{"id":"https://openalex.org/W1494340475","doi":"https://doi.org/10.1086/tpe.2.20061773","title":"Tax Neutrality and Intangible Capital","display_name":"Tax Neutrality and Intangible Capital","publication_year":1987,"publication_date":"1987-11-01","ids":{"openalex":"https://openalex.org/W1494340475","doi":"https://doi.org/10.1086/tpe.2.20061773","mag":"1494340475"},"language":"en","primary_location":{"id":"doi:10.1086/tpe.2.20061773","doi":"https://doi.org/10.1086/tpe.2.20061773","is_oa":true,"landing_page_url":"https://doi.org/10.1086/tpe.2.20061773","pdf_url":"https://www.journals.uchicago.edu/doi/epdf/10.1086/tpe.2.20061773","source":{"id":"https://openalex.org/S2735704546","display_name":"Tax Policy and the Economy","issn_l":"0892-8649","issn":["0892-8649","1537-2650"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core","jufo-1","norway-1"],"host_organization":"https://openalex.org/P4310315672","host_organization_name":"University of Chicago Press","host_organization_lineage":["https://openalex.org/P4310315672","https://openalex.org/P4310315690"],"host_organization_lineage_names":["University of Chicago Press","University of Chicago"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Tax Policy and the Economy","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"bronze","oa_url":"https://www.journals.uchicago.edu/doi/epdf/10.1086/tpe.2.20061773","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5110680251","display_name":"Don Fullerton","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I1340728805","display_name":"Ifo Institute for Economic Research","ror":"https://ror.org/045495t75","country_code":"DE","type":"facility","lineage":["https://openalex.org/I1340728805","https://openalex.org/I315704651"]},{"id":"https://openalex.org/I157725225","display_name":"University of Illinois Urbana-Champaign","ror":"https://ror.org/047426m28","country_code":"US","type":"education","lineage":["https://openalex.org/I157725225"]}],"countries":["DE","US"],"is_corresponding":false,"raw_author_name":"Don Fullerton","raw_affiliation_strings":["","CESifo (Center for Economic Studies and Ifo Institute)","National Bureau of Economic Research (NBER)","University of Illinois at Urbana-Champaign - Department of Finance"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"","institution_ids":[]},{"raw_affiliation_string":"CESifo (Center for Economic Studies and Ifo Institute)","institution_ids":["https://openalex.org/I1340728805"]},{"raw_affiliation_string":"National Bureau of Economic Research (NBER)","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"University of Illinois at Urbana-Champaign - Department of Finance","institution_ids":["https://openalex.org/I157725225"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5014251520","display_name":"Andrew B. Lyon","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4210146107","display_name":"PricewaterhouseCoopers (United States)","ror":"https://ror.org/03g75kz98","country_code":"US","type":"company","lineage":["https://openalex.org/I4210133790","https://openalex.org/I4210146107"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Andrew B. Lyon","raw_affiliation_strings":["","PricewaterhouseCoopers LLP#TAB#"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"","institution_ids":[]},{"raw_affiliation_string":"PricewaterhouseCoopers LLP#TAB#","institution_ids":["https://openalex.org/I4210146107"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":4,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":9.523,"has_fulltext":true,"cited_by_count":26,"citation_normalized_percentile":{"value":0.96363636,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":96},"biblio":{"volume":"2","issue":null,"first_page":"63","last_page":"88"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11508","display_name":"Corporate Taxation and Avoidance","score":0.9175000190734863,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11508","display_name":"Corporate Taxation and Avoidance","score":0.9175000190734863,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13042","display_name":"Economic and Fiscal Studies","score":0.043299999088048935,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11770","display_name":"Fiscal Policy and Economic Growth","score":0.02759999968111515,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/tax-neutrality","display_name":"tax neutrality","score":0.7730000019073486},{"id":"https://openalex.org/keywords/intangible-capital","display_name":"intangible capital","score":0.9900000095367432},{"id":"https://openalex.org/keywords/investment-tax-credit","display_name":"investment tax credit","score":0.8610000014305115},{"id":"https://openalex.org/keywords/welfare-cost-of-taxation","display_name":"welfare cost of taxation","score":0.7369999885559082},{"id":"https://openalex.org/keywords/effective-tax-rate","display_name":"effective tax rate","score":0.7160000205039978},{"id":"https://openalex.org/keywords/capital-stock-measurement","display_name":"capital stock measurement","score":0.7149999737739563},{"id":"https://openalex.org/keywords/tax-reform-act-of-1986","display_name":"Tax Reform Act of 1986","score":0.9430000185966492},{"id":"https://openalex.org/keywords/corporate-income-tax","display_name":"corporate income tax","score":0.6949999928474426},{"id":"https://openalex.org/keywords/tax-distortions","display_name":"tax distortions","score":0.5519999861717224}],"concepts":[{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5006840229034424},{"id":"https://openalex.org/C2780808987","wikidata":"https://www.wikidata.org/wiki/Q4590027","display_name":"Repeal","level":2,"score":0.4993600845336914},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4934955835342407},{"id":"https://openalex.org/C162077342","wikidata":"https://www.wikidata.org/wiki/Q1062630","display_name":"Tax credit","level":2,"score":0.4777728319168091},{"id":"https://openalex.org/C100243477","wikidata":"https://www.wikidata.org/wiki/Q12002092","display_name":"Welfare","level":2,"score":0.4684213399887085},{"id":"https://openalex.org/C10616337","wikidata":"https://www.wikidata.org/wiki/Q7979894","display_name":"Weighted average return on assets","level":4,"score":0.4518054723739624},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.41104578971862793},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.41048094630241394},{"id":"https://openalex.org/C169824061","wikidata":"https://www.wikidata.org/wiki/Q1761731","display_name":"Book value","level":3,"score":0.30577000975608826},{"id":"https://openalex.org/C100001284","wikidata":"https://www.wikidata.org/wiki/Q2248246","display_name":"Public economics","level":1,"score":0.21605563163757324},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.14337101578712463},{"id":"https://openalex.org/C2781426361","wikidata":"https://www.wikidata.org/wiki/Q5326940","display_name":"Earnings","level":2,"score":0.10778620839118958},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0}],"mesh":[],"locations_count":5,"locations":[{"id":"doi:10.1086/tpe.2.20061773","doi":"https://doi.org/10.1086/tpe.2.20061773","is_oa":true,"landing_page_url":"https://doi.org/10.1086/tpe.2.20061773","pdf_url":"https://www.journals.uchicago.edu/doi/epdf/10.1086/tpe.2.20061773","source":{"id":"https://openalex.org/S2735704546","display_name":"Tax Policy and the Economy","issn_l":"0892-8649","issn":["0892-8649","1537-2650"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core","jufo-1","norway-1"],"host_organization":"https://openalex.org/P4310315672","host_organization_name":"University of Chicago Press","host_organization_lineage":["https://openalex.org/P4310315672","https://openalex.org/P4310315690"],"host_organization_lineage_names":["University of Chicago Press","University of Chicago"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Tax Policy and the Economy","raw_type":"journal-article"},{"id":"doi:10.3386/w2430","doi":"https://doi.org/10.3386/w2430","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w2430","pdf_url":"https://doi.org/10.3386/w2430","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},{"id":"pmh:oai:RePEc:nbr:nberwo:2430","doi":null,"is_oa":true,"landing_page_url":"http://www.nber.org/papers/w2430.pdf","pdf_url":"http://www.nber.org/papers/w2430.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:CiteSeerX.psu:10.1.1.702.3156","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.702.3156","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://works.bepress.com/cgi/viewcontent.cgi?article%3D1084%26context%3Ddon_fullerton","raw_type":"text"},{"id":"mag:1494340475","doi":null,"is_oa":true,"landing_page_url":"https://core.ac.uk/display/106071648","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null}],"best_oa_location":{"id":"doi:10.1086/tpe.2.20061773","doi":"https://doi.org/10.1086/tpe.2.20061773","is_oa":true,"landing_page_url":"https://doi.org/10.1086/tpe.2.20061773","pdf_url":"https://www.journals.uchicago.edu/doi/epdf/10.1086/tpe.2.20061773","source":{"id":"https://openalex.org/S2735704546","display_name":"Tax Policy and the Economy","issn_l":"0892-8649","issn":["0892-8649","1537-2650"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core","jufo-1","norway-1"],"host_organization":"https://openalex.org/P4310315672","host_organization_name":"University of Chicago Press","host_organization_lineage":["https://openalex.org/P4310315672","https://openalex.org/P4310315690"],"host_organization_lineage_names":["University of Chicago Press","University of Chicago"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Tax Policy and the Economy","raw_type":"journal-article"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W1494340475.pdf","grobid_xml":"https://content.openalex.org/works/W1494340475.grobid-xml"},"referenced_works_count":13,"referenced_works":["https://openalex.org/W48382095","https://openalex.org/W629439597","https://openalex.org/W1493388483","https://openalex.org/W1524146294","https://openalex.org/W1538401704","https://openalex.org/W1565022599","https://openalex.org/W1692888032","https://openalex.org/W1973309514","https://openalex.org/W1984181189","https://openalex.org/W2093924214","https://openalex.org/W2171944112","https://openalex.org/W3122380822","https://openalex.org/W3136722091"],"related_works":["https://openalex.org/W3123127479","https://openalex.org/W2256205180","https://openalex.org/W2257589292","https://openalex.org/W2020789277","https://openalex.org/W7096263583","https://openalex.org/W2252335674","https://openalex.org/W2959793498","https://openalex.org/W1512827124","https://openalex.org/W2080339563","https://openalex.org/W7099223334"],"abstract_inverted_index":{"Many":[0],"studies":[1,27],"measure":[2,172],"capital":[3,113,127],"stocks":[4],"and":[5,23,83,115,135,162],"effective":[6,72,141],"tax":[7,36,57,61,144,239],"rates":[8,243],"for":[9,66,119],"different":[10],"industries,":[11],"but":[12,193,208,241],"they":[13],"consider":[14],"only":[15,65,235],"tangible":[16,164,191,255],"assets":[17,40,82,93,147,161,192,256],"such":[18,94],"as":[19,95,244],"equipment,":[20,67],"structures,":[21],"inventories,":[22],"land.Some":[24],"of":[25,35,53,74,76,80,110,125,143,182,217,232,254,261],"these":[26,39,146,160],"also":[28,90],"have":[29],"estimated":[30],"that":[31,79,151,168,260],"the":[32,59,71,111,140,169,183,228,237,252],"welfare":[33,87,130,170,198,225],"cost":[34,131,171,199],"differences":[37,158],"among":[38],"under":[41,154,173],"prior":[42,155,174],"law":[43,175],"is":[44,148,210,257],"about":[45,203],"$10":[46],"billion":[47,179,205],"per":[48,180,206],"year":[49],"or":[50,102],"13":[51],"percent":[52],"all":[54],"corporate":[55],"income":[56],"revenue.Since":[58],"investment":[60,184,238],"credit":[62,185,220,240],"was":[63],"available":[64],"its":[68],"repeal":[69,221],"raises":[70],"rate":[73,142],"taxation":[75,253],"equipment":[77,153,187],"toward":[78,259],"other":[81,163,190],"virtually":[84],"eliminates":[85],"this":[86,249],"cost.However,":[88],"firms":[89],"own":[91],"intangible":[92,112,126,196,218,262],"trademarks,":[96],"copyrights,":[97],"patents,":[98],"a":[99],"good":[100],"reputation,":[101],"general":[103],"production":[104],"expertise.This":[105],"paper":[106],"provides":[107],"alternative":[108],"measures":[109],"stock,":[114],"it":[116,209],"investigates":[117],"implications":[118],"distortions":[120],"caused":[121],"by":[122],"taxes.The":[123],"existence":[124],"markedly":[128],"alters":[129],"calculations.Investments":[132],"in":[133,248],"advertising":[134],"R&D":[136],"are":[137],"expensed,":[138],"so":[139],"on":[145,152],"less":[149,194],"than":[150],"law.With":[156],"large":[157],"between":[159],"assets,":[165],"we":[166],"find":[167],"increases":[176,247],"to":[177,202],"$13":[178],"year.Repeal":[181],"taxes":[186],"more":[188],"like":[189,195],"assets.The":[197],"still":[200],"falls,":[201],"$7":[204],"year,":[207],"no":[211],"longer":[212],"\"virtually":[213],"eliminated.\"With":[214],"additional":[215],"sources":[216],"capital,":[219],"could":[222],"actually":[223],"increase":[224],"costs.Finally,":[226],"however,":[227],"Tax":[229],"Reform":[230],"Act":[231],"1986":[233],"not":[234],"repeals":[236],"reduces":[242],"well.Efficiency":[245],"always":[246],"model":[250],"because":[251],"reduced":[258],"assets.":[263]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2016,"cited_by_count":2},{"year":2014,"cited_by_count":2},{"year":2013,"cited_by_count":2},{"year":2012,"cited_by_count":1}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}