Follow the money! Combining household and firm-level evidence to unravel the tax elasticity of dividend
| Autor: | Antoine Bozio, Laurent Bach, Claire Leroy, Brice Fabre, Clément Malgouyres, Arthur Guillouzouic |
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| Přispěvatelé: | ESSEC Business School, Essec Business School, Institut des politiques publiques (IPP), Paris-Jourdan Sciences Economiques (PSE), École normale supérieure - Paris (ENS Paris)-Institut National de la Recherche Agronomique (INRA)-École des hautes études en sciences sociales (EHESS)-École des Ponts ParisTech (ENPC)-Centre National de la Recherche Scientifique (CNRS), Paris School of Economics (PSE), Paris Jourdan Sciences Economiques (PJSE), Université Panthéon-Sorbonne (UP1)-École normale supérieure - Paris (ENS Paris)-Institut National de la Recherche Agronomique (INRA)-École des hautes études en sciences sociales (EHESS)-École des Ponts ParisTech (ENPC)-Centre National de la Recherche Scientifique (CNRS), Institute for Fiscal Studies, Sciences Po Paris - Institut d'études politiques de Paris (IEP Paris), École normale supérieure - Paris (ENS Paris), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Institut National de la Recherche Agronomique (INRA)-École des hautes études en sciences sociales (EHESS)-École des Ponts ParisTech (ENPC)-Centre National de la Recherche Scientifique (CNRS), École des Ponts ParisTech (ENPC)-École normale supérieure - Paris (ENS Paris), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS)-École des hautes études en sciences sociales (EHESS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), Université Paris 1 Panthéon-Sorbonne (UP1)-École normale supérieure - Paris (ENS Paris), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-École des hautes études en sciences sociales (EHESS)-École des Ponts ParisTech (ENPC)-Centre National de la Recherche Scientifique (CNRS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), Sciences Po (Sciences Po) |
| Jazyk: | angličtina |
| Rok vydání: | 2019 |
| Předmět: |
JEL: G - Financial Economics/G.G3 - Corporate Finance and Governance/G.G3.G35 - Payout Policy
050208 finance Firm behavior media_common.quotation_subject 05 social sciences Monetary economics JEL: O - Economic Development Innovation Technological Change and Growth/O.O1 - Economic Development/O.O1.O16 - Financial Markets • Saving and Capital Investment • Corporate Finance and Governance Intertemporal income shifting [SHS.ECO]Humanities and Social Sciences/Economics and Finance Dividend tax JEL: H - Public Economics/H.H2 - Taxation Subsidies and Revenue/H.H2.H24 - Personal Income and Other Nonbusiness Taxes and Subsidies Personal income Cash 0502 economics and business 8. Economic growth Economics Dividend Balance sheet 050207 economics Elasticity (economics) Follow the money Corporate tax media_common |
| Popis: | We estimate the tax elasticity of dividends using two recent French re- forms: a hike in the dividend tax rate followed, five years later, by a cut. To follow the cash movements within the balance sheets of households and firms caused by these reforms, we use newly-accessible personal and cor- porate tax registries. Following the tax increase, the elasticity of dividends equals four and there is no shifting towards other personal income cate- gories. We find instead an increase in companies’ spending. After the tax decrease, payouts revert to their initial level, but not enough to offset the amounts received during the high-tax period. |
| Databáze: | OpenAIRE |
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