CASH-FLOW TAXATION OF FINANCIAL SERVICES

Generalized Cash-Flow Taxation

We show the unique form that must be taken by a tax system based entirely on realization accounting to implement a uniform capital income tax, or, equivalently, a uniform wealth tax. This system combines elements of an accrual based capital income tax and a traditional cashflow tax, having many of the attributes of the latter while still imposing a tax burden on marginal capital income. Like th...

Real Estate Project Financial Evaluation Based on Cash Flow Estimation

This paper analyzes the factors influencing cash flows and divides them as certainty factors and uncertainty factors; it mainly discusses the uncertainty factors causing change of cash flow. For the characteristics of uncertainty of cash flows in real estate project, we adopted probability theory and mathematical statistics to balance and estimate the cash flows. Then the computer simulation me...

Cash Flow Volatility, Financial Slack and Investment Decisions

Taxation and Corporate Financial Policy

This paper reviews the theory and evidence regarding the impact of taxation on corporate financial policy. Starting from a basic characterization of the classical corporate income tax and its effects, the analysis focuses on three areas of research: equity policy, debt-equity decisions, and choices regarding ownership structure and organizational form. The discussion stresses the distinction be...

Financial repression and optimal taxation

Financial repression entails an implicit taxation on savings. When effective income-tax rates are very uneven, as common in developing countries, raising some government revenue through mild financial repression can be more efficient than collecting income tax only.  2000 Elsevier Science B.V. All rights reserved.