Estate Taxation, Entrepreneurship, and Wealth
用定量模型研究遗产税对商业投资、借贷约束和财富不平等的影响，发现遗产税对大型企业决策有扭曲效应，取消遗产税虽使顶层财富者获益，但多数人会因其他税种上调而受损。
This paper studies the estate tax in a quantitative framework with business investment, borrowing constraints, estate transmission, and wealth inequality. We find that the estate tax has little effect on the saving and investment decisions of small businesses, but does distort the decisions of larger firms, thereby reducing aggregate output and savings. Removing such distortions by eliminating the estate tax does not necessarily imply that everyone would be better off. If other taxes were raised to reestablish fiscal balance, those at the top of the wealth distribution would experience a large welfare gain, but most of the population would lose.