Capital Taxation

Front Cover
Harvard University Press, 1983 - Business & Economics - 490 pages

The new chairman of President Reagan's Council of Economic Advisers, Martin Feldstein is also the leading economist in the field of tax analysis. In this important volume he shows how systems of taxation influence the rate and nature of capital formation--a key policy issue in the development of any economy.

The first part of Capital Taxation deals with the overall rate of saving and examines the effects of taxes on both personal and corporate saving as well as on the interaction between the two. The second section describes the effects of tax rules on household portfolios: selection and size of investment and the process of portfolio adjustment. In Part 3, Feldstein turns to corporate investment in plant and equipment and in inventories. Part 4 analyzes the impact of capital taxation in a growing economy. Feldstein's perceptive identification of important economic and policy questions, adroit use of modeling and new data sources, and careful attention to dynamics make this book a powerful addition to the economic literature.

 

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Contents

Introduction
1
The Rate of Return Taxation and Personal Savings
29
The Effective Tax Rate and the Pretax Rate of Return
36
Why Do Companies Pay Dividends?
69
Corporate Taxation and Dividend Behavior
90
Tax Incentives Corporate Saving and Capital Accumulation
123
The Estimated Effects
156
PART
181
The Effects of Taxation on the Selling of Corporate Stock
237
Tax Policy Corporate Saving and Investment Behavior
269
Toward an Economic Theory of Replacement Investment
295
Tax Incidence in a Growing Economy with
377
Incidence of a Capital Income Tax in
400
Corporate Financial Policy and Taxation
427
References
467
Index
483

The Effects of the Capital Gains Tax on
216

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