外文翻譯--用增值稅代替工資稅或企業(yè)所得稅的影響-其他專業(yè)(編輯修改稿)
2025-02-24 10:18 本頁面
【文章內(nèi)容簡介】 . In an open economy with international capital flows, different ways of taxing capital ine may affect incentives to save and invest differently. Most corporate ine tax is paid by large multinational corporations. For those panies, the tax is largely a sourcebased tax on their profits from investments in the United States. Both . and foreignowned multinational corporations are taxable on their ine, but . multinational corporations pay little additional tax on profits from overseas investments because of provisions such as deferral and foreign tax credits (Grubert and Altshuler, 2021). This means that the corporate level tax may raise the cost of corporate capital in the United States by raising required pretax returns on investments in the United States by internationally mobile investors, by much more than it lowers aftertax returns to . savers, who can escape the . corporate tax by investing in foreign assets. Beyond this, even if the aftertax return to . savers 5 falls, some research shows this may not reduce their saving much because savers respond little to changes in aftertax returns (Bernheim, 2021). This analysis suggests that the main benefit of lowering the corporate ine tax would be to attract more investment to the United States. In addition, because corporations can use transfer pricing and other techniques to shift the source of reported ine among countries, a lower corporate tax rate could lead to more reported profits in the United States. A shift of reported corporate profits to the United States would raise revenue collected from . corporations, partially or fully offsetting the direct loss in revenue from a lower corporate rate, even if domestic investment does not increase. Increased Domestic Investment. Many studies find that the location of investment of multinational corporations is sensitive to the local effective tax rate on corporate ine (de Mooij and Ederveen, 2021). This means that reducing the . corporate ine tax would encourage . panies to substitute domestic for foreign investment and foreignowned panies to invest more in the United States. The increased investment would also raise the corporate ine tax base, therefore offsetting some of the revenue loss from the lower corporate tax rate. More investment would raise real wages in the United States and lower pretax returns to capital, shifting some of the benefits of the tax reduction from capital owners to workers. Reduction in taxmotivated Ine Shifting. A lower . corporate tax rate would also reduce ineshifting within multinational corporations from . to foreign affiliates (Clausing, 2021). With a higher corporate rate in the United States than in other countries, panies have an incentive to manipulate transfer prices between their affiliates, overstating the value of goods and services purchased from foreign affiliates and understating the value of goods and services sold or licensed to them (especially unique intangibles, for which it is difficult to establish a parable “armslength” price). Companies may also engage in other transactions, such as debtequity swaps, that shift reported ine among their affiliates. Responses of Other Advanced Countries. Since enactment of the 1986 tax reform 6 act, the . federal statutory corporate rate has remained virtually unchanged, rising from 34 to 35 percent in 1993. (The deduction
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