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Public finance --- Fiscal policy --- Finance, Public --- Equilibrium (Economics) --- Macroeconomics --- Mathematical models --- 336.2 --- -351.713 <41> --- politique fiscale --- AA / International- internationaal --- 336.61 --- 336.401 --- Tax policy --- Taxation --- Economic policy --- Belastingsakkoorden. Belastingswezen --- Fiscaal recht. Belastingsrecht. Overheidsfinancien. Belastingswezen--z.o.{336.2}--Verenigd Koninkrijk van Groot-Brittannië en Noord-Ierland --- fiscaal beleid --- Financieel beleid. --- Verband tussen begrotingspolitiek en economische evolutie. --- Government policy --- Mathematical models. --- 351.713 <41> Fiscaal recht. Belastingsrecht. Overheidsfinancien. Belastingswezen--z.o.{336.2}--Verenigd Koninkrijk van Groot-Brittannië en Noord-Ierland --- 336.2 Belastingen. Belastingswezen. Openbare financien. Belastingspolitiek. Belastingstheorie. Belastingsharmonisatie. Fiskale politiek. Belastingsleer. Belastingsdruk. Belastingstechniek. Belastingsstelsel.Belastingstarief --- 336.2 Belastingsakkoorden. Belastingswezen --- Belastingen. Belastingswezen. Openbare financien. Belastingspolitiek. Belastingstheorie. Belastingsharmonisatie. Fiskale politiek. Belastingsleer. Belastingsdruk. Belastingstechniek. Belastingsstelsel.Belastingstarief --- 351.713 <41> --- Verband tussen begrotingspolitiek en economische evolutie --- Financieel beleid --- Fiscal policy - Mathematical models --- Finance, Public - Mathematical models --- Equilibrium (Economics) - Mathematical models --- Macroeconomics - Mathematical models

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This paper uses financial statement data for large samples of U.S. and Japanese nonfinancial corporations to estimate the return to capital in each country for the period 1967-83. Interpreting these as measures of the cost of capital, we find that the before-tax cost of corporate capital was higher for U.S. firms than for their Japanese counterparts, with the average gap potentially as high as 5.8 percentage points. The use of alternative measurement techniques alters the gap slightly but does not alter the basic finding. However, market returns in the two countries were much closer during the same period. Certain potential explanations for the gap in returns are rejected by empirical evidence, including differences in corporate taxation, differences in borrowing and differences in asset mix. This leaves three potential explanations: differences in risk, differences in the tax treatment of individual capital income and imperfections in the international flow of capital

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This paper examines the source of changes in corporate tax revenues during the last twenty-five years. It finds that legislative changes explain less than half of the revenue decline during this period. Falling corporate profits have had a larger influence on revenue collections than a11 legislative changes taken together, a result that is often obscured in studies focusing solely on the average corporate tax rate. Changes in capital recovery provisions are the most important legislative factor influencing corporate tax revenues, especially in the last five years. The paper also considers the impact of the Tax Reform Act of 1986. The new law will increase the average tax rate on corporate profits by approximately 10 percent. By 1990, the average tax rate will equal its level in the late 1970s, although it will remain substantially below its level in the 1960s and the early 1970s.