Who gains from corporate tax cuts?

• 成果类型: Article
• 署名作者: Cloyne, James; Kurt, Ezgi; Surico, Paolo
• 署名单位: University of California System; University of California Davis; Centre for Economic Policy Research - UK; National Bureau of Economic Research; Bentley University; University of London; London Business School
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2024.103722
• 发表日期: 2025
• 关键词: corporate income taxes; Investment tax credits; Firm-level data; Capital-intensity; Dividend payments

摘要

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.