Tax Policy and Capital Allocation

Dale W. Jorgenson · Kun‐Young Yun

79 citations0/0 files storedScandinavian Journal of Economics

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Economic and Fiscal Studies Corporate Taxation and Avoidance Fiscal Policy and Economic Growth

Abstract

Summary The purpose of this paper is to analyze the impact of U.S. tax policy on the efficiency of capital allocation. To achieve this objective, we employ an intertemporal general equilibrium model of the U.S. economy, implemented econometrically for annual data covering the period 1955-1980. We present a detailed model of the provisions of U.S. tax law applicable to income from capital. We use intertemporal equilibrium paths corresponding to alternative tax policies to evaluate proposals for tax reform. We find that dramatic gains in economic welfare would result from a shift from direct to indirect taxation.

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References

1971An Exploration in the Theory of Optimum Income Taxation 1963Capital Theory and Investment Behavior 1967Tax Policy and Investment Behavior 1962The Incidence of the Corporation Income Tax 2016Optimal Taxation and Public Production I: Production Eficiency 2016Optimal Taxation and Public Production II: Tax Rules 1976Optimal tax theory 1972A general equilibrium calculation of the effects of differential taxation of income from capital in the U.S.

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