Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/311876 
Erscheinungsjahr: 
2022
Quellenangabe: 
[Journal:] International Tax and Public Finance [ISSN:] 1573-6970 [Volume:] 30 [Issue:] 5 [Publisher:] Springer US [Place:] New York, NY [Year:] 2022 [Pages:] 1331-1345
Verlag: 
Springer US, New York, NY
Zusammenfassung: 
Previous work has shown that nonlinear taxation can affect the willingness to undertake risky investments. We show that similar results can arise if agents are uncertain regarding future tax rates. Uncertain taxes distort investment decisions when tax rates are correlated with marginal productivity. We demonstrate this result in a simple theoretical framework, which can also explain some well-known results on the effects of tax progressivity and tax asymmetry on investment. Time-series estimates for the post-WW2 era suggest a negative correlation between effective tax rates and total factor productivity in the USA, yielding an effect on firm investment equivalent to an investment subsidy of around 1 percent. Our results have wide-ranging implications for a variety of tax-related work, including effective tax rates, optimal audit policy, and principal-agent problems between investors and managers.
Schlagwörter: 
Policy uncertainty
Investment
Tax asymmetry
Tax progressivity
Taxation asinsurance
Audit policy
Effective tax rate
JEL: 
H21
H25
H26
H30
H31
H32
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Dokumentart: 
Article
Dokumentversion: 
Published Version

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