Sensibilidad de la oferta de capital riesgo a cambios en el marco regulatorio

Este trabajo analiza la eficacia de dos cambios regulatorios sobre la captación de fondos de capital riesgo. En particular, se estudia el efecto de cambios en la tasa impositiva sobre las ganancias de capital y la introducción de una legislación específica que regula la actividad de capital riesgo. Considerando la población de entidades de capital riesgo en España en el periodo 1991-2007, los resultados muestran la eficacia de la introducción de una regulación específica que pretende limitar la doble tributación y aportar seguridad jurídica a los inversores. Por el contrario, no se encuentra suficiente evidencia del efecto de una reducción impositiva en las ganancias de capital en la tributación de las personas físicas, quizá por el efecto indirecto que tiene a través de la demanda de capital riesgo. Estos resultados son importantes para el regulador pues señalan la efectividad de determinadas normas encaminadas al desarrollo de los mercados de capital riesgo.

Essays in dynamic optimal taxation: working experience, unemployment scarring and poverty

This thesis investigates the design of optimal tax systems in dynamic environments. The first essay characterizes the optimal tax system where wages depend on stochastic shocks and work experience. In addition to redistributive and efficiency motives, the taxation of inexperienced workers depends on a second-best requirement that encourages work experience, a social insurance motive and incentive effects. Calibrations using U.S. data yield higher expected optimal marginal income tax rates for experienced workers for most of the inexperienced workers. They confirm that the average marginal income tax rate increases (decreases) with age when shocks and work experience are substitutes (complements). Finally, more variability in experienced workers' earnings prospects leads to increasing tax rates since income taxation acts as a social insurance mechanism. In the second essay, the properties of an optimal tax system are investigated in a dynamic private information economy where labor market frictions create unemployment that destroys workers' human capital. A two-skill type model is considered where wages and employment are endogenous. I find that the optimal tax system distorts the first-period wages of all workers below their efficient levels which leads to more employment. The standard no-distortion-at-the-top result no longer holds due to the combination of private information and the destruction of human capital. I show this result analytically under the Maximin social welfare function and confirm it numerically for a general social welfare function. I also investigate the use of a training program and job creation subsidies. The final essay analyzes the optimal linear tax system when there is a population of individuals whose perceptions of savings are linked to their disposable income and their family background through family cultural transmission. Aside from the standard equity/efficiency trade-off, taxes account for the endogeneity of perceptions through two channels. First, taxing labor decreases income, which decreases the perception of savings through time. Second, taxation on savings corrects for the misperceptions of workers and thus savings and labor decisions. Numerical simulations confirm that behavioral issues push labor income taxes upward to finance saving subsidies. Government transfers to individuals are also decreased to finance those same subsidies.

Cumulative list of organizations, contributions to which are deductable under section 23 (o) and section 23 (q) of the Internal revenue code and the corresponding sections of prior revenue acts.

Mode of access: Internet.

Die Einkommenssteuer in der englischen Finanz-Politik und - Literatur bis zu William Pitts Tode /

Mode of access: Internet.

Probe and response guide /

Mode of access: Internet.

Examination support and processing correspondence guide : supplement to IRM 48(13)2:400.

Shipping list no.: 94-0153-P.

Beiträge zur statistik der personaleinkommensteuer in den jahren 1898 bis 1902. Insbesondere: quellen und höhe des einkommens nach geschlecht und beruf des censiten ...

Mode of access: Internet.

Guide to the model amendments for employee plans.

"Republishes ... four model amendments and also provides a guide to their use"--P. [i].

A general description of the Corporation source book /

Latest issue consulted: [2002].

Federal taxes for 1923; elucidation of the law, the Revenue law of 1921, the Amendments of March, 1923, tables illustrating taxes; indexed.

Mode of access: Internet.

Annual report /

Mode of access: Internet.

An interim report /

Retirement income.--Tax policy.--Treatment of spouses.--Universal social security coverage.--Disability retirement.--Retirement ages.--Employment of older workers.--The ownership and control of pension fund assets.

Volunteer assistor's guide : military module : student text.

"For use in IRS volunteer programs, VITA Volunteer Income Tax Assistance, TCE Tax Counseling for the Elderly."

Revenue act of 1978 (P. L. 95-600) : general explanation /

"CCH Special".

Report of the Special commission appointed to investigate the entire subject of state, county and local taxation. January, 1929.

Erland F. Fish, chairman.