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Nipawan Thirawat - One of the best experts on this subject based on the ideXlab platform.
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Impacts of Thailand’s tourism Tax Cut: A CGE analysis
Annals of Tourism Research, 2016Co-Authors: Pathomdanai Ponjan, Nipawan ThirawatAbstract:This study examines Thailand’s tourism Tax Cut policy aimed to alleviate negative impacts arising from the 2011 flood on the tourism industry and economy. The proposed TRAVELTHAI model, a medium-scale dynamic computable general equilibrium model, serves as a powerful analytical tool for effective policy decision making. Direct-tourism industries benefit the most from the industry specific Tax policy, deemed a suitable short-run policy in response to the flood. Tax Cuts on inbound tourism improves the terms of trade and marginally stimulates Thailand’s GDP. It is recommended that the development of fiscal policies should be more inclusive, in order to achieve better national impacts in the long run.
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impacts of thailand s tourism Tax Cut a cge analysis
Annals of Tourism Research, 2016Co-Authors: Pathomdanai Ponjan, Nipawan ThirawatAbstract:This study examines Thailand’s tourism Tax Cut policy aimed to alleviate negative impacts arising from the 2011 flood on the tourism industry and economy. The proposed TRAVELTHAI model, a medium-scale dynamic computable general equilibrium model, serves as a powerful analytical tool for effective policy decision making. Direct-tourism industries benefit the most from the industry specific Tax policy, deemed a suitable short-run policy in response to the flood. Tax Cuts on inbound tourism improves the terms of trade and marginally stimulates Thailand’s GDP. It is recommended that the development of fiscal policies should be more inclusive, in order to achieve better national impacts in the long run.
Emmanuel Saez - One of the best experts on this subject based on the ideXlab platform.
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payroll Taxes firm behavior and rent sharing evidence from a young workers Tax Cut in sweden
The American Economic Review, 2019Co-Authors: Emmanuel Saez, Benjamin Schoefer, David SeimAbstract:This paper uses administrative data to analyze a large and long-lasting employer payroll Tax rate Cut from 31% down to 15% for young workers (aged 26 or less) in Sweden. We find a zero effect on net-of-Tax wages of young treated workers relative to slightly older untreated workers, even in the medium run (after six years). Simple graphical cohort analysis shows compelling positive effects on the employment rate of the treated young workers, of about 2-3 percentage points, which arise primarily from fewer separations (rather than more hiring). These employment effects are larger in places with initially higher youth unemployment rates. We also analyze the firm-level effects of the Tax Cut. We sort firms by the size of the Tax windfall and trace out graphically the time series of firms' outcomes. We proxy a firm's windfall with its share of treated young workers just before the reform. First, heavily treated firms expand after the reform: employment, capital, sales, value added, and profits all increase. These effects appear stronger in credit-constrained firms, consistent with liquidity effects. Second, heavily treated firms increase the wages of all their workers – young as well as old – collectively, perhaps through rent sharing. Wages of low paid workers rise more in percentage terms. Rather than canonical market-level adjustment, we uncover a crucial role of firm-level mechanisms in the transmission of payroll Tax Cuts.
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the effects of the 2003 dividend Tax Cut on corporate behavior interpreting the evidence
The American Economic Review, 2006Co-Authors: Raj Chetty, Emmanuel SaezAbstract:The 2003 dividend Tax reform has generated renewed interest in understanding the economic effects of dividend Taxation. The reform introduced favorable Tax treatment of individual dividend income, whereby dividends are Taxed at a rate of 15 percent instead of facing the regular progressive individual income Tax schedule with a top rate of 35 percent. Several recent studies have used the 2003 Tax Cut as a “natural experiment” to learn about the effects of dividend Taxation on corporate behavior. These studies have obtained divergent, empirical results, despite using the same underlying data. The goal of this paper is to reexamine the evidence using newly available data and reconcile some of the contradictory results in this recent literature. We focus on three questions: (a) Did the Tax Cut cause the surge in dividends or were other factors responsible?; (b) Did the Tax Cut induce substitution of repurchases for dividends, or did total payouts rise?; and (c) Did the Tax Cut induce more efficient distribution of investment funds across firms?
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dividend Taxes and corporate behavior evidence from the 2003 dividend Tax Cut
Quarterly Journal of Economics, 2005Co-Authors: Raj Chetty, Emmanuel SaezAbstract:This paper analyzes the effects of dividend Taxation on corporate behavior using the large Tax Cut on individual dividend income enacted in 2003. We document a 20 percent increase in dividend payments by nonfinancial, nonutility publicly traded corporations following the Tax Cut. An unusually large number of firms initiated or increased regular dividend payments in the year after the reform. As a result, the number of firms paying dividends began to increase in 2003 after a continuous decline for more than two decades. Firms with high levels of nonTaxable institutional ownership did not change payout policies, supporting the causality of the Tax Cut in increasing aggregate dividend payments. The response to the Tax Cut was strongest in firms with strong principals whose Tax incentives changed (those with large Taxable institutional owners or independent directors with large share holdings), and in firms where agents had stronger incentives to respond (high share ownership and low options ownership among top exeCutives). Hence, principal-agent issues appear to play an important role in corporate responses to Taxation.
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do dividend payments respond to Taxes preliminary evidence from the 2003 dividend Tax Cut
National Bureau of Economic Research, 2004Co-Authors: Raj Chetty, Emmanuel SaezAbstract:The individual income Tax burden on dividends was lowered sharply in 2003 from a maximum rate of 35% to 15%, creating a unique opportunity to analyze the effects of dividend Taxes on dividend payments by U.S. corporations. This paper uses data from the Center for Research in Security Prices (CRSP) spanning 1980 to 2004-Q1 to analyze this issue. We find a sharp and widespread surge in dividend distributions following the Tax Cut, along several dimensions. First, the fraction of publicly traded firms paying dividends began to increase precisely in 2003 after having declined continuously for more than two decades. Nearly 150 firms have initiated dividend payments after the Tax Cut, adding more than $1.5 billion to aggregate quarterly dividends. Most of these firms initiated regular, recurrent payments rather than one-time special' distributions. Second, many firms that were already paying dividends prior to the reform raised regular dividend payments significantly after the Tax Cut. Third, special dividends also rose, but the magnitude of this effect is likely to be small relative to the increases in regular distributions in the long run. All three of these effects are significant among all company sizes, and are robust to controls for profits and other firm characteristics. The surge in regular dividend payments after the 2003 reform is unprecedented in recent years. The Tax Reform Act of 1986, which also reduced the top individual Tax rate on dividends significantly, led to a temporary, concentrated rise in special dividend payments. However, the number of regular dividend payers did not rise much after the 1986 reform.
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dividend Taxes and corporate behavior evidence from the 2003 dividend Tax Cut
National Bureau of Economic Research, 2004Co-Authors: Raj Chetty, Emmanuel SaezAbstract:This paper analyzes the effects of dividend Taxation on corporate behavior using the large Tax Cut on individual dividend income enacted in 2003. Using data spanning 1980 to 2004-Q2, we document a sharp and widespread surge in dividend payments following the Tax Cut, along several dimensions. First, an unprecedented number of firms initiated regular dividend payments after the reform. As a result, the number of publicly traded firms paying dividends, after having declined continuously for more than two decades, began to increase precisely in 2003. Second, many firms that were already paying dividends prior to the reform raised regular dividend payments significantly. Third, special dividends also rose. All of these effects are robust to introducing controls for profits and other firm characteristics. Additional evidence for specific groups of firms suggests that the Tax Cut induced increases in total payout rather than substitution between dividends and repurchases. The Tax response was confined to firms with lower levels of forecasted growth, consistent with an improvement in capital allocation efficiency. The response to the Tax Cut was strongest in firms with strong principals whose Tax incentives changed (presence of large Taxable institutional owners or independent directors with large share holdings), and in firms where agents had stronger incentives to respond (large exeCutive ownership and low levels of exeCutive stock-options outstanding). These findings show that principal-agent issues play a central role in corporate responses to Taxation.
Pathomdanai Ponjan - One of the best experts on this subject based on the ideXlab platform.
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Impacts of Thailand’s tourism Tax Cut: A CGE analysis
Annals of Tourism Research, 2016Co-Authors: Pathomdanai Ponjan, Nipawan ThirawatAbstract:This study examines Thailand’s tourism Tax Cut policy aimed to alleviate negative impacts arising from the 2011 flood on the tourism industry and economy. The proposed TRAVELTHAI model, a medium-scale dynamic computable general equilibrium model, serves as a powerful analytical tool for effective policy decision making. Direct-tourism industries benefit the most from the industry specific Tax policy, deemed a suitable short-run policy in response to the flood. Tax Cuts on inbound tourism improves the terms of trade and marginally stimulates Thailand’s GDP. It is recommended that the development of fiscal policies should be more inclusive, in order to achieve better national impacts in the long run.
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impacts of thailand s tourism Tax Cut a cge analysis
Annals of Tourism Research, 2016Co-Authors: Pathomdanai Ponjan, Nipawan ThirawatAbstract:This study examines Thailand’s tourism Tax Cut policy aimed to alleviate negative impacts arising from the 2011 flood on the tourism industry and economy. The proposed TRAVELTHAI model, a medium-scale dynamic computable general equilibrium model, serves as a powerful analytical tool for effective policy decision making. Direct-tourism industries benefit the most from the industry specific Tax policy, deemed a suitable short-run policy in response to the flood. Tax Cuts on inbound tourism improves the terms of trade and marginally stimulates Thailand’s GDP. It is recommended that the development of fiscal policies should be more inclusive, in order to achieve better national impacts in the long run.
Alan J Auerbach - One of the best experts on this subject based on the ideXlab platform.
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the bush Tax Cut and national saving
National Tax Journal, 2002Co-Authors: Alan J AuerbachAbstract:Following through on pledges made during his election campaign, President Bush proposed and Congress passed a substantial Tax Cut in 2001, the Economic Growth and Tax Relief Reconciliation Act (EGTRRA). Much has been written about the size of the Tax Cut, its impact on the federal budget, its distributional consequences, and its short-run macroeconomic impact. There has been less focus on EGTRRA's incentive effects; one of the most important potential behavioral effects is on saving. To analyze the behavioral effects of the Bush Tax Cut on saving and other macroeconomic variables, I use the Auerbach-Kotlikoff (1987) model in conjunction with the NBER's TaxSIM model. An interesting by-product of this analysis is the 'dynamic scorin g' of the Tax Cut - the estimated feedback effects of behavior on revenue. By comparing the revenue losses generated by the model with those that would occur without any behavioral response, one can estimate how much of the static revenue loss would be recouped by expanded economic activity. The simulations suggest that dynamic scoring has a significant impact on estimated revenue losses, but that the Tax Cut's impact on national saving is still negative in the long run.
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Tax Cuts and the Budget
2001Co-Authors: Alan J AuerbachAbstract:[© Brookings Institution] This paper provides new evidence on the magnitude of the budget surplus under responsible and realistic accounting procedures, and on the wisdom of a large scale Tax Cut. We show that although the current projected surplus is about $5.6 trillion over the next 10 years, basic corrections to the budget to incorporate responsible approaches to budgeting and plausible notions of current policy reduce the available 10-year surplus to between $1.0 and $1.7 trillion, while a full recognition of the growth of unfunded entitlement programs makes the surplus vanish entirely. These finding suggest that the President's proposed Tax Cut-which is billed as a $1.6 trillion proposal but which would in fact cost well over $2 trillion-is excessively large. Moreover, we show that the President's Tax proposal is poorly designed to jump-start the economy, and that arguments that Tax Cuts are needed to stop wasteful government spending and to avoid fully paying off the government's debt are flawed. Taken together, these factors suggest that Tax Cuts that consume all or more of the available surplus over the next 10 years and significantly worsen the long-term fiscal outlook remain a poor idea.
Roni Michaely - One of the best experts on this subject based on the ideXlab platform.
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managerial response to the may 2003 dividend Tax Cut
Financial Management, 2008Co-Authors: Alon Brav, John R Graham, Campbell R Harvey, Roni MichaelyAbstract:We survey 328 financial exeCutives to determine the effects of the May 2003 dividend Tax Cut. We find that the Tax Cut led to initiations and dividend increases at some firms. However, exeCutives say that among the factors that affect dividend policy, the Tax rate reduction is less important than the stability of future cash flows, cash holdings, and the historic level of dividends. Tax effects have roughly the same importance as attracting institutional investors and the availability of profitable investments. We also find that press releases only occasionally mention the dividend Tax Cut as the reason for an initiation.
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the effect of the may 2003 dividend Tax Cut on corporate dividend policy empirical and survey evidence
National Tax Journal, 2008Co-Authors: Alon Brav, John R Graham, Campbell R Harvey, Roni MichaelyAbstract:We analyze the impact of the May 2003 dividend Tax Cut on corporate dividend policy. First, we find that while there was a temporary increase in dividend initiations, this increase was not long–lasting. While dividend payments were increased right after the Tax change, there was a larger and more pronounced increase in repurchases during the same time period. Second, we survey 328 financial exeCutives to determine the effects of the May 2003 dividend Tax Cut. We find that the Tax Cut led to initiations and dividend increases at some firms. However, exeCutives say that among the factors that affect dividend policy, the Tax rate reduction is less important than the stability of future cash flows, cash holdings, and the historic level of dividends. Tax effects have roughly the same importance as attracting institutional investors and the availability of profitable investments. We also find that press releases only occasionally mention the dividend Tax Cut as the reason for an initiation. Overall we conclude that the dividend Tax reduction had only a second–order impact of payout policy.
