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

本研究考察了资本所得税对家庭投资组合选择的影响。我们首先测量了有效税率，然后估计了家庭金融资产需求函数。此外，我们还模拟了税制改革对家庭投资组合选择的影响。研究发现，税制改革对投资组合选择的影响较小，但对有效税率的影响较小。

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.