Stimmelmayr, Michael
Investors' portfolio choice and tax reforms : the 2008 German corporate tax reform reconsidered / Michael Stimmelmayr .-- , 2018
Disponible también en formato electrónico a través de la Biblioteca del IEF.
Resumen.
Bibliografía.
The paper provides a comprehensive assessment of the growth and welfare effects of the 2008 German corporate tax reform, which entails a shift of the capital tax burden from the firm to the household level. Using a dynamic two-country computable generale quilibrium model with integrated capital markets, the results indicate a faint growth stimulus of the reform and a negative effect on domestic welfare. In fact, the reform increased
the double taxation of equity-financed corporate investment, thereby impeding firms’ investment. Further, the reform-induced tax incentives for foreigners to invest in German equity undermines the financing of the reform.
INVERSIONES
MERCADOS FINANCIEROS
IMPUESTO DE SOCIEDADES
SOCIEDADES EXTRANJERAS
ALEMANIA
MODELOS ECONOMETRICOS
FinanzArchiv 0015-2218 v. 74, n. 3, September 2018, p. 376-414
Investors' portfolio choice and tax reforms : the 2008 German corporate tax reform reconsidered / Michael Stimmelmayr .-- , 2018
Disponible también en formato electrónico a través de la Biblioteca del IEF.
Resumen.
Bibliografía.
The paper provides a comprehensive assessment of the growth and welfare effects of the 2008 German corporate tax reform, which entails a shift of the capital tax burden from the firm to the household level. Using a dynamic two-country computable generale quilibrium model with integrated capital markets, the results indicate a faint growth stimulus of the reform and a negative effect on domestic welfare. In fact, the reform increased
the double taxation of equity-financed corporate investment, thereby impeding firms’ investment. Further, the reform-induced tax incentives for foreigners to invest in German equity undermines the financing of the reform.
INVERSIONES
MERCADOS FINANCIEROS
IMPUESTO DE SOCIEDADES
SOCIEDADES EXTRANJERAS
ALEMANIA
MODELOS ECONOMETRICOS
FinanzArchiv 0015-2218 v. 74, n. 3, September 2018, p. 376-414