Marginal Taxes and the Asset Portfolios of Swedish Households

Jonas Agell A · Per‐Anders Edin

63 citations0/0 files storedScandinavian Journal of Economics

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Financial Literacy, Pension, Retirement Analysis Economic and Fiscal Studies Fiscal Policy and Economic Growth

Abstract

This paper focuses on the effects of marginal tax rates, wealth, income and a set of socioeconomic and demographic variables on the portfolio composition of households using detailed micro data on 2,000 Swedish households. In particular, efforts are made to disentangle the effects of marginal tax rates on the portfolio behavior of households. Some econometric problems involved when estimating asset demand equations in the presence of incomplete portfolios are briefly discussed. A final section examines the overall effect of marginal tax rates on asset demands by applying estimated discrete and continuous portfolio equations to compute different tax elasticities.

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References

1944Proportional Income Taxation and Risk-Taking 1984The Taxation of Income from Capital: A Comparative Study of the United States, the United Kingdom, Sweden and West Germany 1998Wealth and portfolio composition: Theory and evidence 1985Personal Taxation, Pension Wealth, and Portfolio Composition

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1996TAX REFORM OF THE CENTURY—THE SWEDISH EXPERIMENT 2020HOW SHOULD CAPITAL BE TAXED?1996Why Sweden's Welfare State Needed Reform 2002Taxation, Risk-Taking, and Household Portfolio Behavior**I am grateful to Alan Auerbach, Scott Weisbenner, and participants at the Burch Center Symposium for helpful comments, to Andrew Mitrusi for providing me with data from TAXSIM, and to the Hoover Institution and National Science Foundation for research support.1992Dynamics of the composition of household asset portfolios and the life cycle 2012Pension fund taxation and risk-taking: should we switch from the EET to the TEE regime?2001Behavior of Household Portfolios in France: the Role of Housing

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