In an endogenous growth model with two engines of R&D and capital, we investigate the environment of “inclusive growth” for tax reallocations (tax increases or tax credits) to gain broader benefits in terms of promoting the overall GDP growth without an increase in income inequality. Our results show that a tax increase in the capital‐good sector can result in inclusive growth, boosting overall growth and reducing income inequality, provided that the status quo tax rate is not too high. Surprisingly, tax credits are not able to achieve such inclusive growth. While the GDP growth rises, a tax credit in the R&D sector not only increases income inequality but also decreases the aggregate employment, if the labor mobility cost between the final‐good and R&D/capital‐good sectors is relatively low. This provides a caution to policymakers given the fact that research tax credits have served as a common incentive to strengthen the R&D environment.

中文翻译：

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税收政策对两引擎经济增长的影响

在具有研发和资本两个引擎的内生增长模型中，我们研究了税收分配（税收增加或税收抵免）的“包容性增长”环境，以便在促进总体GDP增长而不增加收入不平等的情况下获得更广泛的利益。 。我们的结果表明，只要现状税率不太高，资本货物部门的税收增加就可以实现包容性增长，从而促进总体增长并减少收入不平等。令人惊讶的是，税收抵免无法实现这种包容性增长。当GDP增长加快时，如果最终产品部门与R / D /资本部门部门之间的劳动力流动成本相对较低，则R＆D部门的税收抵免不仅会增加收入不平等，还会减少总就业人数。