Why Have Corporate Tax Revenues Declined? Another Look
AbstractThe relative constancy of non-financial corporate tax revenues as a share of US GDP masks offsetting trends in the ratio of corporate profits to GDP (declining) and the average tax rate (increasing). The average tax rate rose steadily between 1996 and 2003, an increase largely attributable to the importance of tax losses. This rise casts some doubt on the role of tax planning activities in reducing corporate taxes. So, too, does the relative stability of the rate of profit (relative to net assets), which might be expected to have declined had the understatement of profits for tax purposes been increasing. (JEL code: H25, G32) Copyright , Oxford University Press.
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Bibliographic InfoArticle provided by CESifo in its journal CESifo Economic Studies.
Volume (Year): 53 (2007)
Issue (Month): 2 (June)
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Other versions of this item:
- Alan Auerbach, 2006. "Why have Corporate Tax Revenues Declined? Another Look," CESifo Working Paper Series 1785, CESifo Group Munich.
- Alan J. Auerbach, 2006. "Why Have Corporate Tax Revenues Declined? Another Look," NBER Working Papers 12463, National Bureau of Economic Research, Inc.
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
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