The Effective Tax Rate and the Pretax Rate of Return

This paper presents new estimates of the taxes paid on nonfinancial corporate capital, on the pretax rate of return to capital, and on the effective tax rate. The basic time series show that both the pretax rate of return and the effective tax rate have varied substantially in the past quarter century. An explicit analysis indicates that, after adjusting for different aspects of the business cycle, pretax profitability was between one and 1.5 percentage points lower in the 1970's than in the 1960's. The rate of profitability in the 1960's was also about one-half of a percentage point greater than the profitability in the 7 years of the 1950's after the Korean war. Changes in productivity growth, in inflation, in relative unit labor costs, and in other variables are all associated with changes in profitability. None of these variables, however, can explain the differences in profitability between the 1950Ts, 1960's and 1970's. Looking at broad decade averages, the effective tax rate and the pretax rate of return move in opposite directions, higher pretax profits occurring when the tax rate is high. There thus appears to have been no tendency for pretax profits to vary in a way that offsets differences in effective tax rates.

Pension wealth and household savings Tests of robustness

SIGLELD:8611.674(41) / BLDSC - British Library Document Supply CentreGBUnited Kingdo

In vitro assessment of enzymatic phytate dephosphorylation during digestive process of different feeds and feed ingredients

International audienceIn vivo studies of the digestive process are long, expensive and difficult to rationalize, whereas in vitro systems may give more accessible insight into parts of this process. The purpose of this study was to show the ability of a three-step simulation of monogastric animals' digestive system to estimate phytate hydrolysis and how it is affected by feed composition. Several feed ingredients: wheat, maize, soybean meal and rapeseed meal and complete diets: a wheat-maize-soybean-mealbased diet, a maize-soybean-meal diet and a wheat-maize-rapeseed-meal diet were treated using an adaptation of a described in vitro digestion simulation system in the presence of increasing doses of phytase. A strong dependence of phytate hydrolysis on the feed ingredient used was obtained: phosphorus releases were 0.3, 0.8, 1.0 and 1.6 g/kg at 0 U/kg of phytase supplementation for maize, soybean meal, wheat and rapeseed meal respectively and 1.2, 2.9, 1.7 and 3.9 at 1000 U/kg of bacterial phytase. The efficacy of enzymatic dephosphorylation of phytate was found dependent on the ingredient, which can be partially explained by their initial content in myo-inositol phosphates. The in vitro simulation was proven a useful tool to assess enzymatic dephosphorylation of phytate under different conditions