Who has really paid for the Reconstruction of East Germany? Expected and Realized Returns on Real Estate Investments in East and West Germany in the 1990s

We evaluate the profitability of investments in residential property in Germany after unification with a focus on the comparison of East and West Germany. Calculations are carried out for (1) the after-tax return an investor might have expected at the beginning of the 1990s, and (2) the after-tax return that has been realized ten years after. We compare a set of statistical data for investments in fifty major cities by using complete financial budgeting. The results show that tax subsidies could not always protect investors from losing money, but they have boosted realized returns after tax considerably. Therefore, it was indeed the taxpayers, not the investors, who have borne the cost of reconstructing East Germany.

Thin Capitalization Rules and Entrepreneurial Capital Structure Decisions

Tax planners often choose debt over equity financing. As this has led to increased corporate debt financing, many countries have introduced thin capitalization rules to secure their tax revenues. In a general capital structure model we analyze if thin capitalization rules affect dividend and financing decisions, and whether they can partially explain why corporations receive both debt and equity capital. We model the Belgian, German and Italian rules as examples. We find that the so-called Miller equilibrium and definite financing effects depend significantly on the underlying tax system. Further, our results are useful for the treasury to decide what thin capitalization type to implement.

Na 1 Nachlass Max Horkheimer, 529 - Korrespondenzen mit u.a. Henryk Grossmann (p. VI 10, 1 - 200)

24 Briefe und Abrechnugen von New York State Income Tax Resident Return (New York) an Henryk Grossmann, 1938 - 1948; 3 Briefe von Henryk Grossmann an das Department of Taxation and Finance, 1946; 5 Briefe zwischen C. Hartwig Inc. und der Social Studies Association (New York), 1949; 1 Brief an F. Pollock von A. P. Bersohn, 14.12.1948; 2 Briefe von Max Horkheimer an Henryk Grossmann, 1945/1947; 2 Briefe zwischen Henryk Grossmann und F. Pollock, 1948 - 1949; 1 Brief von American Scantic Line/Moore-McCormack Lines Inc (New York) an C. Hartwig Inc., 18.02.1949; 1 Brief an Collector of Internal Revenue (New York) von Max Horkheimer, 25.01.1949; 1 Brief von Frederick Wild an Herrn Edelman, 17.09.1946; 80 Briefe zwischen Julian und Lotte Gumperz und Max Horkheimer, 1934 - 1942; 4 Briefe zwischen dem Institut für Sozialforschung (Frankfurt a. M.) und Helen Mack, 1974 - 1975; 3 Briefe zwischen der Columbia University (New York) und Julian Gumperz, Juli 1934; 4 Briefe von Max Horkheimer an die Columbia University (New York), 1934/1938; 1 Brief von Julian Gumperz an A. E. Burns, 24.02.1938; 1 Brief an Louis H. Bean von Julian Gumperz, 24.02.1938; 1 Brief von Julian Gumperz an E. A. Goldenweiser, 24.02.1938; 1 Brief an F. H. Thomson von Julian Gumperz, 24.02.1938; 1 Brief von Julian Gumperz an Gardiner Means, 24.02.1938; 1 Brief an Hildegard Kneeland von Julian Gumperz, 24.02.1938; 1 Brief von Julian Gumperz an Mordecai Execiel, 24.02.1938; 1 Brief an Isador Lubin von Julian Gumperz, 24.02.1938; 1 Brief von Julian Gumperz an Boris Stern, 24.02.1938; 1 Brief an Lauchlin Currie von Julian Gumperz, 24.02.1938; 1 Brief von Julian Gumperz an B. H. Beckhart, 24.02.1938; 1 Brief von der Zeitschrift für Sozialforschung (New York) an Julian Gumperz, 08.10.1937;

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.

Corporate Taxation in Europe: Let's get it together! CEPS Commentary, 16 February 2015

More comprehensive cooperation in corporate taxation at European level could significantly advance the region’s socio-economic prosperity, but its potential contribution is unfortunately overlooked in the current search for growth and job creation. Lucrative tax niches established in some member states and the fear of losing fiscal autonomy prevent several countries from accepting the move towards an EU single market for taxation. If ‘Lux leaks’ and other revelations of tax avoidance and evasion can succeed in changing the dominant attitudes in the European tax debate, this commentary outlines the steps that need to be taken to allow tax policy to play a positive role in promoting economic prosperity.

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.