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The Corporate Tax: Where Has It Been and Where Is It Going?

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  • Gravelle, Jane G.

Abstract

Over the past 50 years, corporate tax revenues fell from 5.6 to 1.2 percent of output. The effective tax burden on new corporate sector investment fell from 70 to 32 percent. These changes arise from rate reductions, liberalized depreciation, growth of Subchapter S corporations, and growth in corporate tax shelters. The fall in rates enhanced efficiency, eliminating 90 percent of the deadweight loss from sectoral distortions. More recent changes had small effects. The current corporate tax proposal could increase distortions and hamper tax administration because of the special rate reduction for manufacturers.

Suggested Citation

  • Gravelle, Jane G., 2004. "The Corporate Tax: Where Has It Been and Where Is It Going?," National Tax Journal, National Tax Association;National Tax Journal, vol. 57(4), pages 903-923, December.
    • Handle: RePEc:ntj:journl:v:57:y:2004:i:4:p:903-23
    DOI: 10.17310/ntj.2004.4.07
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    Cited by:

    1. Barış Kaymak & Immo Schott, 2023. "Corporate Tax Cuts and the Decline in the Manufacturing Labor Share," Econometrica, Econometric Society, vol. 91(6), pages 2371-2408, November.
    2. Schreiber, Ulrich & Overesch, Michael & Büttner, Thiess & Wamser, Georg, 2006. "The Impact of Thin-Capitalization Rules on Multinationals? Financing and Investment Decisions," ZEW Discussion Papers 06-068, ZEW - Leibniz Centre for European Economic Research.
    3. İmrohoroğlu, Ayşe & Zhao, Kai, 2022. "Rising wealth inequality: Intergenerational links, entrepreneurship, and the decline in interest rate," Journal of Monetary Economics, Elsevier, vol. 127(C), pages 86-104.
    4. Kaymak, Barış & Schott, Immo, 2019. "Loss-offset provisions in the corporate tax code and misallocation of capital," Journal of Monetary Economics, Elsevier, vol. 105(C), pages 1-20.
    5. Markus Poschke & Baris Kaymak, 2015. "The evolution of wealth inequality over half a century: the role of skills, taxes and institutions," 2015 Meeting Papers 967, Society for Economic Dynamics.
    6. Baris Kaymak & Immo Schott, 2018. "Corporate Tax Cuts and the Decline of the Labor Share," 2018 Meeting Papers 943, Society for Economic Dynamics.
    7. Ayşe İmrohoroğlu & Kai Zhao, 2020. "Rising Wealth Inequality: Intergenerational Links, Entrepreneurship, and the Decline in Interest Rate," Working papers 2020-13, University of Connecticut, Department of Economics.
    8. John M. Foster, 2014. "Tax Exporting and the Business Share of Sales Tax Levies," Public Budgeting & Finance, Wiley Blackwell, vol. 34(4), pages 80-99, December.

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