인플레이션과 資本所得課稅에 관한 硏究

Inflation and Capital Income Taxation

Under most tax regimes, the tax treatment of capital income varies with both the form the income takes (e.g., interest, dividend, or capital gains) and the characteristics of the taxpayer receiving the income (e.g., tax rate, filing status, and other income received). Moreover, both the level and form of capital income depend on the underlying level of inflation in the economy. In this study, computations are performed of the economic impacts of altered tax treatments of capital income in different inflation environments under the U.S. tax system created by the Tax Reform Act of 1986. Two sets of simulation results are reported: economic impacts of inflation through the tax system and of capital gains tax cut with different level of inflation. A portfolio-based general equilibrium simulation model is used for this study. It is a modified and extended version of GEMDAT(General Equilibrium Model of Differential Asset Taxation) developed by Galper, Lucke and Toder(1988) as modified by Hendershott, Toder and Won(l991) and Hendershott and Won(l992).