The examination of the neutral income tax for individual financial asset choice : the measurement of effective tax rates and tax reform simulations

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This research examines the effects of capital income tax on households portfolio choice. We first measure the effective rates of the tax, and then, we estimate households financial asset demand functions. In addition, we simulate the impact of a tax reform on households portfolio choice. We find that the tax reform has a shallow impact on the portfolio choice, though it fluctuate the effective tax rates.