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Optimale Eigenfinanzierung der Personenunternehmen nach der Unternehmensteuerreform 2008/2009

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

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-E). 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 tools 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.

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File URL: http://diskussionspapiere.wiwi.uni-hannover.de/pdf_bib/dp-365.pdf
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Paper provided by Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät in its series Hannover Economic Papers (HEP) with number dp-365.

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Length: 18 pages
Date of creation: May 2007
Date of revision:
Handle: RePEc:han:dpaper:dp-365
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  1. Homburg, Stefan, 2007. "Die Abgeltungsteuer als Instrument der Unternehmensfinanzierung," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 686-690.
  2. Kiesewetter, Dirk & Lachmund, Andreas, 2004. "Wirkungen einer Abgeltungssteuer auf Investitionsentscheidungen und Kapitalstruktur von Unternehmen
    [Effects of a flat rate tax on investment decisions and capital structure of companies]
    ," MPRA Paper 27177, University Library of Munich, Germany.
  3. Homburg, Stefan, 2010. "Allgemeine Steuerlehre," EconStor Books, ZBW - German National Library of Economics, number 92547, April.
  4. Homburg, Stefan & Houben, Henriette & Maiterth, Ralf, 2007. "Rechtsform und Finanzierung nach der Unternehmensteuerreform 2008," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 376-381.
  5. Sorensen, Peter Birch, 1995. "Changing Views of the Corporate Income Tax," National Tax Journal, National Tax Association, vol. 48(2), pages 279-94, June.
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