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Cover von: Up or Down? Capital Income Taxation in the United States and the United Kingdom
Vito Polito

Up or Down? Capital Income Taxation in the United States and the United Kingdom

Rubrik: Articles
Jahrgang 68 (2012) / Heft 1, S. 48-82 (35)
Publiziert 09.07.2018
DOI 10.1628/001522112X632014
Veröffentlicht auf Englisch.
inkl. gesetzl. MwSt.
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Beschreibung
Empirical evidence suggests that the Effective Marginal Tax Rate (EMTR) on income from capital has increased considerably in both the United States and the United Kingdom during 1982–2005. The corporate tax literature predicts however that the EMTR should fall over time due to increasing international capital mobility and higher tax competition between governments. This paper argues that this inconsistency can be explained by the fact that EMTRs are currently computed from versions of the neoclassical investment model that omit deferred tax constraints faced by firms investing in both the United States and the United Kingdom.