中文摘要
美国近一半的私人部门就业岗位来自不缴纳企业所得税的企业。这些企业的所得归于所有者，纳入其个人所得税征税范围。自20世纪80年代初以来，穿透实体的就业份额已增至原来的三倍以上。本文利用全面、保密的行政数据，揭示了这一增长背后的五项核心发现：（1）穿透实体的兴起普遍存在于各行业和各州；（2）穿透实体的就业份额在行业之间以及州之间均呈现无条件收敛；（3）新进入企业的组织形式选择贡献了这一增长的60%；（4）1986年《税制改革法案》出台后企业动态和组织动态的变化表明，影响一直持续到2000年代；（5）组织形式具有高度持续性，在生命周期内变化很小。我们的研究意味着，税收或监管政策变化的影响可能需要数十年才能充分显现。
Abstract
Abstract Almost half of all private employment in the United States is within businesses that do not pay corporate income tax. Instead, business income passes through to the owners’ individual income taxes. This pass-through share of employment has more than tripled since the early 1980s. Using comprehensive, confidential administrative data, this paper highlights five core findings underlying this growth: (1) the rise in pass-throughs is pervasive across industries and states; (2) the pass-through share converges unconditionally across both; (3) entrants’ organisational choices drive 60% of the rise; (4) shifts in firm and organisational dynamics following the 1986 Tax Reform Act show continued effects through the 2000s; (5) organisational forms exhibit high persistence with little life-cycle variation. Our study implies that tax or regulatory policy changes might take decades to manifest fully.