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On calculating marginal tax rates from stock-market prices / by Jean-Marie Gagnon, Jean-Marc Suret, and Denis Morissette.: EC22-3/1987-321E-PDF

"Models designed to infer marginal personal tax rates from price changes on ex-dividend days have been popular in the United States. We examine two of them, one by Elton and Gruber (1970) and the other one by Auerbach (198l), apply them to Canadian data, and examine the disaggregated results they yield. Performance is judged according to three criteria: plausibility of estimated tax rates, stability of tax clientele over time, and differences in rates attributed to stockholders in different tax brackets. Both models fail all three tests. We explain why they will probably never yield robust estimates, especially under tax laws such as the Canadian ones"--Summary.

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publications.gc.ca/pub?id=9.862980&sl=0

Publication information
Department/Agency
  • Economic Council of Canada.
TitleOn calculating marginal tax rates from stock-market prices / by Jean-Marie Gagnon, Jean-Marc Suret, and Denis Morissette.
Series title
  • Discussion paper ; no. 321
Publication typeMonograph - View Master Record
Language[English]
FormatDigital text
Electronic document
Note(s)
  • "March 1987."
  • Digitized edition from print [produced by the Publishing and Depository Services Directorate].
  • Includes bibliographic references.
  • Includes summary in French.
Publishing information
  • Ottawa : Economic Council of Canada, 1987.
Author / Contributor
  • Gagnon, Jean-Marie.
  • Suret, Jean-Marc.
  • Morissette, Denis.
Description60 p.
Catalogue number
  • EC22-3/1987-321E-PDF
Subject terms
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