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Incentivized for Leveling the Playing Field: Do State Economic Incentives Compensate for High Taxes?
Economic Development Quarterly ( IF 1.077 ) Pub Date : 2020-04-29 , DOI: 10.1177/0891242420917219
Shaoming Cheng 1 , Hai (David) Guo 1 , Cathy Yang Liu 2
Affiliation  

State tax and nontax incentives have been widespread in the United States, though their efficacy in job creation and economic development has been repeatedly questioned in the literature by scholars and policy makers. Why, then, do states persistently pursue these incentive policies? Using the newly developed Panel Database on Incentives and Taxes, we adopt a dynamic spatial Durbin panel model to account for both temporal and spatial dependence and to shed light on this question. Empirical evidence suggests a statistically significant and positive relationship between tax credits and tax burdens (i.e., elevated tax breaks are used to offset higher tax differentials). States therefore may seek to create a level playing field in business attraction and retention by overcoming tax disadvantages. Besides, high-serial dependence is present in the use of various tax credits, suggesting a high self-perpetuating tendency that tax breaks, once introduced, are likely to be persistent over time. States are also found to be engaged both in spatial competition or imitation among geographically proximate states, and in strategic benchmarking among states that are geographically distant but economically alike.



中文翻译:

为公平竞争提供激励:国家经济激励措施是否能补偿高额税收?

尽管在学者和政策制定者的文献中,州税收和非税激励措施在创造就业和经济发展方面的功效一直在美国得到广泛应用。那么,为什么国家要坚持奉行这些激励政策?使用新开发的激励和税收小组数据库,我们采用动态空间杜宾小组模型来说明时间和空间依赖性,并阐明了这个问题。经验证据表明,税收抵免与税收负担之间存在统计上显着的正相关关系(即,提高税收减免额可以抵消较高的税收差异)。因此,各国可以通过克服税收方面的不利条件,寻求在商业吸引和保留方面创造一个公平的竞争环境。除了,在使用各种税收抵免中存在高度串行依赖性,这表明一种高度自我延续的趋势,即一旦实行减税措施,就可能随着时间的流逝而持续存在。还发现国家在地理上最接近的国家之间参与空间竞争或模仿,并且在地理上相距遥远但经济上相似的国家之间进行战略标杆。

更新日期:2020-04-29
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