This study explores the hypothesis that the 2003 tax cuts on dividends and capital gains generated an increase in aggregate dividends and aggregate share repurchases in the US after 2003. I find that the 2003 tax reform leads to a rise in both types of payouts in the General Equilibrium setting...

Die öffentliche Kritik, die 2010 der Senkung des Umsatzsteuer-Tarifs für Hotelübernachtungen von 19% auf 7% folgte, war insoweit überraschend, als der traditionellen Inzidenz-Hypothese zufolge Tarifsenkungen der Umsatzsteuer durch Preissenkungen Konsumenten zugutekommen. Sie wäre berechtigt...

In den vergangenen Jahren ist das Aufkommen aus der Unternehmensbesteuerung in Deutschland häufig weniger stark zurückgegangen, als es aufgrund reduzierter tariflicher Steuersätze zu erwarten gewesen wäre. Grund hierfür sind sogenannte Selbstfinanzierungseffekte. Diese ergeben sich aus...

Corporate tax reforms carried out in EU countries since 1980 entail lower statutory tax rates and reductions in generous tax depreciation provisions. Several countries including the UK have reduced tax rates for SMEs. This study compares incentive effects of such reforms on the SMEs? investment...

In 2001, the European Commission proposed replacing the current system of taxation of multinational companies by the taxation of a consolidated base, computed at the level of all the European entities of a multijurisdictional enterprise, and then distributed for taxation purposes between the...

This paper investigates replacing separate taxation by consolidation and formulary apportionment in a Bottom-up Federation, when a multijurisdictional firm is mobile in various respects. The reform is decided cooperatively by all the jurisdictions or by some of them, while tax rates remain...

Using register-based panel data covering all Finnish firms in 1999-2004, we examine how corporations anticipated the 2005 dividend tax increase via changes in their dividend and investment policies. The Finnish capital and corporate income tax reform of 2005 creates a useful opportunity to...

This paper argues that profit-shifting activities of multi-jurisdictional enterprises (MJE) are maintained under a tax system of consolidation and formula apportionment (FA). A theoretical model discusses how an MJE can exploit its impact on the definition of the consolidated group...

We estimate the impact of effective profit taxation on the financial leverage of corporations on the basis of a pseudo-panel constructed from corporate tax return micro data for the period 1998-2001, a period which saw the introduction of a major corporate tax reform in Germany. The financial...