Tassazione dei guadagni in conto capitale, investimenti e scelte finanziarie
NICODANO, Giovanna
1993-01-01
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Descrizione: Main takeaways The paper's central messages are: Capital gains taxation influences real investment decisions, not merely portfolio allocation. The effect depends critically on the source of finance (retained earnings, debt, or new equity). Dividend taxation and capital gains taxation must be analyzed jointly. Inflation substantially changes effective tax rates and investment incentives. Debt taxation receives preferential treatment in many systems because of interest deductibility. Most existing tax systems distort firms' capital structure and payout decisions. Tax reform should seek neutrality by integrating the taxation of dividends, capital gains, debt, and corporate income. From the 2026 perspective, the paper anticipated several themes that became central in the public finance and corporate finance literature over the following decades, particularly the integrated analysis of financing choices, payout policy, and effective marginal tax rates developed by Auerbach, Bradford, King, Fullerton, Devereux, and others.
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