Permanent Versus Transitory Tax Effects and the Realization of Capital Gains
利用纳税人面板数据，区分了资本利得实现中对税率变化的永久性反应和暂时性时机选择，发现两者均存在，但永久性税率效应并非在所有情况下都显著。
Recent empirical work on captial gains implies that realizations are highly sensitive to marginal tax rates. Because they are based on cross-section data, however, these estimates cannot distinguish between permanent responses to tax rate changes and the timing of realizations to take advantage of the normal fluctuations in any individual's tax rates over time. The purpose of this paper is to distinguish transitory from permanent tax effects by analyzing panel data for taxpayers. Controlling for permanent and transitory income and other variables, the estimates suggest both transitory and permanent effects, although the permanent tax rate effect is not significant in all cases.