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Homeownership Investment and Tax Neutrality: a Joint Assessment of Income and Property Taxes in Europe
[Zeitschriftenartikel]
Abstract Western countries' income tax system exempts the return from investing in owner-occupied housing. Returns from other investments are instead taxed, thus distorting households' portfolio choices, although it is argued that housing property taxation might act as a counterbalance. Based on data drawn f... mehr
Western countries' income tax system exempts the return from investing in owner-occupied housing. Returns from other investments are instead taxed, thus distorting households' portfolio choices, although it is argued that housing property taxation might act as a counterbalance. Based on data drawn from the Statistics of Income and Living Conditions and the UK Family Resources Survey, and building on the tax benefit model EUROMOD, we provide novel evidence on the interplay of income and property taxation in budgetary, efficiency and equity terms in eight European countries. Results reveal that, even accounting for recurrent housing property taxation, a sizeable ‘homeownership bias' i.e. a lighter average and marginal taxation for homeownership investment, is embedded in current tax systems, and displays heterogeneous distributional profiles across different countries. Housing property taxation represents only a partial correction towards neutrality.... weniger
Thesaurusschlagwörter
Europa; Wohnungseigentum; Investition; Besteuerung; Einkommensteuer; Verteilungseffekt; Simulation
Klassifikation
Öffentliche Finanzen und Finanzwissenschaft
Erhebungstechniken und Analysetechniken der Sozialwissenschaften
Freie Schlagwörter
homeownership investment; tax neutrality; property tax; microsimulation; EU-SILC 2010
Sprache Dokument
Englisch
Publikationsjahr
2022
Seitenangabe
S. 62-76
Zeitschriftentitel
International Journal of Microsimulation, 15 (2022) 2
DOI
https://doi.org/10.34196/ijm.00263
ISSN
1747-5864
Status
Veröffentlichungsversion; begutachtet (peer reviewed)