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Vol 21 No 11 Nov/Dec 2016

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The Economic Effects of Taxing Capital Income

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Jane G. GravelleEconomist, Congressional Research Service, Library of Congress, USA

ISBN13: 9780262071581
ISBN: 0262071584
Published: February 1994
Publisher: The MIT Press Ltd
Format: Hardback
Price: £39.95



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How should capital income be taxed to achieve efficiency and equity? In this detailed study, tax policy analyst Jane Gravelle, brings together comprehensive estimates of effective tax rates on a wide variety of capital by type, industry, legal form, method of financing, and across time. These estimates are combined with a history and survey of issues regarding capital income taxation that are aimed especially at bringing the findings of economic theory and recent empirical research to nonspecialists and policymakers. Many of the topics treated have been the subject of policy debate and legislation over the last ten or 15 years.;Should capital income be taxed at all? And, if capital income is to be taxed, what is the best way to do it? Gravelle devotes two chapters to the first question, and then, in answer to the second question, covers a broad range of topics - corporate taxation, tax neutrality capital gains taxes, tax treatment of retirement savings, and capital income taxation and international competitiveness. Gravelle also includes a comprehensive history of tax institutions and data on constructing effective tax rates that are not available elsewhere.

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Contents:
Should we tax income from capital?; is the capital income tax structure efficient?; the efficiency cost of the corporate tax; tax neutrality and capital cost recovery - depreciation, inflation, and investment subsidies; capital gains taxes; the corporate alternative minimum tax and the passive loss restriction; tax treatment of retirement savings - pensions, IRAs, and other tax-deferred savings; a potpourri of capital income tax issues; capital income taxation in an international economy; economic analysis of capital income taxation and tax policy. Appendices: history of capital income taxation in the United States; methods of calculation and data sources.