On the design and reform of capital-gains taxation

Article Abstract:

Fiscal policy of the 1990s has focused on the reform of the capital-gains tax, even though this tax accounts for only about 4% of federal revenue. The taxation of capital gains is based on realization instead of accrual, thereby providing taxpayers with interest-free tax deferral. Taxation on the basis of accrual might be more feasible because of the flexibility of retrospective taxation and cumulative averaging. This system, however, would also worsen the intertemporal distortion of portfolio decisions by removing tax-deferral benefits.

Models, Fiscal policy, Capital gains tax

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The future of fundamental tax reform

Article Abstract:

Simulation results indicate that the adoption of a tax reform in the US depends on the reform's implementation. A fundamental tax reform provides very little macroeconomic effects when transition relief and the progressivity of the tax system are considered politically important. However, a shift to a simpler tax system that gives more equal treatment to various types of capital income may provide other benefits.

Tax Law, Public Finance Activities, Tax reform

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The case for open-market purchases in a liquidity trap

Article Abstract:

An analysis of the economic policies of Japan in recent times is presented. The effects of open market operations on liquidity, public debt, interest rates and other macroeconomics factors are examined.

Japan, Government expenditures, Analysis, Interpretation and construction, Economic policy, Monetary policy, Liquidity (Finance), Macroeconomics, Open market operations

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