Extensive empirical research concerning the impact of taxes on corporate decisions has had trouble identifying seemingly obvious effects. Perhaps the problem is that the seemingly obvious tax predictions are not quite right. We provide an equilibrium model with both corporate and personal taxes. In the steady-state equilibrium, the corporate tax rate affects the level of production despite interest deductibility at the firm level, but not household-level taxes on interest earnings or dividends. We prove several other tax irrelevance results and document a Laffer curve in the corporate tax rate. (JEL G31, G32, G35)

中文翻译：

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税收对企业融资和投资的影响

关于税收对公司决策影响的广泛实证研究难以确定看似明显的影响。或许问题在于看似显而易见的税收预测并不完全正确。我们提供了一个包含公司税和个人税的均衡模型。在稳态均衡中，公司税率会影响生产水平，尽管在公司层面可以扣除利息，但不会影响家庭层面的利息收入或股息税。我们证明了其他几个与税收无关的结果，并在公司税率中记录了拉弗曲线。(JEL G31, G32, G35)