Personal Taxation, Portfolio Choice and The Effect of the Corporation Income Tax

Extending the traditional treatment of the corporate tax to an economy with a progressive personal tax fundamentally changes the analysis. While the corporate tax system (CTS) does increase the total tax rate on corporate source income for some investors, the exclusion of retained earnings implies that the CTS lowers the tax rate for high-income investors. Analyzing such an economy requires replacing the traditional "equal-yield" equilibrium condition with a more general portfolio balance model. In this model, introducing a CTS can actually increase the corporate share of the capital stock even though the relative tax rate on corporate income rises.

Inflation and the Excess Taxation of Capital Gains on Corporate Stock

The present study shows that in 1973 individuals paid nearly $500 million of extra tax on corporate stock capital gains because of the distorting effect of inflation. A detailed analysis shows that the distortion was greatest for middle income sellers of corporate stock. In 1973, individuals paid capital gains tax on more than$4.5 billion of nominal capital gains on corporate stock. If the costs of these shares are adjusted for the increases in the consumer price level since they were purchased, the $4.5 billion nominal gain becomes a real capital loss of nearly$1 billion. As a result of this incorrect measurement of capital gains, individuals with similar real capital gains were subject to very different total tax liabilities. These findings are based on a new body of official tax return data on individual sales of corporate stock.

Modeling multiple time scales during glass formation with phase-field crystals

The dynamics of glass formation in monatomic and binary liquids are studied numerically using a microscopic field theory for the evolution of the time-averaged atomic number density. A stochastic framework combining phase field crystal free energies and dynamic density functional theory is shown to successfully describe several aspects of glass formation over multiple time scales. Agreement with mode coupling theory is demonstrated for underdamped liquids at moderate supercoolings, and a rapidly growing dynamic correlation length is found to be associated with fragile behavior.Comment: 4+ pages, 4 figures, to appear in Physical Review Letter

Using parse features for preposition selection and error detection

We evaluate the effect of adding parse features to a leading model of preposition usage. Results show a significant improvement in the preposition selection task on native speaker text and a modest increment in precision and recall in an ESL error detection task. Analysis of the parser output indicates that it is robust enough in the face of noisy non-native writing to extract useful information

Identifying Purpose Behind Electoral Tweets

Tweets pertaining to a single event, such as a national election, can number in the hundreds of millions. Automatically analyzing them is beneficial in many downstream natural language applications such as question answering and summarization. In this paper, we propose a new task: identifying the purpose behind electoral tweets--why do people post election-oriented tweets? We show that identifying purpose is correlated with the related phenomenon of sentiment and emotion detection, but yet significantly different. Detecting purpose has a number of applications including detecting the mood of the electorate, estimating the popularity of policies, identifying key issues of contention, and predicting the course of events. We create a large dataset of electoral tweets and annotate a few thousand tweets for purpose. We develop a system that automatically classifies electoral tweets as per their purpose, obtaining an accuracy of 43.56% on an 11-class task and an accuracy of 73.91% on a 3-class task (both accuracies well above the most-frequent-class baseline). Finally, we show that resources developed for emotion detection are also helpful for detecting purpose

Growth and characterization of materials for tunable lasers in the near infrared spectral region

During this reporting period, work proceeded in two directions. The first was the development of crystal growth procedures for rare earth doped LiYF4 crystals. The procedures for growth and pre-growth treatment of starting materials for undoped LiYF4 crystals were established and good optical quality materials were grown. A significant amount of time was spent trying to establish the optimum growth parameters for Yb(3+)-doped crystals. Unfortunately, it has proven difficult to obtain large size boules of high optical quality crystals of LiYF4 with doping concentrations of Yb(3+) of several percent. Because of these problems, this research is to be changed to attempt doping with other trivalent rare earth ions such as Ho, Er, and Tm. The second research area was investigating the potential of LiNbO3:Mg,Cr and LiNbO3:Mg,Cr,Yb as possible laser materials. The results are summarized