The well-known Johansson-Samuelson theorem proves that, in partial equilibrium, comprehensive income taxation with a uniform tax rate does not affect asset values if tax depreciation allowances coincide with economic depreciation. In this article, we show that this result fails to hold in general equilibrium, unless fairly restrictive conditions are met.
The Johansson—Samuelson Theorem in General Equilibrium: A Rebuttal
MENONCIN, Francesco;PANTEGHINI, Paolo
2013-01-01
Abstract
The well-known Johansson-Samuelson theorem proves that, in partial equilibrium, comprehensive income taxation with a uniform tax rate does not affect asset values if tax depreciation allowances coincide with economic depreciation. In this article, we show that this result fails to hold in general equilibrium, unless fairly restrictive conditions are met.File in questo prodotto:
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