Corporate Tax Cuts and the Decline in the Manufacturing Labor Share

IF 6.6 1区经济学 Q1 ECONOMICS

Econometrica Pub Date : 2023-12-07 DOI:10.3982/ECTA17702

Barış Kaymak, Immo Schott

引用次数: 0

Abstract

We document a strong empirical connection between corporate taxation and the manufacturing labor share, both in the US and across OECD countries. Our estimates associate 30 to 60% of the observed decline in labor shares with the fall in corporate taxation. Using an equilibrium model of an industry where firms differ in their capital intensities, we show that lower corporate tax rates reduce the labor share by raising the market share of capital-intensive firms. The tax elasticity of the labor share depends on the joint distribution of labor intensities and value added at the micro level. Given the empirical distribution in the US manufacturing sector, our quantitative analysis suggests that corporate tax cuts explain a significant part of the decline in the manufacturing labor share since the 1950s. The shift away from traditionally large, labor-intensive production units raised the concentration of market shares and reduced the concentration of employment.

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企业减税与制造业劳动力比重下降

无论是在美国还是在经合组织国家，我们都记录了企业税与制造业劳动力份额之间的密切经验联系。根据我们的估算，在观察到的劳动份额下降中，有 30% 至 60% 与公司税下降有关。利用企业资本密集度不同的行业均衡模型，我们发现，降低企业税率会提高资本密集型企业的市场份额，从而降低劳动份额。劳动份额的税收弹性取决于劳动密集程度和附加值在微观层面的共同分布。鉴于美国制造业的经验分布，我们的定量分析表明，企业减税可以解释自 20 世纪 50 年代以来制造业劳动份额下降的很大一部分原因。传统的大型劳动密集型生产单位的转移提高了市场份额的集中度，降低了就业集中度。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Econometrica 社会科学-数学跨学科应用

CiteScore

11.00

自引率

3.30%

发文量

审稿时长

6-12 weeks

期刊介绍： Econometrica publishes original articles in all branches of economics - theoretical and empirical, abstract and applied, providing wide-ranging coverage across the subject area. It promotes studies that aim at the unification of the theoretical-quantitative and the empirical-quantitative approach to economic problems and that are penetrated by constructive and rigorous thinking. It explores a unique range of topics each year - from the frontier of theoretical developments in many new and important areas, to research on current and applied economic problems, to methodologically innovative, theoretical and applied studies in econometrics. Econometrica maintains a long tradition that submitted articles are refereed carefully and that detailed and thoughtful referee reports are provided to the author as an aid to scientific research, thus ensuring the high calibre of papers found in Econometrica. An international board of editors, together with the referees it has selected, has succeeded in substantially reducing editorial turnaround time, thereby encouraging submissions of the highest quality. We strongly encourage recent Ph. D. graduates to submit their work to Econometrica. Our policy is to take into account the fact that recent graduates are less experienced in the process of writing and submitting papers.

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