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来源类型Working Paper
规范类型报告
DOI10.3386/w23675
来源IDWorking Paper 23675
Simulating Business Cash Flow Taxation: An Illustration Based on the \u201cBetter Way\u201d Corporate Tax Reform
Seth G. Benzell; Laurence J. Kotlikoff; Guillermo LaGarda
发表日期2017-08-14
出版年2017
语种英语
摘要The U.S., according to some measures, has one of the highest marginal effective corporate tax rates (METRs) of any developed country. Yet the tax collects less than 2 percent of GDP. This paper studies the impact of replacing the U.S. corporate tax with a Business Cash Flow Tax (BCFT). Our paper studies BCFT reform with reference to a particular, but reasonably generic, proposal, namely the House Republican “Better Way” tax plan. We use the Global Gaidar Model – a 17-region, global, overlapping-generations model, calibrated to U.N. demographic and IMF fiscal data – to simulate the dynamic, general equilibrium impact of this reform. In the short run, the U.S. capital stock, pre-tax wage rates, and GDP rise by roughly 25 percent, 8 percent, and 9 percent, respectively. Over time, the capital stock and wage rates remain significantly above their baseline values. There is a smaller long-run increase in GDP as workers spend some of their higher wages on additional leisure. The tax reform produces enough additional revenues to permit a reduction in personal income tax rates while maintaining the economy's initial debt-to-GDP ratio. The beneficiaries of the House plan are today's and tomorrow's workers. We also simulate a matching METR cut by the rest of the world, which raises the world interest rate. The short-run increases in the capital stock, pre-tax wage rates, and GDP are smaller. However, along the transition path, all U.S. agents experience slightly higher welfare than under the House plan. This reflects the combination of a higher post-corporate tax world interest rate and Americans' disproportionately large holdings of global assets
主题Macroeconomics ; International Economics ; International Macroeconomics ; Public Economics ; Taxation ; National Fiscal Issues
URLhttps://www.nber.org/papers/w23675
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/581349
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Seth G. Benzell,Laurence J. Kotlikoff,Guillermo LaGarda. Simulating Business Cash Flow Taxation: An Illustration Based on the \u201cBetter Way\u201d Corporate Tax Reform. 2017.
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