Implicit Tax, Tax Incidence, and Pretax Returns
研究了税率变化如何通过隐性税收、税收归宿和税收资本化影响税前回报，发现税前回报随法定税率变化的方向不确定，而隐性税率则单调递增。
ABSTRACT We investigate the relation between tax rates and pretax returns by showing how implicit tax, tax incidence, and tax capitalization change in response to a tax rate change. We examine these issues in the context of both financial assets and real investments made by corporations in a competitive equilibrium in which all investments earn the same after-tax rate of return. Results show that the pretax return increases in the statutory tax rate due to an explicit tax rate effect and decreases due to a cost of capital effect; the net effect is ambiguous. In contrast, the implicit tax rate is weakly increasing in the statutory tax rate. We also relate our findings to the empirical literature on the effects of taxes on pretax returns. JEL Classifications: H22; H25.