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

Laurent Bach, Antoine Bozio (), Brice Fabre, Arthur Guillouzouic, Claire Leroy and Clément Malgouyres ()
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Laurent Bach: ESSEC Business School - Essec Business School, IPP - Institut des politiques publiques
Brice Fabre: PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, IPP - Institut des politiques publiques, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement
Arthur Guillouzouic: PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, IPP - Institut des politiques publiques, Sciences Po - Sciences Po
Claire Leroy: IPP - Institut des politiques publiques, PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

PSE Working Papers from HAL

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.

Keywords: Firm behavior; Dividend tax; Intertemporal income shifting (search for similar items in EconPapers)
Date: 2019-12
New Economics Papers: this item is included in nep-acc and nep-eur
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-02415470
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Working Paper: Follow the money! Combining household and firm-level evidence to unravel the tax elasticity of dividend (2019) Downloads
Working Paper: Follow the money! Combining household and firm-level evidence to unravel the tax elasticity of dividend (2019) Downloads
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