Arbeitspapier
Differential income taxation and household asset allocation
This paper empirically investigates the effects of differential income taxation on households' portfolio choice and asset allocation applying a two-stage budgeting model of asset demand to German survey data. The model is structured into the discrete asset choice and the continuous asset choice, and the marginal income tax rate is simulated in a module of income taxation. Households that face relatively higher tax rates are found to have relatively greater demand for tax-privileged assets than households in the lower tax brackets. The higher the marginal tax rate the greater demand is for non-owner-occupied housing, for mortgage repayments, for building society deposits, for stocks, for insurances, and for consumer credits, whereas demand is lower for owner-occupied housing, bank deposits, and bonds.
- Sprache
-
Englisch
- Erschienen in
-
Series: DIW Discussion Papers ; No. 1058
- Klassifikation
-
Wirtschaft
Multiple or Simultaneous Equation Models: Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
Portfolio Choice; Investment Decisions
Fiscal Policies and Behavior of Economic Agents: Household
- Thema
-
Household asset allocation
portfolio choice
two-stage budgeting
capital income taxation
Einkommensteuer
Steuerwirkung
Privater Haushalt
Anlageverhalten
Portfolio-Management
Deutschland
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Ochmann, Richard
- Ereignis
-
Veröffentlichung
- (wer)
-
Deutsches Institut für Wirtschaftsforschung (DIW)
- (wo)
-
Berlin
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Ochmann, Richard
- Deutsches Institut für Wirtschaftsforschung (DIW)
Entstanden
- 2010
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