CGE Models and Capital Income Tax Reforms: The Case of a by Doina Maria Radulescu

By Doina Maria Radulescu

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“The ebook proposes an procedure for the dimension of the results of tax reforms often within the box of capital source of revenue taxation. … The e-book is based in 6 chapters. … meant to an viewers desirous about monetary and taxation matters that's whilst relatively ordinary to the thoughts of equilibrium models.” (Vangelis Grigoroudis, Zentralblatt MATH, Vol. 1170, 2009)

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Double taxation and legal tax loopholes have created severe distortions 14 According to the source principle of capital income taxation, all income is taxed in the country where it is realized. , 1991). 5 The Non-Transparent and Complicated German Tax System 17 concerning investment and financial decisions of firms resulting in major welfare losses due to the inefficient allocation of resources. There is an on-going discussion about flat-rate savings taxes and the closure of tax loopholes. On the one hand the tax amnesty law15 has recently been passed and on the other hand the present ruling coalition16 is debating the introduction of a tax on millionairs.

S. in 1986. Firstly, all types of income such as fringe benefits or capital gains were to be included in the tax base and accelerated depreciation brought in line with economic depreciation. Secondly, tax rates were substantially reduced to make the reform politically feasible. Fig. 2 shows the effects of a tax-cut-cum-base-broadening reform on savings and investment for a small open economy running a current account deficit. The uniform capital income tax drives a wedge between the M RT P and the world market interest rate thus causing savings to decline.

Therefore, at present, the measures which aim at improving Germany’s standing as an investment location are of vital importance as a step towards overcoming the economic slump. An additional argument for the need to reform the German tax system is the lack of structure and clarity which characterizes the current tax system. A redesign of the German tax system is imperative, as the present tax law is complicated, non-transparent and inefficient. For example, a recent study by the World Economic Forum (2005), ranks Germany last among 104 surveyed countries regarding the ‘efficiency of the tax system’.

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