Intertemporal Income Shifting and the Taxation of Business Owner-Managers
利用英国新链接的税务记录，研究发现公司所有者管理者对个人所得税的强烈反应源于跨期收入转移，而非实际商业活动减少；这种转移短期可平滑收入，长期则利用低税率保留利润，但并未增加企业投资，反而大幅减少了高收入企业主的税收收入。
Abstract We use newly linked tax records to show that the large responses of UK company owner-managers to personal taxes are due to intertemporal income shifting and not to reductions in real business activity. Around half of this shifting is short-term and helps prevent volatile incomes being taxed more heavily under progressive personal taxes. The remainder reflects systemic profit retention over long periods to take advantage of lower tax rates, including preferential treatment of capital gains. We find no evidence that this tax-induced retention increases business investment. It does, however, substantially reduce the tax revenue raised from high income business owners.