An Economic Analysis of the Taxation of Shares Under the Kirchhof' EStGB (Eine ökonomische Analyse der Besteuerung von Beteiligungen nach dem Kirchhof'schen EStGB)

The income tax code of law (EStGB) of Paul Kirchhof (Judge of the Federal Constitutional Court, retd.) is a proposal to reform the income tax and the corporate tax, which was much-noticed in politics and media. The article examines the taxation of shares under the EStGB. In particular effects on the marginal prices of the seller and the buyer as well as the impact on the decision problem to carry out a transaction as an asset deal or a share deal are analysed