Besteuerung des Nichts — Steuerarbitrage und das schwindende Aufkommen bei Kapitaleinkommensteuern

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Besteuerung des Nichts — Steuerarbitrage und das schwindende Aufkommen bei Kapitaleinkommensteuern

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Dirk Schindler () (Department of Economics, University of Konstanz)

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Dirk Schindler

Abstract

In einem Ein-Perioden-Modell werden die Auswirkungen des deutschen Steuerrechts zur Kapitalbesteuerung auf das Kapitalmarktgleichgewicht untersucht. Dabei modellieren wir sowohl einen Unternehmenssektor, der der Körperschaftsteuer unterliegt, als auch Privatinvestoren, die einkommensteuerpflichtig sind. Es zeigt sich, daß weder lokale Steuerarbitrage noch Steuerclientele auftreten. Erweitert man das Modell um Aktien und Finanzderivate verschwindet die Steuerbasis für Kapitalertragsteuern im Rahmen der Einkommensteuer, sodaß das Steueraufkommen hieraus auf Null fällt.

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Paper provided by Center of Finance and Econometrics, University of Konstanz in its series CoFE Discussion Paper with number 02-16.

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Length: 25 pages
Date of creation: 22 Aug 2002
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Handle: RePEc:knz:cofedp:0216

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Find related papers by JEL classification:
G12 - Financial Economics - - General Financial Markets - - - Asset Pricing
H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies

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Dammon, Robert M & Green, Richard C, 1987. " Tax Arbitrage and the Existence of Equilibrium Prices for Financial Assets," Journal of Finance, American Finance Association, vol. 42(5), pages 1143-66, December. [Downloadable!] (restricted)
Ross, Stephen A, 1987. "Arbitrage and Martingales with Taxation," Journal of Political Economy, University of Chicago Press, vol. 95(2), pages 371-93, April. [Downloadable!] (restricted)
Julian Alworth, 1998. "Taxation and Integrated Financial Markets: The Challenges of Derivatives and Other Financial Innovations," International Tax and Public Finance, Springer, vol. 5(4), pages 507-534, October. [Downloadable!] (restricted)
Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, vol. 32(2), pages 261-75, May. [Downloadable!] (restricted)

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