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How does rent-sharing affect the progressivity of the corporate income tax?
The incidence and distributional effects of changes to the corporate income tax―like those in the 2017 Tax Cuts and Jobs Act―are one of the most hotly contested issues in economic policy. The debate often follows a familiar script: Republicans claim that rank-and-file workers benefit while Democrats argue that affluent shareholders reap the gains.
In this paper, we first review evidence that excess returns constitute a sizable portion of the corporate tax base and that firms tend to share rents with workers. In short, we find that rent sharing is an important empirical phenomenon that analysis of corporate taxation should address. We then incorporate evidence on rent sharing into the Urban-Brookings Tax Policy Center microsimulation model of the distributional effects of the corporate income tax. The model shows the impact of different policy specifications on households across the income distribution.
In this paper, we first review evidence that excess returns constitute a sizable portion of the corporate tax base and that firms tend to share rents with workers. In short, we find that rent sharing is an important empirical phenomenon that analysis of corporate taxation should address. We then incorporate evidence on rent sharing into the Urban-Brookings Tax Policy Center microsimulation model of the distributional effects of the corporate income tax. The model shows the impact of different policy specifications on households across the income distribution.
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