How to treat tax basis of capital stock

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@jdebacker 已经在做这个了。

开始于 2023年8月11日。

  • #874 来自 @jdebacker —— 未关闭

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基本清楚
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停滞
技术栈
python
领域
backend

调研方向

The issue proposes changing the firm's profit function so the depreciation deduction uses the tax-basis aggregate capital K^tau instead of economic depreciation, and it gives the recursion for K^tau_{t+1} as a function of past capital stocks. The payload names no source files or tests, so locate the firm profit and capital law-of-motion code in OG-Core yourself. Linked pull request #874 is still open and already covers this work, so check it before starting. Done would mean the firm problem tracks K^tau dynamically and the model runs with it.

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描述

In OG-USA right now, the firm's profit function is the following,

proffunc

where delta**tau in the last term is the tax basis of depreciation. It represents the fraction of economic depreciation that can be deducted from the firm's tax liability at the corporate income tax rate tau**corp. One issue with this is that when the tax basis depreciation is not equal to the economic depreciation tau**delta != delta then the tax basis of aggregate capital does not equal the actual aggregate capital K**tau != K. The last term in the profit equation should really be in terms of the tax basis of aggregate capital K**tau.

proffunctau

Making the tax basis of aggregate capital the component that determines the degree of depreciation deductibility makes K**tau the component that firms need to keep track of. Intuitively, the tax basis of aggregate capital is a function of the entire history of actual aggregate capital stocks. This is seen by combining the law of motion for the actual aggregate capital stock,

klom

with the law of motion for the tax basis of the aggregate capital stock.

ktaulom

Subtracting the actual law of motion equation from the tax basis law of motion equation and solving for K**tau_{t+1} gives the recursion that shows that the tax basis aggregate capital is a function of the history of actual capital stocks.

ktautp1

This renders the firm's problem dynamic. We need to update this in OG-USA.

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