By Mervyn King, Don Fullerton
Taxation--both company and personal--has been held chargeable for the low funding and productiveness progress charges skilled within the West over the past decade (book released 1984). This publication, a comparative research of the taxation of source of revenue from capital within the US, the united kingdom, Sweden and West Germany, establishes for the 1st time a typical framework for research that allows actual comparability of tax structures.
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Extra info for The Taxation of Income from Capital: A Comparative Study of the United States, the United Kingdom, Sweden, and West Germany (National Bureau of Economic Research Monograph)
Sample text
30) ~ __ u r(l - e- rL ) rL - (1 - e- rL ) . 30) depends upon the real discount rate, a good approximation may be found in cases where the product of the real discount rate and the asset life is small. 31) lim (0) r-O = 2. L 7. Applying L'H6pitars rule twice. 000 Source: International Monetary Fund, International Financial Statistics. 31). 5 Data Requirements The data requirements for our study are as follows. First, we need a detailed description of the statutory tax rates embodied in the tax system and a detailed description of the parameters embodied in the rules that enter into the definition of the cost of capital equations.
The third category includes funds invested as part of contractual savings made by households via the medium of insurance companies, principally life insurance policies, which are not tax exempt but are taxed at special rates. Our choices for these categories of owner are motivated by their different tax treatment. Although personal tax rates clearly vary within the personal sector, the schedule is common to all households, and in the individual country chapters below we describe the distribution of personal marginal 14 The Theoretical Framework tax rates in the respective countries.
In itself this is not a significant assumption, in that the effect of risk is mainly to alter the required rate of return on an investment project. A project that is unusually risky will require a high rate of return, particularly if it has a high covariance with other projects, thus reducing its value as an investment hedge. These differences mean that the value of r we choose to use in the fixed-r calculations might differ for projects with varying degrees of risk. But we wish to evaluate the incentives provided by the tax system, and it seems sensible to use a common value of r (or p) for all projects.