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This paper examines how the distortions caused by dividend taxation depend on whether or not shareholders can recover … their original equity injections without being subject to the dividend tax. We point out the alternative assumptions in the … distortive effects of dividend taxation. …
Persistent link: https://www.econbiz.de/10010126800
This paper examines how the effects of dividend taxation on the cost of new equity funds depend on whether or not … shareholders can recover their original equity injections without being subject to the dividend tax. We point out the alternative … that the shareholders cannot recover their original equity injections without being subject to the dividend tax …
Persistent link: https://www.econbiz.de/10010412740
This note extends the work by Sørensen (2005) and others by demonstrating why the Norwegian Shareholder Income Tax may be neutral between the two sources of equity funds, i.e. new share issues and retained earnings, despite the fact that the retention of earnings to finance new investment does...
Persistent link: https://www.econbiz.de/10011967007
payout channel and are rather sticky. Choice of payout channel and level of payout are affected by dividend and wage taxation …
Persistent link: https://www.econbiz.de/10010207348
In an article in International Tax and Public Finance, Peter Birch Sørensen (2005) gives an in-depth account of the new Norwegian Shareholder Tax, which allows the shareholders a deduction for an imputed risk-free rate of return. Sørensen’s positive evaluation appears as reasonable for a...
Persistent link: https://www.econbiz.de/10008991269
This paper explores the taxation of corporations in the wider context of capital income taxation. The pros and cons of various income-based and cash-flow forms of corporation tax (CT) are discussed. The paper concludes that the dual income tax (DIT), which taxes all capital income at the...
Persistent link: https://www.econbiz.de/10010459664
This paper examines how the effects of dividend taxation on the cost of new equity funds depend on whether or not … shareholders can recover their original equity injections without being subject to the dividend tax. We point out the alternative … that the shareholders cannot recover their original equity injections without being subject to the dividend tax …
Persistent link: https://www.econbiz.de/10013045348
tax gain from leverage. Hence the composite marginal dividend tax rate can be specified as the nominal rate minus the … prior study has examined empirically whether the dividend-induced tax gain from leverage influences dividend policy. We … address this empirical void and find dividends decrease in the nominal dividend tax rate and increase in the offsetting tax …
Persistent link: https://www.econbiz.de/10012930234
This paper reconsiders the effects of dividend taxation. Particular attention is paid to the form of the "equity trap …
Persistent link: https://www.econbiz.de/10013316375
This paper explores implications of differential personal taxation for corporate investment and dividend decisions. The … personal tax advantage of dividend deferral causes shareholders to generally prefer greater investment in real assets under … internal as opposed to external financing. Furthermore, dividend deferral is shown to be costly at the corporate level, causing …
Persistent link: https://www.econbiz.de/10014052923