We propose an optimal consumption and investment model with asymmetric longterm/short-term tax rates for a small investor. We also consider both the case where an investor can get full tax rebate for capital losses and the case where the investor can only carry over capital losses. The full rebate case is a better model for low income investors while the carry over case is more suited for wealt...

Alan Auerbach and Kevin Hassett offer a new measure of horizontal equity (HE) that is designed to overcome deficiencies in prior indexes. There is, however, a fundamental problem that their effort shares with their predecessors attempts: the underlying rationale for pursuing HE at the expense of individuals well-being is never stated. Moreover, as discussed here, it appears that no plausible ra...

Collective Labour Supply, Taxes, and Intrahousehold Allocation: An Empirical Approach1 Most empirical studies of the impact of labour income taxation on the labour supply behaviour of households use a unitary modelling approach. In this paper we empirically analyze income taxation and the choice of working hours by combining the collective approach for household behaviour and the discrete hours...

In this paper we examine the impact of the combined state and federal mortgage interest tax subsidies to homeownership on homeownership attainment, using panel data from 1984 to 2007 and exploiting the fact that the value of these subsidies may vary by income group across states and over time and depending on local housing market conditions and lending standards. We also exploit the fact that h...

We consider the problem of dividing a resource among a group of agents who have conflicting claims on it. A typical situation is when a firm goes bankrupt and its liquidation value has to be divided among its creditors. We follow the axiomatic approach. Our main axioms are inequality preservation in gains and inequality preservation in losses (Hougaard and Thorlund-Petersen, 2001; Hougaard and ...

The elasticity of taxable income (ETI) is a central parameter for tax policy debates. This paper shows that most estimators employed in the literature fail to obtain consistent estimates of the ETI. A new method is proposed that will provide consistent estimates under testable assumptions regarding the degree of serial correlation in the error term. Using this procedure, I estimate an ETI of 1....

In recent years, the number of wheat, Triticum aestivum L., fields heavily infested by Hessian fly, Mayetiola destructor (Say), has increased in the Great Plains of the United States. Historically, resistance genes in wheat have been the most efficient means of controlling this insect pest. To determine which resistance genes are still effective in this area, virulence of six Hessian fly popula...

In recent years, the number of wheat, Triticum aestivum L., Þelds heavily infested by Hessian ßy, Mayetiola destructor (Say), has increased in the Great Plains of the United States. Historically, resistance genes in wheat have been the most efÞcient means of controlling this insect pest. To determine which resistance genes are still effective in this area, virulence of six Hessian ßy population...

In this paper we present survey evidence suggesting that there exists a sizeable fiscal illusion amongst the general public in Sweden. Respondents in a nationwide and representative survey systematically underestimate the share of an ordinary worker‟s income that is transferred to the public sector. Furthermore, we make a theoretical distinction between tax illusion and fiscal obfuscation, a pr...

BACKGROUND The effect of local infiltration after breast surgery is controversial. This prospective double blind randomized study sought to document the analgesic effect of local anaesthetic infiltration after breast cancer surgery. METHODS Patients scheduled for mastectomy or tumorectomy and axillary nodes dissection had immediate postoperative infiltration of the surgical wound with 20 ml o...