Kari, Seppo; Laitila, Jussi - Valtion taloudellinen tutkimuskeskus (VATT), Government … - 2012
This paper analyses the implications of a non-linear dividend tax in a life-cycle model of the firm. In the model new firms first enter markets, then grow, financing from retained earnings and finally distribute their profits in the steady state. We find that under a non-linear tax the owners...