Grady, Patrick - Volkswirtschaftliche Fakultät, … - 1977
presented a Table showing the effect of substituting a marginal employment tax credit (METC)for the investment tax credit (ITC …) over the 1962 to 1971 period. Their METC was defined in terms of a rate times the increase in the wage bi11 over a base … defined to be the previous year's value. Any base, including the previous year's wage bill base, is of course merely a proxy …