payout channel and are rather sticky. Choice of payout channel and level of payout are affected by dividend and wage taxation …

This paper analyzes whether a dividend tax cut for owner-managers of closely held corporations encourages income …, and self-employed. We find robust evidence of extensive income shifting across tax bases in response to the 2006 dividend … total income. Instead, they relabel earned income as dividend income. The income shifting effect is stronger for owner …

, we identify the dividend rate and the point in time of selling the shares as important value drivers. -- capital gains … taxation ; dividend policy ; tax neutrality ; timing decisions …