Keuschnigg, Christian; Ribi, Evelyn - In: International Tax and Public Finance 20 (2013) 5, pp. 808-826
constraints, investment becomes sensitive to cash-flow. In this situation, even small taxes impose first order welfare losses, and … ACE and cash-flow tax systems are no longer neutral. When banks become active and provide monitoring services in addition … to finance, an ACE tax yields larger investment and welfare than an equal yield cash-flow tax. Copyright Springer Science …