Dividend and capital gains taxation under incomplete markets
成果类型：
Article
署名作者：
Anagnostopoulos, Alexis; Carceles-Poveda, Eva; Lin, Danmo
署名单位：
State University of New York (SUNY) System; Stony Brook University; University System of Maryland; University of Maryland College Park
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2012.06.007
发表日期：
2012
页码：
599-611
关键词：
摘要：
Motivated by the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) of 2003, the effects of capital income tax cuts are investigated in an economy with heterogeneous households and a representative, mature firm. Dividend tax cuts, contrary to capital gains tax cuts, lead to a decrease in investment and capital. This is because they increase the market value of existing capital and households require a higher return to hold this additional wealth. In line with empirical evidence, the model predicts substantial increases in dividends and stock prices. Overall, the tax cuts lead to a welfare reduction equivalent to a consumption drop of 0.5%. Published by Elsevier B.V.
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