How do business owners respond to a tax cut? Examining the 199A deduction for pass-through firms
Journal of Public Economics · 2025 · Lucas Goodman、Katherine Lim、Bruce Sacerdote、Andrew Whitten
中文摘要
我们衡量了企业及其所有者对第199A条的反应，该条款自2018年起通过一项扣除，降低了美国大多数穿透实体营业收入的实际税率。利用个人和企业的税务记录，我们借助法规本身的限制条款，比较了对该扣除具有外生差异化暴露程度的纳税人。我们发现，相较于暴露程度较低的群体，暴露程度较高的群体在2018年和2019年申报的符合扣除条件的营业收入增加了3%至4%。我们还发现一些证据表明，若干具体的假设调整边际受到了影响。合伙企业向所有者支付的不符合扣除条件的报酬形式减少了约10%至15%，这与第199A条产生的激励一致，但S型公司并未减少向所有者支付的工资。我们未发现证据表明第199A条促使劳动者从雇员身份转为承包商身份，或增加了承包商活动。最后，以实物投资、向非所有者支付的工资或就业衡量，我们几乎未发现实际经济活动发生变化的证据。
Abstract
We measure the responses of businesses and their owners to Section 199A, a deduction that reduced the effective tax rate on most U.S. pass-through business income beginning in 2018. Using tax records of individuals and businesses, we compare taxpayers with exogenously differing levels of exposure to the deduction, exploiting limitations within the statute. We find evidence of a 3 to 4 percent increase in reported business income eligible for the deduction during 2018 and 2019 for the more-exposed group relative to the less-exposed group. We also find some evidence of effects on specific hypothesized margins of adjustment. Partnerships reduced ineligible forms of compensation paid to owners by approximately 10 to 15 percent, in line with the incentives created by Section 199A, but S corporations did not reduce wages to owners. We find no evidence that Section 199A encouraged movements from employee to contractor status or increased contractor activity. Finally, we find little evidence of changes in real economic activity as measured by physical investment, wages to non-owners, or employment.