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Investors' Portfolio Choice and Tax Reforms: The 2008 German Corporate Tax Reform Reconsidered

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The paper provides a comprehensive assessment of the growth and welfare effects of the 2008 German corporate tax reform, which entails a 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, the results indicate a faint growth stimulus of the reform and a negative effect on domestic welfare. In fact, the reform increased the double taxation of equity-financed corporate investment, thereby impeding firms' investment. Further, the reform-induced tax incentives for foreigners to invest in German equity undermines the financing of the reform.
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Keywords: CORPORATE TAX REFORM; DYNAMIC COMPUTABLE GENERAL-EQUILIBRIUM ANALYSIS; FOREIGN FIRM OWNERSHIP; PORTFOLIO INVESTMENT

Document Type: Research Article

Publication date: 01 September 2018

This article was made available online on 11 June 2018 as a Fast Track article with title: "Investors’ Portfolio Choice and Tax Reforms: The 2008 German Corporate Tax Reform Reconsidered".

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  • As one of the world's oldest professional journals in public finance, founded in 1884, FinanzArchiv (FA) publishes original work from all fields of public economics which are of interest to an international readership, e.g. taxation, public debt, public goods, public choice, federalism, market failure, social policy, and the welfare state. Special emphasis is on high-quality theoretical and empirical papers on current policy issues.

    FA is a peer-reviewed journal commited to a prompt turnaround of submissions.

    FA is listed in the Social Science Citation Index (SSCI), in Current Contents/Social and Behavioral Sciences, in Econ Lit, in the Journal of Economic Literature, in IDEAS and RePEc and in the International Bibliography of the Social Sciences.

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