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n Implications of Corporate vs Personal Tax Rates
HI Efficiency Implications of Tax Distortions
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amount of entrepreneurial asymmetric information problems capital gains tax copycat and tax copycat firms copycat projects corporate income corporate rate corporate tax rate dollar of wage effects engage in income entrepreneurial firms entrepreneurial project equals example expected return favor entrepreneurial activity favoring equity compensation firm to undertake firm's shares fraction gains tax rate given Gordon and MacKie-Mason incentive favoring equity income shifting investors large existing firm large firm larger liquidity constraints MacKie-Mason 1994 marginal tax rates noncorporate nonlinear nontax costs offer equity compensation ordinary income particular personal tax bracket personal tax rate positive externalities publicly traded qualified stock options resulting risk risk neutral risk-bearing costs risky simply start-up tax base tax deductions tax distortion favoring tax gain tax incentive favoring tax losses tax purposes tax schedule taxable income top personal tax top tax brackets types of firms U.S. Corporate U.S. tax law undertaken undertaking the project venture capitalist wage compensation