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Optimale Eigenfinanzierung der Personenunternehmen nach der Unternehmensteuerreform 2008/2009

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  • Homburg, Stefan
  • Houben, Henriette
  • Maiterth, Ralf

Abstract

Effective from 2008, Germany's top marginal income tax rate rises from 42 to 45 per cent. However, sole proprietorships and partnerships can opt for a preferential tax rate of 28.25 per cent for retained profits (§ 34a EStG). If they do so, profits are taxed again upon distribution. Using corporate finance tools, we analyse in detail whether or not the option is favourable. However, these wols do not suffice since the new tax regime is too complicated. Costs of capital cannot be calculated explicitly any more, but we derive exact implicit characterizations. Concrete numerical examples are also provided.

Suggested Citation

  • Homburg, Stefan & Houben, Henriette & Maiterth, Ralf, 2008. "Optimale Eigenfinanzierung der Personenunternehmen nach der Unternehmensteuerreform 2008/2009," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 29-47.
  • Handle: RePEc:zbw:espost:95872
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    References listed on IDEAS

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    1. Homburg, Stefan, 2007. "Die Abgeltungsteuer als Instrument der Unternehmensfinanzierung," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 686-690.
    2. Homburg, Stefan & Houben, Henriette & Maiterth, Ralf, 2007. "Rechtsform und Finanzierung nach der Unternehmensteuerreform 2008," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 376-381.
    3. Sorensen, Peter Birch, 1995. "Changing Views of the Corporate Income Tax," National Tax Journal, National Tax Association;National Tax Journal, vol. 48(2), pages 279-294, June.
    4. Sorensen, Peter Birch, 1995. "Changing Views of the Corporate Income Tax," National Tax Journal, National Tax Association, vol. 48(2), pages 279-94, June.
    5. Lachmund, Andreas & Kiesewetter, Dirk, 2004. "Wirkungen einer Abgeltungssteuer auf Investitionsentscheidungen und Kapitalstruktur von Unternehmen," Tübinger Diskussionsbeiträge 278, University of Tübingen, School of Business and Economics.
    6. Homburg, Stefan, 2010. "Allgemeine Steuerlehre: Kapitel 1. Grundbegriffe der Steuerlehre," EconStor Books, ZBW - Leibniz Information Centre for Economics, number 92547.
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    More about this item

    Keywords

    Income tax; Retained earnings;

    JEL classification:

    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies

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