We design a parsimonious cash flow tax for Australia and estimate revenue effects. It allows immediate deduction of all capital expenditures, denies deductions of interest payments, and compensates negative cash flows at the same rate and time as it taxes positive cash flows. It allows taxpayer timing choice on implementation over 10 years. It has incentive effects comparable to lowering the corporate income tax rate to zero. It removes distortions that artificially favour debt over equity, short‐ over long‐term investments, rents over competitive returns, large, established over small and new businesses, and conventional over innovative investments. It closes international tax evasion loopholes. Its spur to investment and timing of revenue impacts favours implementation in recession.

中文翻译：

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用现金流量税代替公司所得税

我们为澳大利亚设计了简约的现金流量税，并估算了收入影响。它可以立即扣除所有资本支出，拒绝扣除利息支出，并以对正现金流量征税的相同速率和时间补偿负现金流量。它允许纳税人选择实施时间超过10年。它具有与将公司所得税税率降低至零相当的激励作用。它消除了人为地偏重债务而不是股权，短期投资而不是长期投资，租金高于竞争性收益，大型企业，小型企业和新企业，传统企业而不是创新投资的扭曲。它填补了国际逃税漏洞。它对投资和收入时机的刺激促进了在衰退中的实施。