The Domestic Consequences of Alternative Systems of Corporate Taxation

Abstract
Four different approaches to the integration of corporate and personal income taxes are discussed in terms of their effects upon the dividend payout ratio, total private saving, corporate investment, allocative efficiency and equity. It is concluded that the choice between the approaches must weigh (a) the relative importance of these considerations, (b) the degree of shifting of the corporate tax, and (c) the severity of the capital gains tax with which it will be associated.

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