红利和资本收益的税收策略和在双重税收标准下的分红决策.docVIP

外文文献翻译译文 一、外文原文 原文： Tax treatment of dividends and capital gains and the dividend decision under dual income tax The paper analyses efficiency aspects of a dual income tax system with a higher tax on capital gains than dividends. It argues that apart from the distortions to investments claimed in earlier literature, the system puts even more emphasis in creating incentives for entrepreneurs to participate in tax planning. The paper suggests that the owner of a closely held company can avoid all personal taxes on entrepreneurial income by two tax-planning strategies. The first is the avoidance of distributions, which would be taxed at the tax rate on labour income. These funds would instead be invested in the financial markets. The second strategy is a distribute and call-back policy, converting retained profits into new equity capital. Interestingly, the outcome is that investment in real capital is not distorted in the long-run equilibrium. Empirical evidence using micro data is also provided. The taxation of dividends has attracted renewed attention in public economics literature in recent years, partly because of the US 2003 tax reform which introduced considerable cuts to the tax rates on dividend income. Several studies have used the reform as a “natural” experiment to bring new understanding on the effects of dividend taxation on corporate behaviour. One of the issues is how the change in the relative tax burden between dividends and capital gains affected dividend pay-out behaviour (Poterba 2004; Chetty and Saez 2005; Gordon and Dietz 2006). Another topical theme in public economics is income shifting between different tax bases. While the US literature has mainly focused on shifting between corporate and individual income tax bases (Gordon and Slemrod 2000), the European debate also pays attention to the incentives generated by the tax rate differentials between individual labour and capital income (S?rensen 2005b). On the background is the recent trend to