Permanent and Transitory Responses to Capital Gains Taxes: Evidence from a Lifetime Exemption in Canada
利用加拿大纳税人面板数据，研究终身资本利得豁免取消对个人行为的影响，发现豁免未增加资本市场参与，取消主要影响有较多未用豁免额度者的长期资本利得实现。
Abstract Using panel data on a 20% random sample of Canadian taxpayers, we study behavioral responses to the cancellation of a lifetime capital gains exemption that resulted in increased capital gains taxation for some individuals. We show that the exemption did not change the number of taxpayers reporting positive capital gains, and thus unlikely resulted in increased participation in capital markets. Furthermore, our results suggest that the cancellation increased the long-run capital gains realizations of tax filers with more unused exemption room but had a small, statistically insignificant impact on the capital gains realizations of those with little unused exemption room.