Arbeitspapier

New evidence on taxes and portfolio choice

Identifying the effect of differential taxation on portfolio allocation requires exogenous variation in marginal tax rates. Marginal tax rates vary with income, but income surely affects portfolio choice directly. In systems of individual taxation - like Canada's - couples with the same household income can face different effective tax rates on capital income when labor income is distributed differently within households. Using this source of variation we find statistically significant but economically modest responses to taxation. In a placebo test, using data from the U.S. (which has joint taxation), we find no effect of the intra-household distribution of labor income on portfolios.

Sprache
Englisch

Erschienen in
Series: QSEP Research Report ; No. 431

Klassifikation
Wirtschaft
Portfolio Choice; Investment Decisions
Personal Income and Other Nonbusiness Taxes and Subsidies; includes inheritance and gift taxes
Fiscal Policies and Behavior of Economic Agents: Household
Thema
household portfolio choice
taxes
Portfolio-Management
Privater Haushalt
Einkommensteuer
Kapitalertragsteuer
Kanada
USA

Ereignis
Geistige Schöpfung
(wer)
Alan, Sule
Atalay, Kadir
Crossley, Thomas F.
Jeon, Sung-Hee
Ereignis
Veröffentlichung
(wer)
McMaster University, Research Institute for Quantitative Studies in Economics and Population (QSEP)
(wo)
Hamilton (Ontario)
(wann)
2009

Handle
Letzte Aktualisierung
10.03.2025, 11:46 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Alan, Sule
  • Atalay, Kadir
  • Crossley, Thomas F.
  • Jeon, Sung-Hee
  • McMaster University, Research Institute for Quantitative Studies in Economics and Population (QSEP)

Entstanden

  • 2009

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