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【外文翻译】

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1、外文文献翻译译文一、外文原文原文：TaxtreatmentofdividendsandcapitalgainsandthedividenddecisionunderdualincometaxThepaperanalysesefficiencyaspectsofadualincometaxsystemwithahighertaxoncapitalgainsthandividends.Itarguesthatapartfromthedistortionstoinvestmentsclaimedinearlierliterature,thesystemputse

2、venmoreemphasisincreatingincentivesforentrepreneurstoparticipateintaxplanning.Thepapersuggeststhattheownerofacloselyheldcompanycanavoidallpersonaltaxesonentrepreneurialincomebytwotax-planningstrategies.Thefirstistheavoidanceofdistributions,whichwouldbetaxedatthetaxrateonlabourinco

3、me.Thesefundswouldinsteadbeinvestedinthefinancialmarkets.Thesecondstrategyisadistributeandcall-backpolicy,convertingretainedprofitsintonewequitycapital.Interestingly,theoutcomeisthatinvestmentinrealcapitalisnotdistortedinthelong-runequilibrium.Empiricalevidenceusingmicrodataisalso

4、provided.Thetaxationofdividendshasattractedrenewedattentioninpubliceconomicsliteratureinrecentyears,partlybecauseoftheUS2003taxreformwhichintroducedconsiderablecutstothetaxratesondividendincome.Severalstudieshaveusedthereformasa“natural”experimenttobringnewunderstandingontheeffect

5、sofdividendtaxationoncorporatebehaviour.Oneoftheissuesishowthechangeintherelativetaxburdenbetweendividendsandcapitalgainsaffecteddividendpay-outbehaviour(Poterba2004;ChettyandSaez2005;GordonandDietz2006).Anothertopicalthemeinpubliceconomicsisincomeshiftingbetweendifferenttaxbases.

6、WhiletheUSliteraturehasmainlyfocusedonshiftingbetweencorporateandindividualincometaxbases(GordonandSlemrod2000),theEuropeandebatealsopaysattentiontotheincentivesgeneratedbythetaxratedifferentialsbetweenindividuallabourandcapitalincome(Sørensen2005b).Onthebackgroundistherecenttrend

7、towardslownominaltaxratesoncapitalincome.TheNordicdualincometaxation(DIT),whichcombinesprogressivetaxationoflabourincomewithproportionaltaxoncapitalincome,hasreceivedgrowingattentionintheinternationaldebate.1Astheliteratureexplains,thereareseveraltheoreticalandpracticalargumentsin

8、favourofDIT.However,sincethereisa