Domestic tax policies must provide needed revenues for public infrastructure and social programs and must be structured to promote sustainable, growing, vibrant economies where individual rights and living standards are preserved or improved. We propose a macro-financial model be included with...

We extend Modigliani and Miller's capital structure models by adding government as the third major financial stakeholder. Government, through collection of taxes, joins equityholders and debtholders as recipients of the firm's net operating income. Assuming no new investment opportunities, we...

We extend Modigliani and Miller's value conserving capital structure model by adding government as the third major financial stakeholder, through collection of taxes. We demonstrate that the burden of corporate taxation eventually falls on shareowners. By shifting the tax incidence to...

We extend Myers' Adjusted Present Value method (Myers, 1974) and modify Modigliani and Miller's capital structure propositions (MM 1958, 1963) by adding government as the third major financial stakeholder. Stockholders, bondholders and government (federal and state) each possess a stake in the...