Explanation of Methodology Used to Estimate Proposals Affecting the Taxation of Income From Capital Gains Jcs-12-90
Explanation of Methodology Used to Estimate Proposals Affecting the Taxation of Income From Capital Gains Jcs-12-90
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To quickly assess the difficulty of the text, read a short excerpt:
— A capital gains rate higher than the current rate on ordinary income would work in reverse. Taxpayers would reduce the level of their realizations but more tax would be collect- ed from each dollar of gain realized. To consider the other extreme, if the rate were increased to 100 percent, taxpayers would presum- ably make every possible effort to avoid realizing any gains, and the net revenue also would approach zero.
The balance between these countervailing factors {i.e., gain real- izations... and the tax rate) is what determines the net revenue impact of any particular proposed rate change. This balance, in turn, is governed by the degree of taxpayer responsiveness to changes in tax rates. For revenue estimating purposes, it is not enough to know that there will be some response to rate changes; it is critical to predict the magnitude of response relative to the magnitude of change. In economic terms, the degree of taxpayer re- sponsiveness is quantified by the concept of elasticity.
What to read after Explanation of Methodology Used to Estimate Proposals Affecting the Taxation of Income From Capital Gains Jcs-12-90?
You can find similar books in the "Read Also" column, or choose other free books by United States. Congress. Joint Committee On Taxation to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
— A capital gains rate higher than the current rate on ordinary income would work in reverse. Taxpayers would reduce the level of their realizations but more tax would be collect- ed from each dollar of gain realized. To consider the other extreme, if the rate were increased to 100 percent, taxpayers would presum- ably make every possible effort to avoid realizing any gains, and the net revenue also would approach zero.
The balance between these countervailing factors {i.e., gain real- izations... and the tax rate) is what determines the net revenue impact of any particular proposed rate change. This balance, in turn, is governed by the degree of taxpayer responsiveness to changes in tax rates. For revenue estimating purposes, it is not enough to know that there will be some response to rate changes; it is critical to predict the magnitude of response relative to the magnitude of change. In economic terms, the degree of taxpayer re- sponsiveness is quantified by the concept of elasticity.
What to read after Explanation of Methodology Used to Estimate Proposals Affecting the Taxation of Income From Capital Gains Jcs-12-90?
You can find similar books in the "Read Also" column, or choose other free books by United States. Congress. Joint Committee On Taxation to read onlineMoreLess
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