Conditional Remainderman—Beware!

If the tax on transfer at death of anticipatory estates levied by the Sovereign State of Washington is imposed upon their inheritance, and is payable by the beneficiary on his future as distinguished from his possessory interest, a legatee or devisee of a conditional remainder may find himself paying handsomely for the mere privilege of having been remembered by the testator in his wilp—a somewhat ephemeral consideration, to put it mildly. The purpose of this article is to examine our Inheritance Tax laws with the object of determining (a) whether the tax is imposed upon the remainderman\u27s legacy, and, if so, (b) upon what evaluation such tax on conditional remainders is payable

General Equilibrium Analysis Of The Effects Of Multilateral And Canadian Trade Liberalization: I Multilateral Trade Liberalization Ii Canadian Trade Liberalization Iii Systematic Sensitivity Analysis Of Model Results

The thesis is comprised of three essays which analyze trade liberalization on a multilateral basis and in the Canadian context. Essay I concerns multilateral liberalization, Essay II concerns Canadian liberalization, and Essay III presents extensive systematic sensitivity analysis of the results of Essays I and II.;The extension of short-run wage rigidities is found to markedly reduce the welfare gains from multilateral liberalization under some circumstances, while extending sector-specificity of capital has a much smaller impact on welfare and adjustment effects of multilateral liberalization.;In Essay II, Whalley\u27s (1985) model of global trade is revised with the incorporation of economies-of-scale features, in a way similar to Harris and Cox (1984). It is found that both unilateral liberalization or bilateral liberalization with the U.S. cause Canada to suffer small welfare losses. Liberalization may still be in the interest of Canada if compensation by the U.S. is possible. The contrast of these results, with those of Harris and Cox is investigated, but only part of the discrepancy is resolved. The indirect calibration procedure adopted by Harris and Cox is identified as a potential source of the discrepancy.;Extensive conditional and unconditional systematic sensitivity analysis conducted in Essay II yields the following results with regard to systematic sensitivity analysis of NGE model results: (i) Unconditional procedures on selected elasticities yield more diffuse distributions of the results than conditional procedures on all of the elasticities. (ii) Pagan-Shannon approximations of unconditional results are often very accurate, resource saving substitutes for the unconditional analysis.;The results of all three essays suggest a simple relationship between the elasticity configuration of the model, and the resulting welfare effects of multilateral or bilateral trade liberalization

IMPACTS OF BSE CRISIS ON THE CANADIAN ECONOMY: AN INPUT-OUTPUT ANALYSIS

This study assesses the impacts of BSE crisis on the Canadian economy at the provincial level using an input-output model. The impacts of reductions in exports of beef and cattle on Gross Domestic Product at provincial level, employment, labor income and industrial production are evaluated for Alberta, Ontario, Quebec and Saskatchewan provinces. The results show that a reduction of value of exports by $10 million would reduce average Gross Domestic Product and labor income in above provinces by$8.7 and $3.7 millions. Approximately 145 jobs per province would be lost and industrial production would be reduced by$19.7million. The sizes of the impacts on various industries are different in different provinces reflecting the heterogeneity in intra-industrial linkages among provinces. A reduction in beef exports has significant adverse effects on animal slaughtering, rendering and meat processing, cattle and animal food manufacturing industries while a reduction in cattle exports has significant adverse effects on cattle, feed grain and animal food manufacturing industries in most of the cases.Agribusiness, Financial Economics,

Reducing Greenhouse Gas Emissions in Transport: All in One Basket?

Analysis after analysis has shown consistently that if policy-makers aiming to meet climate goals are looking for the most-efficient, least-distortionary way to target emissions growth, there is simply nothing better than abandoning all emissions regulations except for one: A straight, revenue-neutral carbon tax. Nothing works through more channels, at a lower cost. Alas, policy-makers are not always looking for the most-efficient, least-distortionary way to target emissions growth. That’s because many of those same analyses show that in order to reach emissions targets, the price on carbon would have to be so punitive as to be politically unbearable, raising the price of gasoline, for example, by about a dollar a litre. That leads politicians to mix in other policies that are less visible to the consumer but also less efficient, less effective and more expensive in abating carbon dioxide. The recently negotiated Pan-Canadian Framework on Clean Growth and Climate Change intends to follow that model, relying on a blend of different policies to help reach Canada’s Paris climate targets. But while the government seems therefore determined to rule out the possibility of a nothing-but-a-carbon-tax plan, it is possible, through the careful application of just the right sort of emission-reduction approaches, to reduce the costs of abatement in a key policy target — namely, road transportation — to a level that at least approaches the lower cost of a carbon tax.  The government will likely consider several options in trying to reduce emissions from road transportation. Typical tools include requiring manufacturers to meet standards for new vehicles that mandate fuel economy and greenhouse gas emissions; gasoline taxes; taxes on emissions-intensive vehicles; subsidies for low-emission or zero-emission vehicles; and subsidies for public transit. Indications are that a low-carbon fuel standard (LCFS) will play a significant role in the Pan-Canadian Framework. Applied carefully, an LCFS combined with a mandate for automakers to sell more electric vehicles would be an appropriate policy for Canada to achieve meaningful emissions reductions at a tolerable cost, given other policy measures already committed to. Subsidies for electric vehicles, however, should be avoided as they turn out to be one of the least cost-effective policies to reduce emissions. Requiring car makers to sell more electric vehicles will lead to higher prices for standard internal-combustion vehicles as automakers are forced to spread the cost of the electric-vehicle mandate across their non-electric models. That in turn will lead to cheaper electric cars and pricier non-electric cars, making it likelier that consumers will gravitate in increasing numbers to electric cars, helping reduce emissions. Meanwhile, as the LFCS standard is raised, drivers of internal-combustion vehicles will face an even higher cost of filling up, again prompting more drivers to consider switching to electric vehicles. The combined effect — achievable at close to the cost of a carbon tax — will make it more expensive to drive a gasoline-powered car, similar to the effect of a carbon tax on drivers, but less visible and so less politically risky