A Program for Research on Social and Economic Dimensions of an Aging Population
نویسندگان
چکیده
This paper investigates the responsiveness of household portfolios to tax incentives by exploiting a substantial tax reform that altered after-tax returns and cost of debt for a large number of households. An extraordinary panel data set that covers two years before and after the reform is used for the analysis. Our empirical findings suggest that households reshuffle their balance sheets in the case of a partial deductibility phase-out. In particular, heavily taxed, interest-bearing assets are used to pay off mortgage debt. Furthermore, we find that taxes have a significant impact on the structure of household portfolios even after controlling for unobserved heterogeneity. Résumé : Cet article examine la sensibilité du choix de portefeuille des ménages aux incitations fiscales en s’appuyant sur une importante réforme fiscale qui affecta les rendements après impôt et le coût de l’endettement d’un grand nombre de ménages. Notre analyse repose sur une base de donnée longitudinale exceptionnelle couvrant les deux années antérieures et postérieures à la reforme. Nos résultats empiriques suggèrent que les ménages remanient leurs portefeuilles dans le cas de l’élimination progressive de la déductibilité partielle. En particulier, les actifs rémunérés lourdement imposés sont utilisés au remboursement des crédits hypothécaires. En outre, nous constatons que les impôts ont un impact significatif sur la diversification du portefeuille des ménages même après la prise en compte des effets de l'hétérogénéité non observée. JEL codes: G11, H31
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تاریخ انتشار 2006