穿透型实体的兴起与劳动收入份额的下降

中文摘要

我们研究美国公司部门劳动收入份额下降与享受税收优惠的穿透型实体中经营活动增长的共同演变。我们发现，将经营活动重新配置至其在1986年《税制改革法案》出台前的条件下本会采取的组织形式，可以解释1978年至2017年间公司部门劳动收入份额降幅的三分之一。我们的调整集中于服务业的中型企业，从而凸显了制造业部门和超级明星企业在推动劳动收入份额其余降幅中的作用。我们的发现凸显了税收政策在测算要素收入份额时的重要性。

Abstract

We study the coevolution of the fall in the US corporate-sector labor share and the rise of business activity in tax-preferred pass-throughs. We find that reallocating activity to the form it would have taken prior to the Tax Reform Act of 1986 accounts for one-third of the decline in the corporate-sector labor share between 1978 and 2017. Our adjustments are concentrated among mid-market firms in services, magnifying the role of the manufacturing sector and superstar firms in driving the remaining decline in the labor share. Our findings highlight the importance of tax policy when measuring factor shares. (JEL D22, E25, H25, K34, L60, L80)