Follow the money! Combining household and firm-level evidence to unravel the tax elasticity of dividend
Laurent Bach
(1, 2)
,
Antoine Bozio
(3, 4, 2, 5)
,
Brice Fabre
(4, 2, 3)
,
Arthur Guillouzouic
(4, 2, 6)
,
Claire Leroy
(2, 4)
,
Clément Malgouyres
(2, 4)
Laurent Bach
- Fonction : Auteur
- PersonId : 1270728
- ORCID : 0000-0002-7081-6502
- IdRef : 264909550
Antoine Bozio
- Fonction : Auteur
- PersonId : 743083
- IdHAL : antoine-bozio
- ORCID : 0000-0003-0201-6148
- IdRef : 129539597
Arthur Guillouzouic
- Fonction : Auteur
- PersonId : 1177482
- IdRef : 231166893
Clément Malgouyres
- Fonction : Auteur
- PersonId : 1331600
- IdHAL : clement-malgouyres
- ORCID : 0000-0002-2711-7669
- IdRef : 272233927
Résumé
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.
Domaines
Economies et financesFormat du dépôt | Fichier |
---|---|
Type de dépôt | Pré-publication, Document de travail |
Titre |
en
Follow the money! Combining household and firm-level evidence to unravel the tax elasticity of dividend
|
Résumé |
en
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.
|
Auteur(s) |
Laurent Bach
1, 2
, Antoine Bozio
3, 4, 2, 5
, Brice Fabre
4, 2, 3
, Arthur Guillouzouic
4, 2, 6
, Claire Leroy
2, 4
, Clément Malgouyres
2, 4
1
ESSEC Business School
( 301020 )
- 1, avenue Bernard Hirsch
CS 50105 Cergy
95021 Cergy Pontoise Cedex
France
Tél : +33 (0)1 34 43 30 00
Fax : +33 (0)1 34 43 30 01
- France
2
IPP -
Institut des politiques publiques
( 266522 )
- 48 boulevard Jourdan 75014 Paris
- France
3
PJSE -
Paris Jourdan Sciences Economiques
( 1171428 )
- 48 boulevard Jourdan 75014 Paris
- France
4
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
5
Institute for Fiscal Studies
( 321845 )
- Royaume-Uni
6
Sciences Po -
Sciences Po
( 301587 )
- 27, rue Saint-Guillaume - 75337 Paris cedex 07
- France
|
Langue du document |
Anglais
|
Date de production/écriture |
2019-12
|
Domaine(s) |
|
Mots-clés (JEL) |
|
Référence interne |
|
Mots-clés |
en
Dividend tax, Intertemporal income shifting, Firm behavior
|
Origine :
Fichiers produits par l'(les) auteur(s)
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