000			03168cam a22003497 4500
001			w22778
003			NBER
005			20211020105120.0
006			m o d
007			cr cnu||||||||
008			210910s2016 mau fo 000 0 eng d
100	1		_aClarke, Conor.
245	1	0	_aBusiness Income and Business Taxation in the United States Since the 1950s / _cConor Clarke, Wojciech Kopczuk.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2016.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w22778
500			_aOctober 2016.
520	3		_aIn theory, the U.S. tax system aims to attribute and tax all business income to individuals. But the tax treatment of this income varies. Pass-through income is taxed when earned; capital-gains income is taxed when realized; dividends when distributed; other forms of business income may escape taxation entirely. Business owners often have control over the timing and character of their income: They can often choose, for example, between reporting business income or deducting it as wages or fringe benefits. And laws change, changing the incentive and ability to shift income between the individual and corporate sectors.
520	3		_aWe integrate a wide variety of tax data to document the large long-run changes in the structure of business income and business taxation in the United States. These changes include the degree to which business incomes are taxed on a realization versus an accrual basis, the extent to which taxation is deferred, and the share of business income that is ultimately subject to taxation. We highlight the evolving relevance of retained earnings in the changing corporate sector and their relationship to equity values and unrealized capital gains. We also document the evolution of individual income components -- profits of pass-through entities, dividends, and capital gains (both taxable gains and those escaping taxation through step-up). As a result of these changes, business incomes are increasingly taxed through personal income taxes instead of a combination of corporate and personal taxes. In particular, this implies that the observability of business incomes on personal income tax returns has improved over time, a fact that has implications for measuring and understanding the income distribution.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aD31 - Personal Income, Wealth, and Their Distributions _2Journal of Economic Literature class.
690		7	_aH25 - Business Taxes and Subsidies _2Journal of Economic Literature class.
700	1		_aKopczuk, Wojciech. _914494
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w22778.
856	4	0	_uhttps://www.nber.org/papers/w22778
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w22778
942			_2ddc _cW-PAPER
999			_c325344 _d283906