the original balance intact by age 90 even if investments generate zero returns – our empirical analysis shows they have large effects on behavior. We estimate that 52% of individuals subject to the rules would prefer to take an IRA distribution less than their required minimum. However, our estimate for the proportion of constrained individuals who took advantage of the RMD suspension in 2009 is 62%. The remaining 38% did not re-optimize, perhaps due to inattention or other optimization frictions. In addition, we document an extensive margin effect among 70.5-year olds: individuals newly subject to the rules are 28% more likely to close their IRAs relative to other age groups. The findings suggest that there are costs associated with paying attention to the RMD rules and that the rules represent a binding constraint for the majority of retirees with IRAs.","PeriodicalId":420615,"journal":{"name":"ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic)","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129978434","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Accretion-Based Progressive Wealth Taxation 基于增长的累进财富税
ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic) Pub Date : 2016-08-17 DOI: 10.2139/SSRN.2825662
D. Hasen
{"title":"Accretion-Based Progressive Wealth Taxation","authors":"D. Hasen","doi":"10.2139/SSRN.2825662","DOIUrl":"https://doi.org/10.2139/SSRN.2825662","url":null,"abstract":"A large literature has compared the efficiency properties of income and consumption tax bases. Its general conclusion is that a consumption base dominates an income base, except to the extent that practical compliance and administrative problems create opportunities for avoidance and evasion under a consumption tax that are absent under an income tax. An apparent corollary is that the same superiority holds in the comparison of an ideal accretion wealth tax and an ideal consumption tax, because an accretion wealth tax seems not to differ in relevant ways from an ideal income tax.This article argues that these conclusions are significantly qualified. A progressive accretion wealth tax can curb negative externalities that remain in place under a consumption or an income tax, and it can do so more effectively than an excise wealth tax; the article accordingly argues for an accretion tax as a supplement to existing federal taxes (or to a consumption tax, if enacted). The article also argues that any practicable consumption tax creates timing distortions absent under an accretion-type tax, whether on income or on wealth, because of the need for progressivity in rates. Policymakers need to consider all of these issues when weighing the relative merits of income, consumption, and wealth taxes.","PeriodicalId":420615,"journal":{"name":"ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic)","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132182189","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Submission to House Ways & Means Committee in Connection with February 24, 2016, Hearings on Intl. Corp Tax Reform -- Taxation of Accumulated Deferred Foreign Income 众议院筹款委员会就2016年2月24日关于国际收支的听证会提交的意见书。公司税改革——累积递延外国收入的税收
ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic) Pub Date : 2016-02-25 DOI: 10.2139/SSRN.2738450
Jeffery M. Kadet
{"title":"Submission to House Ways & Means Committee in Connection with February 24, 2016, Hearings on Intl. Corp Tax Reform -- Taxation of Accumulated Deferred Foreign Income","authors":"Jeffery M. Kadet","doi":"10.2139/SSRN.2738450","DOIUrl":"https://doi.org/10.2139/SSRN.2738450","url":null,"abstract":"The Committee’s planned international tax reform draft (Draft) will undoubtedly suggest some transition from the present deferral system to some other system. As an integral part of that transition, it is expected as well that the Draft will impose taxation on all “accumulated deferred foreign income” existing as of the transition date.This submission suggests two administratively workable mechanisms by which a favorable lower-then-35% tax rate can be appropriately applied to accumulated deferred foreign income that was earned through real business activities conducted outside the U.S., consistent with the Congressional intent of the current deferral tax system. On the other hand, any such accumulated deferred foreign income that has resulted from profit shifting activities should be taxed at the full 35%, including an interest charge.","PeriodicalId":420615,"journal":{"name":"ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134638362","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A Statistical Model of Inequality 不平等的统计模型
ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic) Pub Date : 2016-01-15 DOI: 10.2139/ssrn.2735873
Ricardo T. Fernholz
{"title":"A Statistical Model of Inequality","authors":"Ricardo T. Fernholz","doi":"10.2139/ssrn.2735873","DOIUrl":"https://doi.org/10.2139/ssrn.2735873","url":null,"abstract":"This paper develops a nonparametric statistical model of wealth distribution that imposes little structure on the fluctuations of household wealth. In this setting, we use new techniques to obtain a closed-form household-by-household characterization of the stable distribution of wealth and show that this distribution is shaped entirely by two factors - the reversion rates (a measure of cross-sectional mean reversion) and idiosyncratic volatilities of wealth across different ranked households. By estimating these factors, our model can exactly match the U.S. wealth distribution. This provides information about the current trajectory of inequality as well as estimates of the distributional effects of progressive capital taxes. We find evidence that the U.S. wealth distribution might be on a temporarily unstable trajectory, thus suggesting that further increases in top wealth shares are likely in the near future. For capital taxes, we find that a small tax levied on just 1% of households substantially reshapes the distribution of wealth and reduces inequality.","PeriodicalId":420615,"journal":{"name":"ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132365189","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Optimal Tax Salience 最优税收显著性
ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic) Pub Date : 2015-08-21 DOI: 10.2139/ssrn.2009108
Jacob Goldin
{"title":"Optimal Tax Salience","authors":"Jacob Goldin","doi":"10.2139/ssrn.2009108","DOIUrl":"https://doi.org/10.2139/ssrn.2009108","url":null,"abstract":"Recent empirical work finds that consumers under-account for commodity taxes when the after-tax price is not prominent. I investigate how policymakers may utilize such “low-salience” taxes to promote welfare. The optimal combination of high- and low-salience taxes balances two competing effects: low-salience taxes dampen distortionary substitution but cause consumers to misallocate their budgets. Using a stylized model, I show the availability of taxes with differing salience provides an extra degree of freedom that can be used to implement the first-best welfare outcome. I characterize the optimal policy and derive a formula for incremental adjustments when the first-best is unattainable.","PeriodicalId":420615,"journal":{"name":"ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132365198","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 61
Changes in the Distribution of After-Tax Wealth: Has Income Tax Policy Increased Wealth Inequality? 税后财富分配的变化:所得税政策是否加剧了财富不平等?
ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic) Pub Date : 2015-06-05 DOI: 10.2139/ssrn.2642452
Adam Looney, Kevin B. Moore
{"title":"Changes in the Distribution of After-Tax Wealth: Has Income Tax Policy Increased Wealth Inequality?","authors":"Adam Looney, Kevin B. Moore","doi":"10.2139/ssrn.2642452","DOIUrl":"https://doi.org/10.2139/ssrn.2642452","url":null,"abstract":"A substantial share of the wealth of Americans is held in tax-deferred form such as in retirement accounts or as unrealized capital gains. Most data and statistics on assets and wealth is reported on a pre-tax basis, but pre-tax values include an implicit tax liability and may not provide as accurate a measure of the financial position or material well-being of families. In this paper, we describe the distribution of tax-deferred assets in the SCF from 1989 to 2013, provide new estimates of the income tax liabilities implicit in those assets, and present new statistics on the level and distribution of after-tax net worth. The results of our analysis suggest that, relative to published statistics on pre-tax net worth, the distribution of after-tax wealth is slightly less concentrated at each point in time and the effectiveness of the income tax system in reducing wealth inequality has decreased during the last decade. We find the reduction in the long-term capital gains rate is the primary reason for the muted effectiveness of the income tax system in reducing wealth inequality.","PeriodicalId":420615,"journal":{"name":"ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123316923","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
A Tax-Benefit Microsimulation Model for Italy: A Partial Evaluation of Fiscal Consolidation in the Period 2011-2014 意大利税收-收益微观模拟模型:2011-2014年财政整顿的部分评价
ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic) Pub Date : 2015-01-01 DOI: 10.2139/ssrn.2665547
Elena Giarda, M. Baldini, A. Olivieri
{"title":"A Tax-Benefit Microsimulation Model for Italy: A Partial Evaluation of Fiscal Consolidation in the Period 2011-2014","authors":"Elena Giarda, M. Baldini, A. Olivieri","doi":"10.2139/ssrn.2665547","DOIUrl":"https://doi.org/10.2139/ssrn.2665547","url":null,"abstract":"This paper develops a tax-benefit microsimulation model for the Italian economy to evaluate the impact of fiscal policy measures on household income. The simulations are performed on a dataset obtained from the matching of IT-SILC 2011 with HBS 2010, SHIW 2010 and IT-SILC 2008 to integrate income variables with consumption, financial assets and the tax base of property tax. The model quantifies the impact (the so-called first round effects) on household income of a set of fiscal policies implemented in Italy in the period 2011-2014: the increase in the ordinary VAT rate, the reintroduction of the property tax on the main home, the increase in the earnings tax credit, the 80-euro tax credit for employees, the modification of the personal income tax base and finally the rise of the tax rate on yields of deposits. We assess also the effects of changes of regional income taxes, despite not being part, strictly speaking, of the consolidation package. As a whole, the simulated average change in disposable income is negative.","PeriodicalId":420615,"journal":{"name":"ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128800450","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 16
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