An important deficiency in Harberger's (1962) model of corporate income taxation is its inability to consider both corporate and noncorporate production of the same good. Within-industry substitution has potentially major implications for both the excess burden and incidence of the corporate tax. The authors analyze this within-industry substitution using a model in which each industry/sector contains corporate and noncorporate firms (with identical production functions) that produce goods that are close substitutes. The scope for considerable within-industry substitution of noncorporate for corporate capital leads to a very much larger excess burden than that in the Harberger model. Copyright 1993 by Oxford University Press.
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Article provided by Oxford University Press in its journal Economic Inquiry.
Volume (Year): 31 (1993) Issue (Month): 4 (October) Pages: 501-16 Download reference. The following formats are available: HTML
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Handle: RePEc:oup:ecinqu:v:31:y:1993:i:4:p:501-16
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