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@techreport{NBERw21651,
 title = "Business in the United States: Who Owns it and How Much Tax Do They Pay?",
 author = "Cooper, Michael and McClelland, John and Pearce, James and Prisinzano, Richard and Sullivan, Joseph and Yagan, Danny and Zidar, Owen and Zwick, Eric",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "21651",
 year = "2015",
 month = "October",
 doi = {10.3386/w21651},
 URL = "http://www.nber.org/papers/w21651",
 abstract = {“Pass-through” businesses like partnerships and S-corporations now generate over half of U.S. business income and account for much of the post-1980 rise in the top- 1% income share. We use administrative tax data from 2011 to identify pass-through business owners and estimate how much tax they pay. We present three findings. (1) Relative to traditional business income, pass-through business income is substantially more concentrated among high-earners. (2) Partnership ownership is opaque: 20% of the income goes to unclassifiable partners, and 15% of the income is earned in circularly owned partnerships. (3) The average federal income tax rate on U.S. pass- through business income is 19%|much lower than the average rate on traditional corporations. If pass-through activity had remained at 1980's low level, strong but straightforward assumptions imply that the 2011 average U.S. tax rate on total U.S. business income would have been 28% rather than 24%, and tax revenue would have been approximately $100 billion higher.},
}