Question

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The U.S. has relatively few specific innovation-related tax incentives. Even the R&E tax credit is relatively modest, representing about 4 percent of government funding for R&D. Given an price elasticity estimate of R&D spending equal to unity (which is a number obtained in a broad range of studies), this implies that the credit may be responsible for an increase in total U.S. R&D spending of about 1.2 percent.

This absence of innovation-related tax incentives is in fact of some concern to large U.S. multinationals, who find it increasingly easier to locate their R&D and other activities wherever in the world they find that costs are lower. Several of them have pointed to the current R&D tax provisions as important in a world where other countries are offering them even more favourable tax treatment in order to attract their R&D.

However, the most important tax incentive in the United States for innovative activities is probably not R&E tax credit, but is the low tax rate on capital gains, which partly compensates entrepreneurs and venture capitalists for the risk they bear. It is this rather than the credit that encourages entrepreneurial activity and leads to the continuous entry of new firms and technologies onto the market. An interesting fact is that the already low rate of 28% was lowered even further in 1998, and the effects of that increased incentive are probably only just beginning to be felt.

Answer 1

美国有相对较少的具体创新有关税收优惠政策。即使是研究及推广税收信用是相对温和，约占4政府对研发经费百分之由于1的R＆D支出相当于团结（价格弹性的估计是在一个广泛的研究，获得一个数字），这意味着信贷可能是在美国研发总增长约百分之1.2的消费负责。

这种创新相关的税收优惠的情况下，是美国的大型跨国公司，谁发现越来越容易找到的一些关注其实他们的研发活动和其他活动在世界任何地方，他们发现，成本较低。其中有几个人指出，目前的研发作为重要的世界中，其他国家为他们提供更加优惠的税收待遇，以吸引他们的研发税收条款

然而，在美国最重要的税收为创新活动的激励可能不是研究及推广税收抵免，但对资本利得税税率低，这部分弥补了风险企业家和风险资本家，他们承受的。这是这个而不是信贷，鼓励创业活动，并导致新的企业和技术进入市场的不断进入。一个有趣的事实是，28％已经很低率进一步降低，在1998年，在增加的激励效果可能才刚刚开始显现出来。