A Program for Research on Social and Economic Dimensions of an Aging Population
نویسندگان
چکیده
Identifying the effect of differential taxation on portfolio allocation requires exogenous variation in marginal tax rates. Marginal tax rates vary with income, but income surely affects portfolio choice directly. In systems of individual taxation – like Canada’s – couples with the same household income can face different effective tax rates on capital income when labor income is distributed differently within households. Using this source of variation we find statistically significant but economically modest responses to taxation. In a “placebo” test, using data from the U.S. (which has joint taxation), we find no effect of the intra-household distribution of labor income on portfolios. Résumé: L’identification des effets de la taxation différentielle du revenu sur l'allocation de portefeuille des ménages nécessite une variation exogène du taux d’imposition marginal. Le taux d’imposition marginal varie selon le revenu, mais il ne fait aucun doute que le revenu influence aussi directement les choix de portefeuille. Dans un système de taxation individuelle – comme celui du Canada – les couples bénéficiant d’un revenu du ménage identique peuvent faire face à des taux d’imposition sur le capital différents selon la répartition des revenus du travail à l'intérieur du ménage. En utilisant cette source de variation exogène, nous trouvons qu’une variation du taux d’imposition entraîne une réponse des ménages statistiquement significative bien qu’économiquement modeste. Dans un test « placebo », utilisant des données provenant des États Unis (où l’imposition des couples mariés est conjointe), nous n’observons aucun effet de la répartition des revenus du travail à l'intérieur des ménages sur le choix de portefeuille de ces derniers. JEL classifications: G11, H24, H31
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