Up or down? capital income taxation in the United States and the United Kingdom

Polito, Vito 2012. Up or down? capital income taxation in the United States and the United Kingdom. FinanzArchiv: Public Finance Analysis 68 (1) , pp. 48-82.

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Abstract

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.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HG Finance H Social Sciences > HJ Public Finance J Political Science > JK Political institutions (United States) J Political Science > JN Political institutions (Europe) > JN101 Great Britain
Uncontrolled Keywords:	Capital income taxation ; Dividend policy ; Effective marginal tax rates ; Deferred taxes
Publisher:	Mohr Siebeck
ISSN:	0015-2218
Related URLs:	http://www.mohr.de/en/journals/economics...
Last Modified:	19 Mar 2016 22:58
URI:	https://orca.cardiff.ac.uk/id/eprint/33720

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