Who gains from corporate tax cuts?

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Monetary Economics Pub Date : 2025-01-01 DOI:10.1016/j.jmoneco.2024.103722

James Cloyne , Ezgi Kurt , Paolo Surico

引用次数: 0

Abstract

Goods producers increase their capital expenditure and employment in response to a cut in marginal corporate income tax rates or an increase in investment tax credits. In contrast, companies in the service sector mostly use any tax windfall to increase dividend payouts. We base our conclusions on a novel measure of U.S. firm-specific tax shocks that combines changes in statutory tax rates faced by each firm with narrative identified legislated U.S. federal tax changes between 1950 and 2006.

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谁从企业减税中获益？

商品生产商增加资本支出和就业，以应对边际企业所得税税率的下调或投资税收抵免的增加。相比之下，服务行业的公司大多利用任何税收意外之财来增加派息。我们的结论基于对美国公司特定税收冲击的一种新测量，该测量将每家公司所面临的法定税率变化与1950年至2006年间美国联邦立法税收变化相结合。

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

Journal of Monetary Economics Multiple-

CiteScore

7.20

自引率

4.90%

发文量

审稿时长

74 days

期刊介绍： The profession has witnessed over the past twenty years a remarkable expansion of research activities bearing on problems in the broader field of monetary economics. The strong interest in monetary analysis has been increasingly matched in recent years by the growing attention to the working and structure of financial institutions. The role of various institutional arrangements, the consequences of specific changes in banking structure and the welfare aspects of structural policies have attracted an increasing interest in the profession. There has also been a growing attention to the operation of credit markets and to various aspects in the behavior of rates of return on assets. The Journal of Monetary Economics provides a specialized forum for the publication of this research.