In view of demographic changes, the statutory pension insurance scheme, which is financed through contributions, will soon no longer be able to ensure adequate old-age provision. By supplementing it ...with a funded old-age pension, citizens could participate in the returns on productive assets in old age. Corporate assets should also be fully included in inheritance tax legislation in a new reform attempt. However, the continued existence of companies should not be jeopardised. Inheritance tax on business assets could be used to finance a basic pension scheme. Die umlagefinanzierte gesetzliche Rentenversicherung kann angesichts der demografischen Entwicklung eine auskommliche Versorgung im Alter bald nicht mehr sichern. Indem die Burgerinnen uber eine kapitalgedeckte Alterssicherung am Unternehmensvermogen mittelbar beteiligt werden, konnte die Rentenlucke zumindest teilweise geschlossen werden. Das Unternehmensvermogen sollte bei einem neuen Reformanlauf auch vollstandig in die Erbschaftsteuer einbezogen werden; dabei darf aber der Fortbestand der Unternehmen nicht gefahrdet werden. Die Erbschaftsteuer auf Unternehmensvermogen konnte dabei als Finanzierungsquelle fur eine kapitalgedeckte Altersgrundsicherung dienen.
Nebraska law states that any interest in property is subject to inheritance tax if it is transferred by deed, grant, sale, or gift that is intended to take effect in possession or enjoyment after the ...transferor's death (among other things). A court must therefore consider all the surrounding circumstances of the transfer rather than simply the form of the transferring legal documents, in order to determine if a decedent intended-as a matter of fact rather than a technical vesting of title or estates-to retain a substantial economic benefit or actual use of the property until death. ...the county court erred in relying exclusively on the face of the deeds rather than the reality of the circumstances surrounding the transfers.
Regularized sparse learning with the ℓsub.0-norm is important in many areas, including statistical learning and signal processing. Iterative hard thresholding (IHT) methods are the state-of-the-art ...for nonconvex-constrained sparse learning due to their capability of recovering true support and scalability with large datasets. The current theoretical analysis of IHT assumes the use of centralized IID data. In realistic large-scale scenarios, however, data are distributed, seldom IID, and private to edge computing devices at the local level. Consequently, it is required to study the property of IHT in a federated environment, where local devices update the sparse model individually and communicate with a central server for aggregation infrequently without sharing local data. In this paper, we propose the first group of federated IHT methods: Federated Hard Thresholding (Fed-HT) and Federated Iterative Hard Thresholding (FedIter-HT) with theoretical guarantees. We prove that both algorithms have a linear convergence rate and guarantee for recovering the optimal sparse estimator, which is comparable to classic IHT methods, but with decentralized, non-IID, and unbalanced data. Empirical results demonstrate that the Fed-HT and FedIter-HT outperform their competitor—a distributed IHT, in terms of reducing objective values with fewer communication rounds and bandwidth requirements.
In this study, Mg-GdH.sub.2 composite was prepared by internal hydrogenation treatment (IHT) of Mg-5Gd (wt%) alloy at 300 and 325 °C for 36 and 48 h under hydrogen pressure of 0.34 MPa. Phase ...transformations during the hydrogenation process and mechanical properties of the composites were investigated. During the IHT, Gd in the alpha-Mg matrix reacted with hydrogen and formed GdH.sub.2 precipitates. The results indicated that Mg metal matrix composite reinforced with uniformly dispersed GdH.sub.2 hydride particles could be obtained after IHT. The strength of the Mg-GdH.sub.2 composite was inferior to that of the Mg-5Gd alloy in which Gd is dissolved in alpha-Mg solid solution. This implied that the formation of GdH.sub.2 precipitates did not result in further strengthening of the as-cast alloy. Analysis of strengthening mechanisms indicated that the strengthening effects brought by GdH.sub.2 precipitates were not able to compensate the loss of solid solution strengthening effect due to Gd dissolved in alpha-Mg. The decrease in strength was accompanied with the increase in ductility, which was due to the grain growth in Mg matrix and annihilation of defects. From these results, the potential of IHT to improve the strength of Mg-RE alloys is inferred, and recommendations for future studies are presented.
Islamic and capitalist economies have several differences, the most fundamental being that the Islamic economy is characterized by the prohibition of interest (riba) and speculation (gharar) and the ...enforcement of Shariah-compliant profit-loss sharing (mudaraba, murabaha, salam, etc.) and wealth redistribution (waqf, sadaqah, and zakat). In this study, I apply new econophysics models of wealth exchange and redistribution to quantitatively compare these characteristics to those of capitalism and evaluate wealth distribution and disparity using a simulation. Specifically, regarding exchange, I propose a loan interest model representing finance capitalism and riba and a joint venture model representing shareholder capitalism and mudaraba of an Islamic profit-loss sharing system; regarding redistribution, I create a transfer model representing inheritance tax and waqf of an Islamic wealth redistribution system. As exchanges are repeated from an initial uniform distribution of wealth, wealth distribution approaches a power-law distribution more quickly for the loan interest than the joint venture model; and the Gini index, representing disparity, rapidly increases. The joint venture model's Gini index increases more slowly, but eventually, the wealth distribution in both models becomes a delta distribution, and the Gini index gradually approaches 1. Next, when both models are combined with the transfer model to redistribute wealth in every given period, the loan interest model has a larger Gini index than the joint venture model, but both converge to a Gini index of less than 1. These results quantitatively reveal that in the Islamic economy, disparity is restrained by prohibiting riba and promoting reciprocal exchange in mudaraba and redistribution through waqf. Comparing Islamic and capitalist economies provides insights into the benefits of economically embracing the ethical practice of mutual aid and suggests guidelines for an alternative to capitalism.
Celotno besedilo
Dostopno za:
DOBA, IZUM, KILJ, NUK, PILJ, PNG, SAZU, SIK, UILJ, UKNU, UL, UM, UPUK
In this article we use an original data set to provide the first empirical analysis of the political economy of inherited wealth taxation that covers a significant number of countries and a long time ...frame (1816–2000). Our goal is to understand why, if inheritance taxes are often very old taxes, the implementation of inheritance tax rates significant enough to affect wealth inequality is a much more recent phenomenon. We hypothesize alternatively that significant taxation of inherited wealth depended on (1) the extension of the suffrage and (2) political conditions created by mass mobilization for war. Using a difference-in-differences framework for identification, we find little evidence for the suffrage hypothesis but very strong evidence for the mass mobilization hypothesis. Our study has implications for understanding the evolution of wealth inequality and the political conditions under which countries are likely to implement policies that significantly redistribute wealth and income.
Background. Interhospital transferred (IHT) emergency general surgery (EGS) patients are associated with high care intensity and mortality. However, prior studies do not focus on patient-level data. ...Our study, using each IHT patient’s data, aimed to understand the underlying cause for IHT EGS patients’ outcomes. We hypothesized that transfer origin of EGS patients impacts outcomes due to critical illness as indicated by higher Sequential Organ Failure Assessment (SOFA) score and disease severity. Materials and Methods. We conducted a retrospective analysis of all adult patients transferred to our quaternary academic center’s EGS service from 01/2014 to 12/2016. Only patients transferred to our hospital with EGS service as the primary service were eligible. We used multivariable logistic regression and probit analysis to measure the association of patients’ clinical factors and their outcomes (mortality and survivors’ hospital length of stay HLOS). Results. We analyzed 708 patients, 280 (39%) from an ICU, 175 (25%) from an ED, and 253 (36%) from a surgical ward. Compared to ED patients, patients transferred from the ICU had higher mean (SD) SOFA score (5.7 (4.5) vs. 2.39 (2), P<0.001), longer HLOS, and higher mortality. Transferring from ICU (OR 2.95, 95% CI 1.36–6.41, P=0.006), requiring laparotomy (OR 1.96, 95% CI 1.04–3.70, P=0.039), and SOFA score (OR 1.22, 95% CI 1.13–1.32, P<0.001) were associated with higher mortality. Conclusions. At our academic center, patients transferred from an ICU were more critically ill and had longer HLOS and higher mortality. We identified SOFA score and a few conditions and diagnoses as associated with patients’ outcomes. Further studies are needed to confirm our observation.
Purpose
The purpose of this paper is to investigate the relationship of inheritance tax behavior with normative value principles and factors found relevant for income tax compliance. Also, it ...examines the influence of affectedness and earmarking on inheritance tax compliance. Furthermore, it compares two countries similar in tax morale, tax culture as well as dominant normative value principles, Austria and Germany, of which one – Germany – levies inheritance taxes and the other – Austria – is debating its reintroduction.
Design/methodology/approach
A two (affected vs nonaffected) by two (Austria vs Germany) by two (inheritance tax vs stock profit tax) by three (no earmarking vs social justice earmarking vs equality of opportunity earmarking) experimental online questionnaire was conducted with 296 Austrians and 230 Germans.
Findings
Normative value principles and other socio-psychological variables play an important role concerning inheritance tax behavior. Affectedness does not influence inheritance tax compliance. Earmarking inheritance tax to projects corresponding to these value principles increases inheritance tax compliance in the Austrian sample and could represent a measure to increase inheritance tax compliance in countries implementing inheritance tax or increasing inheritance tax.
Originality/value
This study draws a comprehensive picture of the socio-psychological variables relevant to inheritance tax behavior and tests the effect of earmarking as a policy measure to increase inheritance tax compliance.
Research Summary
We examine the relationship among inheritance taxes, shareholder protection, and the family firms' market value. Drawing on the family firm, corporate governance, and institutional ...complementarities literature, we argue that inheritance taxes act as external corporate governance mechanisms for decoupling business families' socioemotional goals. However, this depends upon minority investor protections. In strong protection countries, the incentives for family self‐governance created by high inheritance taxes are offset by the loss of business family autonomy inherent in strong shareholder protection. Using a sample of 284 firms across 31 countries, we provide support for these arguments. Results suggest that inheritance and shareholder protection laws are substitutive external corporate governance mechanisms to align business family and nonfamily shareholders' interests.
Managerial Summary
We investigate how inheritance taxes and shareholder protection laws interact to generate several outcomes that can benefit or harm family firms' market value. We argue that high rates of inheritance taxes in a country push business families to focus more on firm value maximization and less on pursuing family‐centric goals, thus increasing firm value. However, we further argue that the positive role of inheritance taxes on family firms' market value weakens when the country also exhibits strong shareholder protection laws. Therefore, inheritance and shareholder protection laws substitute for one another when they intersect in business families. We find evidence consistent with these ideas when examining a sample of publicly traded firms across 31 countries. Our results corroborate that policymakers' concerns regarding the protection of minority shareholders must not consider only investor protection laws, but also how investor protection interact with other institutions such as inheritance law.
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