{"title":"The Incidence of the Local Property Tax: a Re-Evaluation","authors":"Peter M. Mieszkowski, George R. Zodrow","doi":"10.3386/W1485","DOIUrl":"https://doi.org/10.3386/W1485","url":null,"abstract":"The article identifies the key assumptions that underlie competing theories of the incidence of the local property tax. We conclude that the\"benefit view\" which maintains that the property tax system is equivalent to a set of non-distortionary user changes is correct only under very restrictive assumptions. Only when communities adopt a set of exact, binding zoning requirements will a distortionary tax be transformed into a lump-sum tax. We argue that within jurisdiction heterogeneity of house and firm typeis very unlikely and that the burden of a property tax that is distortionary at the margin falls on the owners of capital.","PeriodicalId":420615,"journal":{"name":"ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic)","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1984-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125982495","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}
{"title":"Variable Earnings and Nonlinear Taxation","authors":"M. Rothschild, R. Moffitt","doi":"10.3386/W1163","DOIUrl":"https://doi.org/10.3386/W1163","url":null,"abstract":"We explore the interaction between two facts. The first is that income is variable; the second is that the tax and transfer system transforms before tax income into after tax income in highly non-linear ways. The effect is to penalize (and reward) income variability in a manner which is both substantial and capricious.","PeriodicalId":420615,"journal":{"name":"ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic)","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1983-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133032984","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}
{"title":"Inflation, Tax Rules, and the Accumulation of Residential and Nonresidential Capital","authors":"M. Feldstein","doi":"10.1007/978-1-349-06349-9_12","DOIUrl":"https://doi.org/10.1007/978-1-349-06349-9_12","url":null,"abstract":"","PeriodicalId":420615,"journal":{"name":"ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic)","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1981-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127526459","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}
{"title":"Merger Gains Induced by Dividend Tax Capitalization","authors":"Gernot Brähler, Max Goettsche, Tobias Heerdt","doi":"10.2139/ssrn.1604095","DOIUrl":"https://doi.org/10.2139/ssrn.1604095","url":null,"abstract":"Under certain conditions shareholders will impound dividend taxes in equity prices. We demonstrate that such a capitalization of dividend taxes may not only be seen as a value decreasing factor but also as a source of value. A mechanism which is proper to endow shareholders with gains derived from dividend tax capitalization is a corporate merger. In corporate mergers shareholders can receive financial synergies from differences in dividend tax rates across the shareholders of the acquired and acquiring firms. This Pareto-optimal synergistic gain is based on an arbitrage scheme which provides for a revaluation of future earnings with the lower dividend tax rates of other shareholder groups. The insight of our analysis also sheds light on the line of inquiry on dividend clienteles, i.e. shareholder groups characterized by their identical tax rates on dividends. The research on dividend clienteles suggests that a change in dividend policy is costly for shareholders (see Elton and Gruber 1970). It seems reasonable to suppose that such costs may incur in a corporate merger where at least one shareholder group should face a change in dividend policy. However, our finding that under dividend tax capitalization shareholders may receive financial synergies only due to differences in dividend tax rates contradicts this suggestion to some extent.","PeriodicalId":420615,"journal":{"name":"ERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128924858","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}