The Fiscal State-Dependent Effects of Capital Income Tax Cuts

The Fiscal State-Dependent Effects of Capital Income Tax Cuts
Using the post-WWII data of U.S. federal corporate income tax changes, within a Smooth Transition VAR, this paper finds that the output effect of capital income tax cuts is government debt-dependent: it is less expansionary when debt is high than when it is low. To explore the mechanisms that can drive this fiscal state-dependent tax effect, the... READ MORE...

Publication date: May 2020
ISBN 9781513545868
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