U.S. investment since the tax cuts and jobs act of 2017 /:
There is no consensus on how strongly the Tax Cuts and Jobs Act (TCJA) has stimulated U.S. private fixed investment. Some argue that the business tax provisions spurred investment by cutting the cost of capital. Others see the TCJA primarily as a windfall for shareholders. We find that U.S. business...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
[2019]
|
| Schriftenreihe: | IMF working paper ;
WP/19/120. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | There is no consensus on how strongly the Tax Cuts and Jobs Act (TCJA) has stimulated U.S. private fixed investment. Some argue that the business tax provisions spurred investment by cutting the cost of capital. Others see the TCJA primarily as a windfall for shareholders. We find that U.S. business investment since 2017 has grown strongly compared to pre-TCJA forecasts and that the overriding factor driving it has been the strength of expected aggregate demand. Investment has, so far, fallen short of predictions based on the postwar relation with tax cuts. Model simulations and firm-level data suggest that much of this weaker response reflects a lower sensitivity of investment to tax policy changes in the current environment of greater corporate market power. Economic policy uncertainty in 2018 played a relatively small role in dampening investment growth. |
| Beschreibung: | 1 online resource (38 pages) |
| ISBN: | 1498317774 9781498317771 |
Internformat
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| 520 | 3 | |a There is no consensus on how strongly the Tax Cuts and Jobs Act (TCJA) has stimulated U.S. private fixed investment. Some argue that the business tax provisions spurred investment by cutting the cost of capital. Others see the TCJA primarily as a windfall for shareholders. We find that U.S. business investment since 2017 has grown strongly compared to pre-TCJA forecasts and that the overriding factor driving it has been the strength of expected aggregate demand. Investment has, so far, fallen short of predictions based on the postwar relation with tax cuts. Model simulations and firm-level data suggest that much of this weaker response reflects a lower sensitivity of investment to tax policy changes in the current environment of greater corporate market power. Economic policy uncertainty in 2018 played a relatively small role in dampening investment growth. | |
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| contents | How has U.S. private investment performed since 2017? -- How much of the higher investment reflects the strength of aggregate demand? -- How has investment performed compared with the historical relation between tax cuts and investment? -- What may have held back investment?. |
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| spelling | Kopp, Emanuel, author. http://id.loc.gov/authorities/names/no2015099837 U.S. investment since the tax cuts and jobs act of 2017 / by Emanuel Kopp, Daniel Leigh, Susanna Mursula, and Suchanan Tambunlertchai. [Washington, D.C.] : International Monetary Fund, [2019] ©2019 1 online resource (38 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF Working Paper ; WP/19/120 How has U.S. private investment performed since 2017? -- How much of the higher investment reflects the strength of aggregate demand? -- How has investment performed compared with the historical relation between tax cuts and investment? -- What may have held back investment?. There is no consensus on how strongly the Tax Cuts and Jobs Act (TCJA) has stimulated U.S. private fixed investment. Some argue that the business tax provisions spurred investment by cutting the cost of capital. Others see the TCJA primarily as a windfall for shareholders. We find that U.S. business investment since 2017 has grown strongly compared to pre-TCJA forecasts and that the overriding factor driving it has been the strength of expected aggregate demand. Investment has, so far, fallen short of predictions based on the postwar relation with tax cuts. Model simulations and firm-level data suggest that much of this weaker response reflects a lower sensitivity of investment to tax policy changes in the current environment of greater corporate market power. Economic policy uncertainty in 2018 played a relatively small role in dampening investment growth. Online resource; title from PDF title page (IMF, viewed Sept. 3, 2020). Income tax Law and legislation United States. Income tax Law and legislation fast United States fast https://id.oclc.org/worldcat/entity/E39PBJtxgQXMWqmjMjjwXRHgrq Leigh, Daniel, author. Mursula, Susanna, author. http://id.loc.gov/authorities/names/no2009200923 International Monetary Fund, issuing body. http://id.loc.gov/authorities/names/n81052755 has work: U.S. investment since the tax cuts and jobs act of 2017 (Text) https://id.oclc.org/worldcat/entity/E39PCGvgWc7k7MmVb9twxCrqpP https://id.oclc.org/worldcat/ontology/hasWork Print version: Kopp, Emanuel. U.S. Investment since the Tax Cuts and Jobs Act Of 2017. Washington, D.C. : International Monetary Fund, ©2019 9781498317047 IMF working paper ; WP/19/120. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=2181258 Volltext CBO01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=2181258 Volltext |
| spellingShingle | Kopp, Emanuel Leigh, Daniel Mursula, Susanna U.S. investment since the tax cuts and jobs act of 2017 / IMF working paper ; How has U.S. private investment performed since 2017? -- How much of the higher investment reflects the strength of aggregate demand? -- How has investment performed compared with the historical relation between tax cuts and investment? -- What may have held back investment?. Income tax Law and legislation United States. Income tax Law and legislation fast |
| title | U.S. investment since the tax cuts and jobs act of 2017 / |
| title_auth | U.S. investment since the tax cuts and jobs act of 2017 / |
| title_exact_search | U.S. investment since the tax cuts and jobs act of 2017 / |
| title_full | U.S. investment since the tax cuts and jobs act of 2017 / by Emanuel Kopp, Daniel Leigh, Susanna Mursula, and Suchanan Tambunlertchai. |
| title_fullStr | U.S. investment since the tax cuts and jobs act of 2017 / by Emanuel Kopp, Daniel Leigh, Susanna Mursula, and Suchanan Tambunlertchai. |
| title_full_unstemmed | U.S. investment since the tax cuts and jobs act of 2017 / by Emanuel Kopp, Daniel Leigh, Susanna Mursula, and Suchanan Tambunlertchai. |
| title_short | U.S. investment since the tax cuts and jobs act of 2017 / |
| title_sort | u s investment since the tax cuts and jobs act of 2017 |
| topic | Income tax Law and legislation United States. Income tax Law and legislation fast |
| topic_facet | Income tax Law and legislation United States. Income tax Law and legislation United States |
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