Distributions to Shareholders: Dividends and Repurchases Questions

How would each of the following changes tend to affect aggregate payout ratios (that is, the average for all corporations), other things held constant? Explain your answers.

a. An increase in the personal income tax rate

b. A liberalization of depreciation for federal income tax purposes—that is, faster tax write-offs

c. A rise in interest rates

d. An increase in corporate profits