This paper describes the current estate and gift tax rules that apply to intergenerational transfers in the US. It summarizes the incentives for inter vivos giving, gifts from a donor to a recipient while the donor is alive, as a strategy for reducing estate tax liability. It shows that the current level of intergenerational transfers is much lower than the level that would be implied by simple...

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...

Corruption may lead to tax evasion and unbalanced favors and this may lead to extraordinary wealth amongst a few. We study for 13 countries 6 years of Forbes rankings data and we examine whether corruption leads to more inequality amongst the wealthiest. When we correct in our panel model for current and one-year lagged competitiveness and GDP growth rates, we find no such effect. In fact, we f...

in this paper modeling and forecasting of revenue of taxes in fifth development plan is investigated based on a special structure of nonlinear neural networks. the time series of taxes which are studied in this research are related to total tax, direct tax, indirect tax, companies’ tax, income tax, wealth tax, and import tax. based on the correlation dimension estimation technique, the structur...

The effectiveness of using taxation as a redistributive tool depends on the design of the tax system. The Kenyan tax system comprises two main direct taxes (individual income and corporate taxes), and three main indirect taxes (Value Added Tax, Excise tax and Customs duties). Usage of income taxes has declined over time. However, income taxes still contribute the largest share of total tax reve...

A growing body of research has centered on the issue of the relationship between financial and environmental performance. The lack of consensus in this literature can be attributed to several factors. The cost of complying with environmental regulation can be significant and detrimental to shareholder wealth maximization. Conversely, a firm that can effectively control pollution might also be a...

This paper evaluates proposals for an annual wealth tax. While a dozen OECD countries levied taxes in the recent past, now only three retain them, with Switzerland raising comparable fraction of revenue as US Studies these sometimes, but not always, find substantial behavioral response, including saving, portfolio change, avoidance, and evasion, impact depends crucially on design features, espe...

We study a dynamic version of Meltzer and Richard’s median-voter model of the size of government. Taxes are proportional to total income, and they are redistributed as equal lump-sum transfers. Voting takes place periodically over time, and each consumer votes for the tax rate that maximizes his equilibrium utility. We calibrate the model to match U.S. data. Key elements in the calibration are ...

This paper quantifies the individual, aggregate and welfare effects of Earned Income Tax Credit (EITC) in United States. In particular, we analyse labour supply saving responses to changes tax credit generosity their implications for prices welfare. Our results show that EITC is a subsidy on income savings. An increase raises force participation, reduces savings many provides insurance working ...