Razin, Assaf; Sadka, Efraim - National Bureau of Economic Research (NBER) - 2004
enlargement of the EU with 10 new entrants put a strong downward pressure on capital income taxation for the EU-15 countries. Tax … that follows globalization of capital markets put strong downward pressures on the taxation of capital income; a race to … the bottom. This behavior has been perhaps most pronounced in the EU-15 following the single market act of 1992. The 2004 …