Weisbach, David A.
Capital gains taxation and corporate investment / David A. Weisbach .-- , 2017
Disponible también en línea a través de la Biblioteca del Instituto de Estudios Fiscales. Resumen. Conclusión. Bibliografía.
This study examines the interaction of dividend taxes and capital gains taxes from the sale of stock. Capital gains taxes produce lock-in, increasing the required rate of return for a sale and reinvestment. Using a model of the new view of the corporate tax, this study shows that the lock-in effect when stock is sold determines the optimal dividend payment, increasing the required rate of return for corporate investment.As a result, capital gains taxes on sales of stock increase dividend payments andreduce investment. The new view result, that dividend taxes do not affect investment,however, survives in this setting. The study also considers differences betweendividends and repurchases andsales between heterogeneous investors, both whichalter the tax incentives forsales and distributions.
PLUSVALIAS
DIVIDENDOS
IMPUESTOS
INVERSIONES EMPRESARIALES
ESTADOS UNIDOS
National tax journalv. 70, n. 3, September 2017, p. 621-642
Capital gains taxation and corporate investment / David A. Weisbach .-- , 2017
Disponible también en línea a través de la Biblioteca del Instituto de Estudios Fiscales. Resumen. Conclusión. Bibliografía.
This study examines the interaction of dividend taxes and capital gains taxes from the sale of stock. Capital gains taxes produce lock-in, increasing the required rate of return for a sale and reinvestment. Using a model of the new view of the corporate tax, this study shows that the lock-in effect when stock is sold determines the optimal dividend payment, increasing the required rate of return for corporate investment.As a result, capital gains taxes on sales of stock increase dividend payments andreduce investment. The new view result, that dividend taxes do not affect investment,however, survives in this setting. The study also considers differences betweendividends and repurchases andsales between heterogeneous investors, both whichalter the tax incentives forsales and distributions.
PLUSVALIAS
DIVIDENDOS
IMPUESTOS
INVERSIONES EMPRESARIALES
ESTADOS UNIDOS
National tax journalv. 70, n. 3, September 2017, p. 621-642