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Corporate Tax Integration in the United States: A Dynamic General Equilibrium Analysis
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The objective of this paper is to study empirically the inter-industry and intertemporal efficiency and distribution effects of integrating corporate and personal income taxes. This paper develops a dynamic general equilibrium model of the U.S. economy. The model accommodates optimal intertemporal investment decisions and optimal allocation of investment across sectors, intertemporal household consumption/leisure decisions, and government deficits and financial crowding out. Simulation results suggest that the elimination of the corporate income tax and its replacement by increased personal income tax rates would yield long-run benefits which are at best 17% of the present value of future consumption and leisure. Also, the average long-run gains are more than three times as large as the average short-run gains: it takes time for the efficiency gains of integration to show up. Finally, integration is shown not to be a Pareto improvement the lowest income groups are worse off after integration.
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Pereira, Alfredo M., Corporate Tax Integration in the United States: A Dynamic General Equilibrium Analysis (July, 1989). FEUNL Working Paper Series No. 128