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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-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.

Suggested Citation

  • Homburg, Stefan & Houben, Henriette & Maiterth, Ralf, 2007. "Optimale Eigenfinanzierung der Personenunternehmen nach der Unternehmensteuerreform 2008/2009," Hannover Economic Papers (HEP) dp-365, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
    • Handle: RePEc:han:dpaper:dp-365
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    References listed on IDEAS

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    1. Hans-Werner Sinn, 1991. "Taxation and the Cost of Capital: The "Old" View, the "New" View, and Another View," NBER Chapters, in: Tax Policy and the Economy, Volume 5, pages 25-54, National Bureau of Economic Research, Inc.
    2. Arnold C. Harberger, 1962. "The Incidence of the Corporation Income Tax," Journal of Political Economy, University of Chicago Press, vol. 70(3), pages 215-215.
    3. 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, vol. 60(9), pages 376-381.
    4. 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.
    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.
    7. Maiterth, Ralf & Sureth, Caren, 2006. "Unternehmensfinanzierung, Unternehmensrechtsform und Besteuerung," arqus Discussion Papers in Quantitative Tax Research 15, arqus - Arbeitskreis Quantitative Steuerlehre.
    8. Homburg, Stefan, 2007. "Die Abgeltungsteuer als Instrument der Unternehmensfinanzierung," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 45(15), pages 686-690.
    9. 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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    More about this item

    Keywords

    Business Taxes; German Income Tax;

    JEL classification:

    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing

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