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Diane Publishing Books
New Evidence on the Tax Elasticity of Capital Gains
Tim Dowd (au); Robert McClelland (au); Athiphat Muthitacharoen (au)
This study uses a large panel of tax returns from 1999 to 2008 to investigate how taxes affect the decision to realize gains. The study distinguishes the persistent effect of tax changes from the transitory effect. The authors use the generalized Tobit model to address the sample selection problem and the endogeneity problem in the tax variables, but they improve the identification of the tax elasticity by using the presence of carryover loss as an exclusion restriction. They also control for the financial sophistication of taxpayers because that could be an important source of omitted variable bias. The authors focus on personal capital gains, but also compare the results of their model to results from the original model applied to contemporary data, estimate their model on subperiods, and estimate their model on other types of capital gains. They find that passthrough capital gains are highly sensitive to persistent tax changes, but gains from mutual fund distributions are extremely insensitive. Tables and figures. This is a print on demand report.
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