ABCDEFGHIJKLMNOPQRSTUVWXYZ
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VariablesMeaning
Definition
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DATESdate
Year.Quarter (00=Q1, .25=Q2 etc.)
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T_PI
Narratively identified shock to personal income taxes
Change in federal personal income tax liabilities divided by lagged taxable personal income
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T_CI
Narratively identified shock to corporate income taxes
Change in federal corporate income tax liabilities divided by lagged taxable corporate income
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m_PI
Proxy for shocks to personal income taxes
T_PI where non-zero observations have been subtracted their mean
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m_CI
Proxy for shocks to corporate income taxes
T_CI where non-zero observations have been subtracted their mean
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APITR
Average personal income tax rate
Federal personal income tax revenues including contributions to government social insurance divided by personal income tax base
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ACITR
Average Corporate income tax rate
Federal corporate income tax reveneues divided by coporate income tax base
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Note: we use the same variable name and definition as in Mertens and Ravn (2013). The slight difference in APITR and ACITR comes from data revisions.
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