Effects of Taxation: Investments by Individuals

Effects of Taxation: Investments by Individuals

Effects of Taxation: Investments by Individuals

Effects of Taxation: Investments by Individuals

Excerpt

All the volumes in this series have emphasized empirical rather than theoretical inquiry. Our reason for this emphasis in planning the whole series, and this volume in particular, is that the theoretical aspects of the effects of taxation on business and on the economy have been explored much more intensively than have the empirical aspects. In this volume we have attempted to obtain a reliable empirical foundation for judgments concerning the effects of taxation on the investment capacity and policies of individuals. In gathering this information it has been necessary to investigate the whole question of the investment objectives and patterns of thinking of different groups of individuals in order to provide an adequate background against which to appraise tax effects.

Our empirical data were collected mainly in 1949, and our findings are thus to some extent limited to the economic conditions and the tax structure then in effect. The patterns of thinking which were found to characterize individual investors, however, provide a basis for judgments as to the probable reactions of investors to changed economic conditions and possible modifications in the tax structure. While most of the book consists of an analysis and interpretation of empirical data gathered in 1949, the broader implications of our findings are noted at appropriate points in the text, especially in Chapter III.

We have had to forego one task because of time limitations. The collecting, processing, and interpreting of our primary data proved so arduous that it absorbed all our available time and energy. In writing the book, therefore, we have not attempted a detailed documentation and evaluation of the existing theoretical literature which bears directly or indirectly on our findings and analysis. The absence of citations to the numerous theoretical contributions by other writers in the general area of this study does not imply a lack of appreciation of the importance of these studies. At a later date we hope to explore the theoretical implications of our data and findings . . .

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