THE BUNCHING OF CAPITAL GAINS REALIZATIONS
THE BUNCHING OF CAPITAL GAINS REALIZATIONS
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资本收益变现的集中
DOI：
10.17310/ntj.2019.2.02
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发表时间：
2017
影响因子：
1.7
通讯作者：
R. McClelland
中科院分区：
文献类型：
--
作者：
T. Dowd;R. McClelland
我们使用独特的资本利得交易数据集来调查纳税人在长期资本利得的优惠税率方面的行为。我们的数据使我们能够检查收益在不同时期的转移，但消除了大量累积收益的影响，这些累积收益会机械地扩大先前的估计。当资产持有超过一年的时候，我们将Kleven和Wasseem开发的用于收入税率变化的聚类方法应用于资本利得税的下降。我们发现强有力的证据表明，纳税人对优惠税率的反应是在优惠税率适用之前的几周内减少收益的实现。然而，相对于先前的估计，暂时弹性的大小很小：我们估计短期收益弹性为- 0.47。我们还估计准永久增益弹性为- 0.79。
We use a unique data set of capital gains transactions to investigate the behavior of taxpayers with respect to the preferential tax rate for long-term capital gains. Our data allow us to examine the shifting of gains across time periods but eliminate the effect of the large pool of accrued gains that mechanically enlarge previous estimates. We adapt the bunching methodology developed by Kleven and Wasseem for rate changes over incomes to the drop in the capital gains tax when an asset has been held for more than one year. We find strong evidence that taxpayers respond to the preferential rate by reducing the realizations of gains in the weeks leading up to the point when the preferential rate applies. However, the magnitude of the transitory elasticity is small relative to prior estimates: we estimate a short-run gains elasticity of −0.47. We also estimate a quasi-permanent gains elasticity of −0.79.