Arbeitspapier
Investors' Portfolio Choice and Tax Reforms: The 2008 German Corporate Tax Reform Reconsidered
The paper provides a comprehensive assessment of the latest German corporate income and capital tax reform, which entails a major shift of the capital tax burden from the firm to the household level. Using a dynamic two-country computable general equilibrium model with integrated capital markets, we show that economic growth and domestic welfare are negatively affected by the reform. Key to the limited growth is the domestic investors' portfolio choice as a channel for tax avoidance at the household (i.e. investor) level. While international investors may well counteract the negative impact on growth, their privileged tax treatment erodes the domestic capital income tax base and thus creates adverse welfare effects.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 5311
- Klassifikation
-
Wirtschaft
Business Taxes and Subsidies including sales and value-added (VAT)
Portfolio Choice; Investment Decisions
International Investment; Long-term Capital Movements
Computable and Other Applied General Equilibrium Models
- Thema
-
portfolio investment
corporate tax reform
foreign firm ownership
computable general equilibrium
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Stimmelmayr, Michael
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2015
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Stimmelmayr, Michael
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2015
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