We document a strong empirical connection between corporate taxation and the manufacturing labor share, both in the US and across OECD countries. Our estimates associate 30 to 60% of the observed decline in labor shares with the fall in corporate taxation. Using an equilibrium model of an industry where firms differ in their capital intensities, we show that lower corporate tax rates reduce the labor share by raising the market share of capital-intensive firms. The tax elasticity of the labor share depends on the joint distribution of labor intensities and value added at the micro level. Given the empirical distribution in the US manufacturing sector, our quantitative analysis suggests that corporate tax cuts explain a significant part of the decline in the manufacturing labor share since the 1950s. The shift away from traditionally large, labor-intensive production units raised the concentration of market shares and reduced the concentration of employment.

中文翻译：

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企业减税和制造业劳动力份额下降

我们记录了美国和经合组织国家的企业税收与制造业劳动力份额之间的紧密联系。我们估计观察到的劳动力份额下降的 30% 至 60% 与企业税收的下降有关。使用企业资本密集度不同的行业均衡模型，我们表明，较低的企业税率通过提高资本密集型企业的市场份额来减少劳动力份额。劳动份额的税收弹性取决于微观层面劳动强度和增加值的联合分配。鉴于美国制造业的经验分布，我们的定量分析表明，企业减税是 20 世纪 50 年代以来制造业劳动力份额下降的一个重要原因。传统大型劳动密集型生产单位的转移提高了市场份额的集中度，降低了就业的集中度。