The Tax Effects of Inflation: Depreciation, Debt, and Miller's Equilibrium Tax Rates
探讨通货膨胀如何通过历史成本会计影响企业有效税率，分析折旧税盾和债务融资的税收节省在通胀下的变化，并讨论名义利率对通胀预期的反映能否替代显性指数化。
Indexing historical cost accounting to has received considerable attention in the accounting literature. From a tax perspective, it is often argued that with historical cost accounting, increases effective corporate tax rates, ceteris paribus. (See Davidson and Weil [1978], Williams [1979], Bernard [1981], and Gonedes [1981].)1 A major reason is the failure of historical cost accounting to index the depreciation tax shield to inflation. But explicit indexation may not be necessary to achieve all the effects of indexation. The same effects can be attained, at least with respect to expected rates of inflation, if nominal interest rates incorporate unbiased forecasts of rates of inflation (Gonedes [1981, p. 247]).2 Davidson and Weil [1976] note that price-level adjusting the tax system would increase the depreciation tax shield, but it ... would diminish the tax-saving attribute of debt financing in a period of rising prices [1976, p. 99].