谁从税收激励中受益？税收抵免的异质性工资归宿

中文摘要

工人是否能从较低的企业税中获益，原因何在？我们估计了法国一项大型企业所得税抵免如何向工资转嫁，并探讨了企业层面与员工层面的内在机制。企业获得的税收抵免额取决于其工资总额中工资低于某一门槛的工人所占的份额。因此，对政策的暴露程度因工人工资不同而在工人之间存在差异，也因企业的工资结构不同而在企业之间存在差异。利用详尽的雇主-雇员数据，我们发现改革产生的剩余中有一半落到了工人身上。工资收益落在高技能职业的在职者身上。低技能工人（几乎所有人个人都有资格获得税收抵免）的工资收入没有变化。这种异质性的工资归宿不太可能由规模效应或技能互补性所驱动。我们发现，获得工资收益的工人群体也更有可能继续在同一家企业工作。此外，我们表明企业并不会因工人个人是否有资格获得税收抵免而改变其工资设定行为。总体而言，我们的结果表明，税收抵免的工资归宿通过租金分享集体地发挥作用，并使替换成本最高的工人受益。

Abstract

Do workers gain from lower business taxes, and why? We estimate how a large corporate income tax credit in France is passed on to wages and explore the firm- and employee-level underlying mechanisms. The amount of tax credit firms get depends on their payroll share of workers paid less than a wage threshold. Exposure to the policy thus varies both across workers depending on their wage and across firms depending on their wage structure. Using exhaustive employer-employee data, we find that half of the surplus generated by the reform falls onto workers. Wage gains load on incumbents in high-skill occupations. The wage earnings of low-skill workers—nearly all individually eligible—do not change. This heterogeneous wage incidence is unlikely to be driven by scale effects or skill complementarities. We find that the groups of workers benefiting from wage gains are also more likely to continue working for the same firm. Further, we show that firms do not change their wage-setting behavior in response to the individual eligibility status of workers. Overall, our results suggest that the wage incidence of the tax credit operated collectively through rent-sharing and benefited workers most costly to replace.