How relevant could capital income tax be as a growth engine? We analyse the Chilean experience that since the mid-80s has shown significant increase in its growth rate, outperforming most Latin American countries in the same period. This paper analyses the contribution of capital stock to the Chilean business cycle from 1960 to 2019. We do so by constructing a dynamic general equilibrium model in which firms accumulate capital and capital income taxation occurs at both firm and individual levels. In line with previous studies, we find that productivity shocks were an important driver of growth but unlike them, we find that capital income taxation policies also played an important role in explaining the Chilean miracle. The large adjustments in capital stock that Chile experienced are in line with the reasoning that interest rates in small open economies like Chile respond less to increases in capital taxation, and therefore do not diminish the impact of tax reforms.

资本所得税作为增长引擎的重要性如何？我们分析了智利的经验，即自80年代中期以来，其增长率已显着提高，超过了同期大多数拉丁美洲国家。本文分析了1960年至2019年期间资本存量对智利商业周期的贡献。我们通过构建动态的一般均衡模型来实现这一点，在该模型中，企业积累了资本，而资本所得税在企业和个人层面都发生了。与以前的研究一致，我们发现生产力冲击是增长的重要驱动力，但与它们不同的是，我们发现资本所得税政策在解释智利奇迹方面也起着重要作用。