| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21003 |
| 来源ID | Working Paper 21003 |
| Capital Tax Reform and the Real Economy: The Effects of the 2003 Dividend Tax Cut | |
| Danny Yagan | |
| 发表日期 | 2015-03-09 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | This paper tests whether the 2003 dividend tax cut—one of the largest reforms ever to a U.S. capital tax rate—stimulated corporate investment and increased labor earnings, using a quasi-experimental design and U.S. corporate tax returns from years 1996-2008. I estimate that the tax cut caused zero change in corporate investment and employee compensation. Economically, the statistical precision challenges leading estimates of the cost-of-capital elasticity of investment, or undermines models in which dividend tax reforms affect the cost of capital. Either way, it may be difficult to implement an alternative dividend tax cut that has substantially larger near-term effects. |
| 主题 | Financial Economics ; Corporate Finance ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w21003 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/578677 |
| 推荐引用方式 GB/T 7714 | Danny Yagan. Capital Tax Reform and the Real Economy: The Effects of the 2003 Dividend Tax Cut. 2015. |
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