Effects of Taxation: Executive Compensation and Retirement Plans

By Challis A. Hall Jr. | Go to book overview

CHAPTER IX
Economic Effects of Federal Taxation and Deferred-Type Compensation Plans in the Large Corporation

IN THE CHAPTERS which examined the operation of qualified retirement plans, qualified profit-sharing plans, deferred compensation plans, and nonqualified bonus plans, particular emphasis was placed on the effects of these plans in attracting, holding, retiring, and stimulating efforts of executives. These four effects were examined from the point of view of the individual firm.

This chapter examines the operation of these plans from the point of view of the whole economy. The difference in approach is justified because the effects which are desirable for individual companies may not be for all companies or the economy as a whole. Thus, a plan which holds executives against competing offers may be desirable for the holding firm but undesirable from the point of view of all firms if the executives' talents could be used elsewhere to greater advantage.

From the point of view of the whole economy, these plans affect the output and prices of goods and services. They affect output through their effects on executives, savings, and capital formation. The major part of this chapter is devoted to the effects produced through executives; those on savings and capital formation are treated more briefly. These effects on output are brought about by altering the length of the period of active executive employment, by changing the willingness of executives to exert effort at any point in time, and by shifting their allocation among business firms. The key position occupied by executives in the planning and direction of business activity implies that changes in the willingness of

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