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A Disaggregate Equilibrium Model of the Tax Distortions among Assets, Sectors, and Industries

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Author Info
Fullerton, Don
Henderson, Yolanda Kodrzycki

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Abstract

This paper encompasses multiple sources of inefficiency into a single general equilibrium model of the U.S. tax system. The authors measure interasset distortions using disaggregate calculations of user cost, and intersectoral distortions from the differential treatment of the corporate sector, noncorporate sector, and owner-occupied housing. Industries in the model have different uses of assets and degrees of incorporation. Results indicate that distortions between sectors, or among industries, are much smaller than previously thought. Distortions among assets are larger, but the total of all these welfare costs is still below one percent of income. Copyright 1989 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 30 (1989)
Issue (Month): 2 (May)
Pages: 391-413
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Handle: RePEc:ier:iecrev:v:30:y:1989:i:2:p:391-413

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Mervyn A. King & Don Fullerton, 1983. "The Taxation of Income from Capital: A Comparative Study of the U.S., U.K., Sweden, and West Germany--The Theoretical Framework--," NBER Working Papers 1058, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Alan J. Auerbach, 1985. "Real Determinants of Corporate Leverage," NBER Working Papers 1151, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Don Fullerton & Roger H. Gordon, 1983. "A Reexamination of Tax Distortions in General Equilibrium Models," NBER Chapters, in: Behavioral Simulation Methods in Tax Policy Analysis, pages 369-426 National Bureau of Economic Research, Inc. [Downloadable!]
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  4. Don Fullerton, 1988. "The Indexation of Interest, Depreciation, and Capital Gains: A Model ofInvestment Incentives," NBER Working Papers 1655, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Don Fullerton, 1984. "Which Effective Tax Rate?," NBER Working Papers 1123, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Alan J. Auerbach, 1984. "Taxes, Firm Financial Policy and the Cost of Capital: An Empirical Analysis," NBER Working Papers 0955, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Bradford, David F., 1981. "The incidence and allocation effects of a tax on corporate distributions," Journal of Public Economics, Elsevier, vol. 15(1), pages 1-22, February. [Downloadable!] (restricted)
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  8. Feldstein, Martin & Dicks-Mireaux, Louis & Poterba, James, 1983. "The effective tax rate and the pretax rate of return," Journal of Public Economics, Elsevier, vol. 21(2), pages 129-158, July. [Downloadable!] (restricted)
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  9. Don Fullerton & Yolanda K. Henderson, 1988. "Long-Run Effects of the Accelerated Cost Recovery System," NBER Working Papers 0828, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  10. Patric H. Hendershott, 1985. "Tax Reform, Interest Rates and Capital Allocation," NBER Working Papers 1708, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  11. Shoven, John B, 1976. "The Incidence and Efficiency Effects of Taxes on Income from Capital," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1261-83, December. [Downloadable!] (restricted)
  12. Charles L. Ballard & Don Fullerton & John B. Shoven & John Whalley, 1985. "Replacing the Personal Income Tax with a Progressive Consumption Tax," NBER Chapters, in: A General Equilibrium Model for Tax Policy Evaluation, pages 171-187 National Bureau of Economic Research, Inc. [Downloadable!]
  13. Poterba, James M. & Summers, Lawrence H., 1983. "Dividend taxes, corporate investment, and `Q'," Journal of Public Economics, Elsevier, vol. 22(2), pages 135-167, November. [Downloadable!] (restricted)
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  14. Arnold C. Harberger, 1962. "The Incidence of the Corporation Income Tax," Journal of Political Economy, University of Chicago Press, vol. 70, pages 215. [Downloadable!] (restricted)
  15. John B. Shoven & John Whalley, 1972. "A General Equilibrium Calculation of the Effects of Differential Taxation of Income from Capital in the U.S," Cowles Foundation Discussion Papers 328, Cowles Foundation, Yale University. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Don Fullerton & Yolanda K. Henderson, 1987. "The Impact of Fundamental Tax Reform on the Allocation of Resources," NBER Working Papers 1904, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Patric H. Hendershott, 1988. "The Tax Reform Act Of 1986 And Economic Growth," NBER Working Papers 2553, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Don Fullerton & James B. Mackie, 1989. "Economic Efficiency in Recent Tax Reform History: Policy Reversals or Consistent Improvements?," NBER Working Papers 2593, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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