This article shows that, contrary to the suggestion of some investment advisers, for an individual Canadian investor subject to personal income taxation, the after-tax yield on a discount bond is always higher than (or, at worst, equal to) the yield on a premium bond. This follows because ...
qualified stock bonus, profit-sharing,Annuity,or bond purchase plan in which the employee participates is not considered income to the employee at the time the contribution is made, but will be taxed when the employee receives payment from the plan. Medical insurance premiums paid by an employer...
interest ratesterm premiumfixed incomeoriginal issue discountIt has long been understood that cash-flow taxation of bonds fails to comport with economic reality when payments are not made regularly over the life of a bonddoi:10.2139/ssrn.1641461...
Miller (1977) looks at progressive personal taxes and the realization of an equilibrium bond rate. Litzenberger and Ramaswamy (1979) and Litzenberger and Ramaswamy (1980) analyze tax rate progression in an asset pricing context. Most of those works are based on the mean-variance CAPM. ...
of the start date and each subsequent year. A gain will only arise if, at the end of the insurance year, the part surrender value(s) received exceeds the total allowable element. Each premium payment into a bond provides a tax deferred withdrawal allowance equal t...
in 1913. This paper analyzes the effects of stochastic taxation on asset prices in a dynamic general equilibrium model. Stochastic taxation affects the after-tax returns of both risky and safe assets. Whenever taxes change, bond and equity prices adjust to clear the asset markets. These price ...
PENSION BOND PAYMENT STRATEGY On January 10, 2012at the recommendation of the Finance Work Team and KNN, the Board adopted a payment strategy for the POBs that maintained a consistent percent of payroll charges to department budgets with a five year ramp up to ...
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The private after-tax risk premium included in the cost of corporate finance is $$\begin{aligned} p\left( \beta \right) \equiv \left( {1-\beta } \right) p_\mathrm{e} \left( \beta \right) +\beta \left( {1-\tau } \right) p_\mathrm{d} \left( \beta \right) . \end{align...