Artikel

Personal Taxation of Capital Income and the Financial Leverage of Firms

zu Verbundenen Objekten

Tax competition for capital has led to a trend where many countries levy lower taxes on interest income, often introducing differential taxation between interest and business income. This study analyzes the effect on firm debt usage. We exploit Germany's 2009 tax reform, which introduced a final withholding tax on interest income with a flat rate 18 percentage points below the unchanged tax rate on income from unincorporated businesses, as a quasi-experiment. The results, based on firm-level panel data, indicate that firms increase their leverage when the tax rate on interest income decreases, albeit to a small degree.

Sprache
Englisch

Erschienen in
Journal: International Tax and Public Finance ; ISSN: 1573-6970 ; Volume: 23 ; Year: 2016 ; Issue: 1 ; Pages: 48-81 ; Berlin: Springer

Klassifikation
Wirtschaft
Business Taxes and Subsidies including sales and value-added (VAT)
Personal Income and Other Nonbusiness Taxes and Subsidies; includes inheritance and gift taxes
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Thema
Income taxation
Capital taxation
Financial structure
Leverage
Matching

Ereignis
Geistige Schöpfung
(wer)
Fossen, Frank M.
Simmler, Martin
Ereignis
Veröffentlichung
(wer)
Springer
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
(wo)
Berlin
(wann)
2016

DOI
doi:10.1007/s10797-015-9349-0
Handle
Letzte Aktualisierung
10.03.2025, 11:46 MEZ

Datenpartner

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Objekttyp

  • Artikel

Beteiligte

  • Fossen, Frank M.
  • Simmler, Martin
  • Springer
  • ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft

Entstanden

  • 2016

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