The Effects of Taxation on the Selling of Corporate Stock and the Realization of Capital Gains: Comment
指出Feldstein等人因计量错误高估了税率对资本利得实现的影响，修正后显示减税不会增加税收收入。
In a recent article in this Journal, Martin S. Feldstein, Joel Slemrod, and Shlomo Yitzhaki [FSY] find that marginal tax rates have a powerful effect on the realization of long-term capital gains on corporate stock, and project that a tax cut similar to that enacted in 1978 should triple realizations and increase tax revenues. This comment finds that an econometric error caused FSY to overstate the elasticity of realizations to tax rates by a factor of 51. Corrected and refined estimates show that tax rate cuts will not increase realizations sufficiently to increase tax revenues.