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• W2771513493 abstract "(ProQuest: ... denotes formulae omitted.)1.IntroductionFrom 2002 through 2012, Arkansas saw less growth in the real dollar value of manufacturing, a greater decline in manufacturing's share of gross domestic product (GDP), and a faster rate of job loss in manufacturing than its surrounding states. One reason for these outcomes is manufacturing's slow growth in labor productivity, which is defined as growth in the dollar value of output per manufacturing employee, adjusted for inflation. Arkansas's manufacturing-labor productivity grew significantly less than the national and regional averages over this time span, and the state had one of the lowest growth rates among the states in the region: Alabama, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Tennessee, and Texas.Since wages are based on productivity, it is not surprising that Arkansas's manufacturing wages have also lagged. Arkansas's manufacturing productivity and pay have both consistently been well below the national average. In its region, Arkansas's manufacturing productivity and pay lie near the bottom. This study examines the degree to which state and local tax burdens impact worker productivity in the manufacturing sector. Tax policy has important implications for economic productivity, particularly in capital-intensive industries such as in manufacturing. Higher taxes lead to less productivity and therefore less output. Legislators across all states should consider the distortionary effects of taxes when making tax-policy decisions because those decisions will influence not only manufacturing productivity, but also economic growth.2.Taxes and manufacturingStates that rank favorably on tax-and-cost indices for having lower taxes and costs of doing business see faster GDP and employment growth than states that rank poorly (Kolko et al., 2013). Tax policy is important for the overall economy but plays an especially important role in the manufacturing sector. Manufacturing is one of the most geographically mobile sectors and has a stronger relationship with state business climates than the overall economy does (Kolko et al., 2013). Manufacturing's heightened sensitivity to business climates means that the health of a state's manufacturing sector is increasingly tied to its tax environment.Economic growth largely stems from productivity increases. Moomaw and Williams (1991) find a positive link between total factor productivity and output growth at the state level. Brandt et al. (2012) also find this relationship at both the firm and industry levels. Increased mechanization and automation have greatly improved manufacturing productivity. However, tax policy also can influence productivity. Reductions in manufacturers' baseline tax liability can lead to significant increases in manufacturers' value added (Funderburg et al., 2013).Tax increases impact manufacturing productivity through various channels. Corporate taxes affect productivity by decreasing firm investment (Vartia, 2008). Tax increases also increase the user cost of capital, or the price a firm pays for a single unit of capital. Arnold and Schwellnus (2008) find similar results. Underinvestment caused by high corporate taxes especially hurts productivity growth in small firms that are behind the technology frontier (Gemmell et al., 2013).Furthermore, tax policy shifts resources across heterogeneous plants (Restuccia and Rogerson, 2008). Resources shift from high-cost producers to low-cost producers when different producers face different costs. If tax policy, such as targeted tax incentives, alters firm costs in a way that makes less productive firms become low-cost producers, resources will shift from high-productivity firms to low-productivity firms. This shift decreases overall productivity and economic growth.Individual income-tax policy also affects productivity. Vartia (2008) finds that high top marginal personal income-tax rates impede long-run productivity . …" @default.
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• W2771513493 date "2017-01-01" @default.
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• W2771513493 title "State Taxes and Manufacturing Productivity: A Case Study of Arkansas" @default.
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