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1 This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: The Taxation of Income from Capital: A Comparative Study of the United States, the United Kingdom, Sweden, and Germany Volume Author/Editor: Mervyn A. King and Don Fullerton, eds. Volume Publisher: University of Chicago Press Volume ISBN: Volume URL: Publication Date: 1984 Chapter Title: Indexes Chapter Author: Mervyn A. King, Don Fullerton Chapter URL: Chapter pages in book: (p )

2 Author Index Auerbach, A. J., 24, 179, 195 Bacharach, M., 236 Bentzel, Ragnar, 133 Berg, Lennart, 133 Bergholm, Fredrik, 145 Bergstrom, Villy, 126 Blume, M. E., 240 Boman, Ragnar, 129 Bradford, D. F., 179, 197, 292 Brinner, R. E., 221 Brooks, S. H., 221 Carlsson, Bo, 145 Crockett, J., 240 Dicks-Mireaux, L., 239, 257, 264, 265 Dittrich, O. L., 202 Feenburg, D. R., 201 Feldstein, M., 201, 223, 225, 228, 239, 240, 244, 257, 264, 265, 292 Fisher, I., 292 Foldes, L. P., 54 Fraumeni, B. M., 235, 292 Friend, I., 240 Frisch, D., 201 Fullerton, D., 2, 245, 254, 266, 267, 292 Gordon, R. H., 238 Gorzig, B., 176 Griffin, Tom, 46, 61 Henderson, Y. K., 254, 266 Hulten, C. R., 195, 207, 214 Jakobsson, Ulf, 105 Jorgenson, D. W., 195, 206, 207, 216, 235, 258, 266, 292 Kay, John A., 53 King, Mervyn A., 22, 24, 26, 41, 46, 53, 54, 58, 64, 179 Kirner, W., 176 Lindberg, Thomas, 145 Lodin, S. O., 2 Mairesse, J., 46 Malkiel, B. G., 238 Miller, M. H., 24 Normann, Goran, 90, 105 Orhnial, F., 54 Ott, A. F.,202 Poterba, J., 239, 257, 264, 265 Redfern, P., 46, 61 Rosen, H. S., 201 Rosenberg, L. G., 267 Rundfelt, Rolf, 96,

3 340 Author Index Sodersten, Jan, 126 Tiebout, C, 219 Spant, Roland, 104 Sullivan,M. A.,206,207,216,235,258,266 Wallander, Jan, 97 Summers, Lawrence, 223, 225, 228, 232, Wallmark, Kerstin, , 240, 244, 292 Winfrey, Fobley, 97 Sutherland, A., 53 Wykoff, F. C, 195, 207, 214

4 Subject Index Accelerated Cost Recovery System (ACRS), 195, 211 Adjusted gross income, 197 Advance corporation tax (ACT), 41 Allied Control Council, 151 All savers' certificates, 253 Annell deduction, Arbitrage, 291, 305 Asset Depreciation Range, 206, 209, 259 Asset lives, 29,308; Sweden, 95-97; United Kingdom, 45-46, 61; United States, , , 262; West Germany, 160, , Average effective tax rate, defined, 2 Average tax rates: compared with marginal tax rates, ; Sweden, ; United Kingdom, 83-87; United States, ; West Germany, Averaging, of income, 200 Balance-of-payments deficit, 89 Bank deposits, Bond interest, 197 Buildings, investments in, 75 Building societies, tax rates for, 42 Capital: cost of, 10,18-24,24n; and interest rate, 10; marginal tax rates on, 142 Capital consumption allowance, 195 Capital gains tax, 23, 196; Sweden, 91-92, 106-7; United Kingdom, 35; United States, 196, 200; West Germany, 154 Capital income, marginal tax rates on, 172 Capital stock structure: Sweden, ; United Kingdom, 60-73; United States, ; West Germany, Capital stock weights, 61-62, , 176, Capital transfer tax, 53 Central Bureau of Statistics, 97, 123 Children, tax allowances for, 36, 154 Church tax, 156n Consumer price index, indexing of income tax to, 90, 92 Consumption tax, 199 Cooperatives, tax rates for, 42 Corporate income tax: effects of abolishing, ; integration with personal taxes, 195; at state level, 203-4; Sweden, 94-95; United Kingdom, 38-45; United States, 195; West Germany, 157, Corporate tax base, 38 Corporate tax system: depreciation allowances, ; inventory allowances, 204-6; Sweden, ; taxonomy of, 22; United Kingdom, 38-45; United States, 202-4; West Germany, 157, Corporation tax, rate of, Debenture stock, ownership of, Debt, ownership of, 68-74, , 181, 184, Debt equity ratio, 64 Debt finance, long-term, 64 Deductions, for work-related expenses, 154 Depletion allowance,

5 342 Subject Index Depreciation, 19-20, ; Asset Depreciation Range, 206, 209; effect of inflation on allowances for, 195, 245; tax allowances for, 42-44, , 160, , Dividends, tax on, 91, 112 Double-entry accounts, 304 Earned income credit, 199 Earnings, retained, 23, 24 Economic depreciation, rates of, 29 Economic depreciation estimates: Sweden, ; United Kingdom, 45-47; United States, ; West Germany, 166 Economic growth, and effective tax rates, 301 Economic Recovery Tax Act of 1981, 193, 199, 206,220,251,254 Effective marginal tax rates, 226n; effect of inflation on, 25; estimates of, 74-78; relation to investment choice, 26; Sweden, ; United Kingdom, 74-79; United States, ; West Germany, Effective tax rate, 307; computation of, 24-30; defined, 9; and economic growth, 301; inflation, 2, 186, ; influences on, 9; measurement of, 7-12; and personal tax rate, 289 Equity, ownership of: Sweden, ; United Kingdom, 66-68; United States, ; West Germany, Equity capital, new, 321 Equity finance, 64 Estate taxes, 220 Excise taxes, 193 Expensing, 79 Federal estate taxes, 220 Federation of Swedish Industries, 100 Financial capital, sources of, 63-64, 124, , , 179, General sales tax, 103 Grants, for regional development, 48 Household savings, 91 Household tax rates: Sweden, , 142; United Kingdom, 35-36, 53-58; United States, ; West Germany, 172 Housing, tax treatment of, 157 Incentives: Sweden, 102; United Kingdom, 47-51; United States, 215, ; West Germany, Income averaging, 200 Income tax: indexed to consumer price index, 90, 92; joint, 90; local, 90, 142, personal, 33, 90-94, , Indexing, income tax and consumer price index, 90, 92 Industriens Utredningsinstitut, 100 Inflation, 245; and effective tax rate, 2, 136, 186, ; effect on inventory nominal value, 274; and insurance companies tax rate, 246, 274; and interest rates, 274, ; and marginal tax rate, ; and nominal interest rate, 274; tax rate differences among countries, ; and tax system, 17 Insurance companies: effects of inflation, 246, 274; Sweden, ; taxation of, 271; tax rates, 42, 142; United Kingdom, 59-60; United States, ; West Germany, 174 Interest-bearing deposits, 107 Interest income, tax on, 260 Interest payments, deductibility of, 33 Interest rate: and cost of capital, 10; and inflation, Inventories: nominal value of, and inflation, 274; tax allowances for, 44-45, 96, 165, 204-6; tax rates on, 272; tax treatment of, Inventories, investments in, 75 Inventory valuation, 87 Investment, marginal, 309 Investment choice, and effective marginal tax rates, 26 Investment funds system, 100 Investment grants: Sweden, ; United Kingdom, 47-51; United States, 215, ; West Germany, Investment income, 34, 91; surcharge, Investments: alternative forms of, 92; debt financing of, 272; equity financing of, 272 Investment tax credit, 211, 215 Joint tax rates, 89 Land tax, local, 170 Leasing, 124 Life insurance companies, taxation of, 229; Sweden, ; United Kingdom, 59-

6 343 Subject Index 60; United States, ; West Germany, Life Insurance Company Income Tax Act of 1959, 230, 260 Local bond interest, 197 Local land tax, 170 Local taxes: Sweden, 103-4, 142; United Kingdom, 51-52; United States, Machinery: effective tax rate on, 286; expensing of, ; subsidies for, 75 Mainstream corporation tax, 41 Margin, relevant, 309 Marginal effective tax rate, 2 Marginal investment, 309 Marginal tax rates: on capital income, 172; compared with average tax rates, ; on dividends, 112; effects of inflation on, Married couples, tax rates for, 89, 198 Massachusetts formula, 204 National Insurance, 34 National Supplementary Pension Plan, 133 Nominal interest deductions, 245 Nominal interest rate, effect of inflation on, 274 One-parent families, tax rate for, 36 Payroll tax, 89 Pension plans, 58, 113, 199 Pension Registration Institute, 113 Personal income taxes: elasticity of, 202; local, 200; state, 200; Sweden, 90-94; United Kingdom, 33-38; United States, ; West Germany, Personal tax rate: and effective tax rate, 289; United Kingdom, 33 Private retirement plans, 199 Productivity growth, and tax rates, 1 Property tax: Sweden, 92, 103-4; United States, , 259, 264 Rates (local tax), 51 Rates of return, sensitivity to, Regional development grants, 48 Reserves, depletion allowance, 203 Resource allocation, and tax rate, 12 Retirement plans, private, 199. See also Pension plans Revenue Act of 1978, 260 Risk, allowance for, 28 Sales tax, 89 Service lives. See Asset lives Sight deposits, 107 Single-parent families, tax rate for, 36 Social insurance taxes, 193 Social security, United Kingdom, 34 Social taxes, Standard deduction, 198 State bond interest, 197 State income taxes, Stockholders, and imputation tax system, 22 Subsidies, for machinery investments, 75 Sweden: average tax rates, ; capital gains tax, 91-92, 106-7; corporate tax system, ; depreciation tax allowances, ; estimates of economic depreciation, ; estimates of effective marginal tax rates, ; foreign ownership of industry, 131; household tax rates, ,142; incentives, 102; insurance companies, , 142; inventory tax allowances, 95-96; investment grants, ; investment income tax, 91; joint income tax, 90; local income taxes, 90,142; local taxes, 103-4; marginal tax rates on capital, 42; personal income tax, 90-94; property taxes, 92,103 4; tax-exempt institutions, 113; tax legislation, recent changes in, ; tax reform, 107; tax system, ; wealth taxes, Swedish crown, devaluation of, 87 Taxable income, defined, 197 Tax arbitrage, 12 Tax Equity and Fiscal Responsibility Act: of 1981, 206; of 1982, 193, 213 Taxes, comprehensive view of, Tax-exempt institutions, 28, 58, , 174, Tax legislation, recent changes in, 79-81, 188, Tax policy, 308 Tax rates: and inflation rate, 2; and depreciation rates, 281; and productivity growth, 1 Tax reform, in Sweden, 107 Tax systems: and inflation, 17; nonlinearity of, 283, 285, 289; Sweden, ; United Kingdom, 33-60; United States, ; West Germany, Tax wedge, 8-9

7 344 Subject Index Unincorporated enterprises, business income of, 200 United Kingdom: capital gains tax, 35; corporate tax system, 38-45; deductibility of interest payments, 34; depreciation tax allowances, 42-44; economic depreciation estimates, 45-47; estimates of effective marginal tax rates, 74-78; incentives, 47-51; insurance companies, 59-60; inventory tax allowances, 44-45; investment grants, 47-51; investment income 34; local taxes, 51-52; National Insurance, 34; personal income tax, 33-38; personal tax rates, 33; social security, 34; tax-exempt institutions, 58; tax legislation, recent changes, 79-81; tax rates, 37; tax revenue, sources of, 32; tax system, 33-60; wealth taxes, United States: asset lives, ; capital consumption allowance, 195; corporate income tax, 195, 203-4; depreciation allowances, ; estimates of effective marginal tax rates, ; expensing, 203; household tax rates, ; incentives, ; insurance companies, ; investment grants, ; local taxes, 195, ; local taxes, 195, ; personal income tax, ; property taxes, ; retirement plans, 199; sales taxes, 217; social security taxes, ; state corporate franchise tax, 195; state corporate income tax, 195; tax legislation, recent changes in, ; tax system, ; unincorporated enterprises, 200; wealth taxes, 220 Value-added tax, 32 Wealth taxes: Sweden, 104-5; United Kingdom, 52-53; United States, 220; West Germany, West Germany: capital stock structure, ; corporate tax system, 157, ; debt ownership, 181, 184; depreciation tax allowances, 160, ; equity ownership, ; estimates of effective marginal tax rates, ; historical development of tax system, 149n; household tax rates, 172; incentives, ; inflation, 151, 153; insurance companies, 174; inventory tax allowances, 165; investment grants, ; personal income tax, ; tax-exempt institutions, 174; tax legislation, recent changes in, 188; tax system, ; wealth taxes, Withholding taxes, 154 Zero-bracket amount, 198

8 effective tax rates on different kinds of saving and investment, raising serious questions about the direction of tax reform. The authors show that this variance of tax rates, not the average level of the tax burden, is most closely related to low growth rates. The project that resulted in this volume has attracted international interest from those concerned with fiscal policy. The Taxation of Income from Capital will be a model for future collaborative research among countries. MERVYN A. KING is the Esmee Fairbairn Professor of Investment at the University of Birmingham. DON FULLERTON is assistant professor of economics and public affairs at Princeton University and a research associate of the National Bureau of Economic Research. An NBER Monograph Printed in U.S.A. For information on books of related interest or for a catalog of new publications, please write: Marketing Department The University of Chicago Press 5801 South Ellis Avenue Chicago, Illinois U.S.A.

9 Books of Related Interest Inflation, Tax Rules, and Capital Formation MARTIN FELDSTEIN This volume brings together fourteen papers that show the importance of the interaction between tax rules and monetary policy. Based on theoretical and empirical research, these papers emphasize the importance of including explicit specifications of the tax system in such study. An NBER Monograph pages Cloth ISBN: Behavioral Simulation Methods in Tax Policy Analysis Edited by MARTIN FELDSTEIN These thirteen papers and accompanying commentaries result from efforts to develop simulation models that incorporate the behavioral responses of individuals and businesses to alternative tax rules and rates, as well as efforts to expand computational general equilibrium models that analyze the long-run effects of changes on the economy as a whole. An NBER Project Report pages Cloth ISBN: The International Transmission of Inflation MICHAEL R. DARBY, JAMES R. LOTHIAN, ARTHUR E. GANDOLFI, ANNA J. SCHWARTZ, AND ALAN C. STOCKMAN How does inflation catch fire and spread from country to country? This book offers comprehensive answers, including the controversial argument that the United States, through its policy of monetary growth, was the primary instigator of inflation both at home and abroad. The authors draw their conclusions from a multicountry data base and a model of international transmission more complete than any other yet constructed. An NBER Monograph pages Cloth ISBN: The University of Chicago Press ISBN D-