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Capital Gains Realizations / James R. Hines, Jr., Daniel Schaffa.
- Format:
- Book
- Author/Creator:
- Hines, James R, Jr.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w31059.
- NBER working paper series no. w31059
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2023.
- Summary:
- Evidence that high tax rates significantly depress capital gains realizations is inconsistent with the implications of neoclassical investment models in unchanging economic environments. Higher tax rates reduce after-tax investment returns, thereby encouraging investors to sell capital assets earlier. For a given investment horizon, higher tax rates need not reward accumulating unrealized gains over long periods - and even if they do, longer accumulations can lead to earlier realizations. Consequently, the sizeable observed effects of capital gains taxes likely reflect investor anticipations of future tax rate changes, rather than the time value of money.
- Notes:
- Print version record
- March 2023.
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