We design a global refunding scheme as a new international approach to address climate change. A global refunding system allows each country to set its carbon emission tax, while aggregate tax revenues are partially refunded to member countries in proportion to the relative emission reductions they achieve within a given period. In a simple model we show that a suitably designed global refundin...

Both intuition and empirical evidence suggest that higher revenues increase value whereas higher expenses, including higher tax expense, decrease value. Some prior research, however, suggests that higher tax expense may be good news, despite the resulting reduction in after-tax earnings. We conduct a comprehensive investigation and find that surprises in both the current and deferred components...

IN 1985, individuals filing U.S. tax returns reported $166.4 billion of long-term capital gains in excess of short-term capital losses.' The following year Congress enacted a significant increase in capital gains taxes effective in 1987, and capital gains realizations for 1986 nearly doubled, to $324.8 billion.2 That investors' expectations of tax changes would alter their realization practices...

February 6, 2001 In 1991, the state enacted a major change in the state and local government relationship, known as realignment. In the areas of mental health, social services, and health, realignment transferred programs from the state to county control, altered program cost-sharing ratios, and provided counties with dedicated tax revenues from the sales tax and vehicle license fee to pay for ...