Consider an atomistic developer who decides when and at what density to develop his land, under a property value tax system characterized by three time-invariant tax rates: τ V , the tax rate on ...pre-development land value; τ S , the tax rate on post-development residual site value; and τ K , the tax rate on structure value. Arnott (2005) identified the subset of property value tax systems that are neutral. This paper investigates the relative efficiency of four idealized, non-neutral property value tax systems (i) “Canadian'' property tax system: τ V =0, τ S =τ K ; (ii) simple property tax system: τ V =τ S =τ K ; (iii) residual site value tax system: τ K =0,τ V =τ S ; (iv) two-rate property tax system: τ V =τ S > τ K > 0 under the assumption of a constant rental growth rate. Copyright Springer Science + Business Media, Inc. 2006
The concept of globalization which means the increase of global integration, unity and cooperation in terms of economic, social, technologic, culturel, political and ecologic balance has gained ...importance as a result of various factors since 1980. Globalisation , which is in a sense equal to remowing the borders and starting to cooperate in numerous fields more countries take effect with change on a state policies. This new change in the functions of states has had influence on the instruments of fiscal policies. In the parallel of the changes taking place globally, Turkey has been experiencing the some diversification and there have been changes Turkish Tax Policies, as well. In this respect, this studys aims to analyze the tax revenue of post since 80s only with handling impact of globalization on Turkish Tax Policies.
Taxation and the Taylor principle Edge, Rochelle M.; Rudd, Jeremy B.
Journal of monetary economics,
11/2007, Volume:
54, Issue:
8
Journal Article
Peer reviewed
Open access
A nominal tax system is added to a sticky-price monetary business cycle model. When nominal interest income is taxed, the coefficient on inflation in a Taylor-type monetary policy rule must be ...significantly larger than one in order for the model economy to have a determinate rational-expectations equilibrium. When effective tax rates are raised by inflation, the
stability of the economy's equilibrium can be adversely affected. Finally, when depreciation is treated as a charge against taxable income, an even larger weight on inflation is required in the Taylor rule in order to obtain a determinate and stable equilibrium.
The different time paths of effects of a mining boom driven by an increase in demand or by an outward shift of supply on the revenues and expenditures of the Australian Commonwealth and State ...Governments are described using a partial equilibrium model. Theoretical arguments to replace the present system of royalties with one of the different forms of economic rent tax and to increase the average revenue collected are presented. Some of the practical challenges to achieve more efficient special taxation of mineral and energy resources are reviewed. In the Australian context, it is argued that the case for placing the windfall revenue gains of a mining boom into a sovereign wealth fund rather than the normal budget processes is not compelling.
We compute the growth effects of adopting a revenue‐neutral flat tax for both a human capital–based endogenous growth model and a standard neoclassical growth model. Long‐run growth effects are ...decomposed into the parts attributable to the flattening of the marginal tax schedule, the full expensing of physical‐capital investment, and the elimination of double taxation of business income. The most important element of the reform is the flattening of the marginal tax schedule. Without this element, the combined effects of the other parts of the reform can actually reduce long‐run growth. In the years immediately following the reform, the transition dynamics implied by the neoclassical growth model are quite similar to that of the endogenous growth model. (JEL E62, H21)
The tax system and the financial crisis Ceriani, Vieri; Manestra, Stefano; Ricotti, Giacomo ...
PSL quarterly review,
01/2011, Volume:
64, Issue:
256
Journal Article
Peer reviewed
Open access
This paper investigates the effects of the tax system on the economic factors that triggered the financial crisis. We examine three cases in which the tax regime interacted with these factors, ...reinforcing them. First, we focus on the taxation of residential building: while the importance of capital gains taxes is disputed, the deductibility of mortgage interest may have contributed to the financial crisis by creating some of the raw materials for the securitization industry. Second, a narrow perspective on the tax treatment, together with specific provisions, may have fostered performance-based remuneration of managers, resulting in overemphasis of short-term profitability and incentive to excessive risk-taking. Third, the securitization process, which played a key role in the outbreak of the financial crisis, was accompanied by opportunities for tax arbitrage and reduction of the overall tax wedge paid by investors, through offset of incomes that are ordinarily taxed at different rates; a de facto exemption of CDS premiums received by non-residents supplemented the tax arbitrage. JEL Classification: H31, H32, G01, R21 Keywords: taxation, financial crisis, incentives, housing, bonuses
PDF
