Table 6 DACT analysis for transfer income tax rate changes

Date of implementation	Before or after implementation	Group 1	Group 2	Group 3	Group 4
2011-01-011 Firstratehike	Before	0.341
	After	0.260
2012-01-01 Second rate hike	Before	0.357	0.129
	After	0.283	0.094
2009-01-01 First rate cut	Before	0.355	0.564	0.317	0.238
	After	0.377	0.240	0.446	0.225
2010-01-01 Second rate cut	Before	0.256	0.131
	After	0.278	0.155
Statistical test		Tax cut chi square	24.129…	Tax hike chi square	26.643…