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Follow the money! Combining household and firm-level evidence to unravel the tax elasticity of dividend

Abstract : 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.
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https://shs.hal.science/halshs-02415470
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Submitted on : Tuesday, December 17, 2019 - 10:12:45 AM
Last modification on : Friday, April 29, 2022 - 10:13:22 AM
Long-term archiving on: : Wednesday, March 18, 2020 - 1:42:31 PM

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  • HAL Id : halshs-02415470, version 1

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Laurent Bach, Antoine Bozio, Brice Fabre, Arthur Guillouzouic, Claire Leroy, et al.. Follow the money! Combining household and firm-level evidence to unravel the tax elasticity of dividend. 2019. ⟨halshs-02415470⟩

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