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Journal Article
Tax reform and investment: how big an impact?
Journal Article
The mystery of falling state corporate income taxes
The share of corporate profits in the U.S. collected by state governments via the corporate income tax has fallen sharply in the past quarter century. Some commentators have even referred to this as the "disappearance" of the state corporate income tax (SCIT). Such claims, of course, are an exaggeration--after all, a longer perspective reveals that the share of profits collected by state corporate income taxes was actually lower in the 1960s than it is now. Nonetheless, state public finance experts and state policymakers surely are correct in noting that, since around 1980, corporate ...
Conference Paper
An overall assessment - is it worth it?
Journal Article
Trends in federal taxation since 1950
An abstract for this article is not available
Working Paper
The economic effects of corporate taxes in a stochastic growth model
The Economic Recovery Act of 1981 led to the largest postwar decline in effective tax rates on capital. The legislation also had its most significant effect on rates in 1982 due to the rapid decline in inflation. Although some of the tax cut was rescinded in 1982, effective corporate tax rates on plant and equipment, measured as the difference between before and after-tax rates on return to capital as a percentage of before-tax rates of return, remained at historically low values though 1986. Accompanying this tax cut is the current economic recovery which began in November, 1982. It is ...
Working Paper
Investment, accounting, and the salience of the corporate income tax
This paper develops and tests the hypothesis that accounting rules mitigate the impact of tax policy on investment decisions by obscuring the timing of tax payments. I model a firm that maximizes a discounted weighted average of after-tax cash flows and accounting profits. The cost of capital and the impact of tax incentives for investment both depend on the weight placed on accounting profits. I estimate this weight by comparing the effectiveness of tax incentives that do and do not affect accounting profits. Investment tax credits, which do affect accounting profits, have more impact on ...
Journal Article
Structuring corporate taxes for a more productive economy