The long‐run investment effect of taxation in OECD countries
研究了1890-2015年21个OECD国家数据，发现企业所得税抑制有形资产和研发投资，个人所得税抑制高等教育投资但促进研发，税种转换可促进增长。
Abstract The gradually changing nature of production and the move away from tangible investment towards intangible investment over the past century suggest that the effects of the tax structure on investment need to be reassessed. To address this issue, we establish an endogenous growth model in which investment in tangible assets, R&D and education are influenced by different types of taxes. We test the long‐run implications of the model using annual data for 21 OECD countries over the period 1890–2015. We find that corporate income taxes reduce investment in tangible assets and R&D. However, while personal income taxes reduce investment in tertiary education, they enhance investment in R&D. Thus a revenue‐neutral switch from corporate to personal income taxes is growth enhancing.