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On the design of a neutral business tax under uncertainty.

Abstract:

This paper extends the results of Boadway and Bruce (Journal of Public Economics, 1984, 24, 231–239) and Fane (Journal of Public Economics, 1987, 33, 95–105) to describe a tax on business profits which is neutral with respect to investment and wind-up decisions, and default outcomes, under uncertainty and bankruptcy risk. The tax base allows deductions for depreciation and the cost of finance, but requires knowledge of neither true economic depreciation nor the firm's required rate of return....

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Journal:
Journal of Public Economics
Volume:
58
Issue:
1
Publication date:
1995-09-05
DOI:
URN:
uuid:c1e7cf47-67cf-4235-a3c4-53d6c6a09151
Local pid:
oai:economics.ouls.ox.ac.uk:14582
Language:
English

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