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Do temporary business tax cuts matter? : a general equilibrium analysis
Gbohoui, William - 2019
This paper develops a dynamic general equilibrium model to assess the effects of temporary business tax cuts. First, the analysis extends the Ricardian equivalence result to an environment with production and establishes that a temporary tax cut financed by a future tax-increase has no real...
Persistent link: https://www.econbiz.de/10012009276
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The tax cuts and jobs act : an appraisal
Chalk, Nigel Andrew; Keen, Michael; Perry, Victoria - 2018
This paper assesses the landmark Tax Cuts and Jobs Act (TCJA), from the perspective of both the U.S. itself and the wider world. The reform has many positive aspects including steps to broaden the base of, and reduce marginal rates under, the personal income tax (PIT), reduce distortions to...
Persistent link: https://www.econbiz.de/10011905903
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U.S. investment since the Tax Cuts and Jobs Act of 2017
Kopp, Emanuel; Leigh, Daniel; Mursula, Susanna; … - 2019
There is no consensus on how strongly the Tax Cuts and Jobs Act (TCJA) has stimulated U.S. private fixed investment. Some argue that the business tax provisions spurred investment by cutting the cost of capital. Others see the TCJA primarily as a windfall for shareholders. We find that U.S....
Persistent link: https://www.econbiz.de/10012022032
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Financial frictions and stimulative effects of temporary corporate tax cuts
Gbohoui, William; Castro, Rui - 2019
This paper uses an industry equilibrium model where some firms are financially constrained to quantify the effects of a transitory corporate tax cut funded by a future tax increase on the U.S. economy. It finds that by increasing current cash-flows tax cuts alleviate financing frictions, hereby...
Persistent link: https://www.econbiz.de/10012021803
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The fiscal state-dependent effects of capital income tax cuts
Fotiou, Alexandra; Shen, Wenyi; Yang, Shu-Chun S. - 2020
Using the post-WWII data of U.S. federal corporate income tax changes, within a Smooth Transition VAR, this paper finds that the output effect of capital income tax cuts is government debt-dependent: it is less expansionary when debt is high than when it is low. To explore the mechanisms that...
Persistent link: https://www.econbiz.de/10012251390
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Global firms, national corporate taxes : an evolution of incompatibility
Hebous, Shafik - 2020
How did the rise of multinational enterprises (MNEs) put pressure on the prevailing international corporate tax framework? MNEs, and firms with market power, are not new phenomena, nor is the corporate income tax, which dates to the early 20th century. This prompts the question, what is...
Persistent link: https://www.econbiz.de/10012301968
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An Analysis of the Underground Economy and its Macroeconomic Consequences
Dabla-Norris, Era - 2003
This paper develops a dynamic computable general equilibrium model in which optimizing agents evade taxes by operating … in the underground economy. The cost to firms of evading taxes is that they find themselves subject to credit rationing … is lowered because of credit rationing. Taxes that are too low eliminate the underground economy, but result in …
Persistent link: https://www.econbiz.de/10014399682
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Pouring oil on fire : interest deductibility and corporate debt
Dallari, Pietro; End, Nicolas; Miryugin, Fedor; Tieman, … - 2018
This paper investigates the role of tax incentives towards debt finance in the buildup of leverage in the nonfinancial corporate (NFC) sector, using a large firm-level dataset. We find that so-called debt bias is a significant driver of leverage, for both small and medium-sized enterprises and...
Persistent link: https://www.econbiz.de/10011978432
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Death and taxes : does taxation matter for firm survival?
Cevik, Serhan; Miryugin, Fedor - 2019
This paper investigates the impact of taxation on firm survival, using hazard models and a large-scale panel dataset on over 4 million nonfinancial firms from 21 countries over the period 1995-2015. We find ample evidence that a lower level of effective marginal tax rate improves firms' survival...
Persistent link: https://www.econbiz.de/10012019820
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Corporate tax reform : from income to cash flow taxes
Carton, Benjamin; Fernandez-Corugedo, Emilio; Hunt, … - 2019
This paper uses a multi-region, forward-looking, DSGE model to estimate the macroeconomic impact of a tax reform that replaces a corporate income tax (CIT) with a destination-based cash-flow tax (DBCFT). Two key channels are at play. The first channel is the shift from an income tax to a...
Persistent link: https://www.econbiz.de/10012001561