The Rise of Pass-Throughs and the Decline of the Labor Share

This paper studies the coevolution of the fall in the US corporate sector labor share and the rise of business activity in tax-preferred, pass-through form. Reallocating activity to the form it would have taken prior to the Tax Reform Act of 1986 accounts for one third of the decline in the

本文研究了美国企业部门劳动收入份额（labor share）下降与税收优惠型直通（pass-through）企业形式商业活动占比提升之间的共同演化关系。若将商业活动调整至1986年《税收改革法案》实施前本应采用的组织形式，可解释该指标下降幅度的三分之一。