We study retirement and bank account participation for the universe of U.S. households with a member aged 50 to 59 in the administrative tax data. ZCTA-level average income, income inequality, and racial composition predict retirement account participation for low-income households, conditional on household income and regional price parities. Income inequality also predicts bank account participation for low-income households. We estimate the causal effect of access to an employer retirement plan on participation. Recent policy proposals for universal access with automatic enrollment could increase participation by 19 percentage points in the lowest income quintile over ten years.

Does going public affect the amount and type of corporate international tax planning? Using a panel of U.S. corporate tax return data from 2004 to 2018, we show that IPO completion is associated with the rapid implementation of multinational foreign tax structures. Specifically, within three years after filing for an IPO, firms (1) expand their presence in low-tax jurisdictions, (2) enter into cross-border agreements that accompany intangible asset transfers to foreign subsidiaries, and (3) increase the likelihood and level of foreign related-party income-shifting payments. Effects are strongest among firms with strong capital market pressure to hit post-IPO earnings targets, firms with high R&D spending pre-IPO, and firms with limited ability to use net operating loss carryforwards. We contribute to the nascent literature studying tax implications of IPOs by documenting the types and timing of specific tax strategies that enable public firms to remain lightly taxed in the post-IPO period.