On the design of a neutral business tax under uncertainty
扩展了Boadway和Bruce以及Fane的研究，描述了一种在不确定性和破产风险下对投资、清算决策和违约结果中性的商业利润税。该税基允许折旧和融资成本扣除，但无需知道真实经济折旧或企业必要回报率。
This paper extends the results of Boadway and Bruce (Journal of Public Economics, 1984, 24, 231–239) and Fane (Journal of Public Economics, 1987, 33, 95–105) to describe a tax on business profits which is neutral with respect to investment and wind-up decisions, and default outcomes, under uncertainty and bankruptcy risk. The tax base allows deductions for depreciation and the cost of finance, but requires knowledge of neither true economic depreciation nor the firm's required rate of return. We show that the tax must treat taxable profits and losses symmetrically, and that the tax rate must be a known constant, even in the special case when the tax base coincides with the economic rent earned in each period.