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Personal Taxation and Portfolio Composition: An Econometric Analysis

Martin Feldstein
Econometrica
Vol. 44, No. 4 (Jul., 1976), pp. 631-650
Published by: The Econometric Society
DOI: 10.2307/1913433
Stable URL: http://www.jstor.org/stable/1913433
Page Count: 20
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Personal Taxation and Portfolio Composition: An Econometric Analysis
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Abstract

Although the theory of taxation and portfolio choice has been extensively developed, the current paper begins the econometric study of this subject. The research analyzes the composition of portfolios of 1,799 households in a sample in which high income individuals are greatly overrepresented. The results show that the personal income tax has a very powerful effect on individuals' demands for portfolio assets after adjusting for the effects of net worth, age, sex, and the ratio of human to nonhuman capital.

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