Author: Steven A. BankPublisher:
ISBN: 9781139155359
Category : Corporations
Languages : en
Pages : 266
Book Description
Why did the British and American corporate tax systems diverge early in the twentieth century and is convergence now likely?
Anglo-American Corporate Taxation
Author: Steven A. BankPublisher:
ISBN: 9781139155359
Category : Corporations
Languages : en
Pages : 266
Book Description
Why did the British and American corporate tax systems diverge early in the twentieth century and is convergence now likely?
The Dividend Divide in Anglo-American Corporate Taxation
Author: Steven A. BankPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
In this Article, I seek to understand why the United States and United Kingdom take such different approaches to the taxation of corporate income. Generally, the U.S. has taxed corporate income twice and the U.K. only once. In the last several years, however, both countries have undertaken major reforms of their respective corporate tax systems designed to change these traditional approaches. Far from being an isolated turn of events, this pattern of corporate tax reform behavior typifies Anglo-American corporate taxation over the last century. While both countries started with an integrated approach, they diverged in the 1930s and have been moving toward and away from each other in successive periods of reform ever since. Why did the U.S. and U.K. - two countries with similarly developed economies and corporate cultures - originally diverge in their approaches to corporate income taxation and why have they continued to vacillate on this issue over time? This Article concludes that it is a result of a divergence in firm dividend policies in the two countries. While firms in both countries maintained liberal dividend policies during the nineteenth century, U.S. firms began to retain more earnings after the turn-of-the-century and this necessitated a change in the method of taxing corporate income. In subsequent years, both countries have undergone major corporate tax reforms during periods of concern about the direction of firm dividend policies in their respective countries. I suggest that this has important implications for predictions about the future of corporate income tax design.
Anglo-American Corporate Taxation
Author: Steven A. BankPublisher: Cambridge University Press
ISBN: 113950259X
Category : Law
Languages : en
Pages : 265
Book Description
The UK and the USA have historically represented opposite ends of the spectrum in their approaches to taxing corporate income. Under the British approach, corporate and shareholder income taxes have been integrated under an imputation system, with tax paid at the corporate level imputed to shareholders through a full or partial credit against dividends received. Under the American approach, by contrast, corporate and shareholder income taxes have remained separate under what is called a 'classical' system in which shareholders receive little or no relief from a second layer of taxes on dividends. Steven A. Bank explores the evolution of the corporate income tax systems in each country during the nineteenth and twentieth centuries to understand the common legal, economic, political and cultural forces that produced such divergent approaches and explains why convergence may be likely in the future as each country grapples with corporate taxation in an era of globalization.
Bibliogra[p]hy of Anglo-American Tax History
![Bibliogra[p]hy of Anglo-American Tax History PDF](https://books.google.com/books/content/images/frontcover/yE0mHQAACAAJ?fife=w80-h100)
Author: Charlotte CranePublisher:
ISBN:
Category : Taxation
Languages : en
Pages : 56
Book Description
The Foundations of Anglo-American Corporate Fiduciary Law
Author: David KershawPublisher: Cambridge University Press
ISBN: 1108651135
Category : Law
Languages : en
Pages : 549
Book Description
This book explores the foundations and evolution of modern corporate fiduciary law in the United States and the United Kingdom. Today US and UK fiduciary law provide very different approaches to the regulation of directorial behaviour. However, as the book shows, the law in both jurisdictions borrowed from the same sources in eighteenth- and nineteenth-century English fiduciary and commercial law. The book identifies the shared legal foundations and authorities and explores the drivers of corporate fiduciary law's contemporary divergence. In so doing it challenges the prevailing accounts of corporate legal change and stability in the US and the UK.
Ethics and Taxes
Author: John D. FeldmannPublisher:
ISBN:
Category : Equality
Languages : en
Pages : 878
Book Description
Federal Taxation of National Heritage Assets
Author: Valerie M. FoglemanPublisher:
ISBN:
Category : Gifts
Languages : en
Pages : 210
Book Description
Anglo American Trade
Author: Making the Modern American Fiscal State
Author: Ajay K. MehrotraPublisher: Cambridge University Press
ISBN: 1107436001
Category : Business & Economics
Languages : en
Pages : 447
Book Description
At the turn of the twentieth century, the US system of public finance underwent a dramatic transformation. The late nineteenth-century regime of indirect, hidden, partisan, and regressive taxes was eclipsed in the early twentieth century by a direct, transparent, professionally administered, and progressive tax system. This book uncovers the contested roots and paradoxical consequences of this fundamental shift in American tax law and policy. It argues that the move toward a regime of direct and graduated taxation marked the emergence of a new fiscal polity - a new form of statecraft that was guided not simply by the functional need for greater revenue but by broader social concerns about economic justice, civic identity, bureaucratic capacity, and public power. Between the end of Reconstruction and the onset of the Great Depression, the intellectual, legal, and administrative foundations of the modern fiscal state first took shape. This book explains how and why this new fiscal polity came to be.
The Influence of Historical Tax Law Developments on Anglo-American Law and Politics
Author: Arthur J. CockfieldPublisher:
ISBN:
Category :
Languages : en
Pages : 29
Book Description
This article highlights the influence of historical Anglo-American tax law developments on the formation of new political institutions and laws. In critical periods of English and U.S. history, individuals rebelled against arbitrary royal taxes. In turn, they demanded new tax laws that became embedded in documents from the Magna Carta to the English Bill of Rights to the Declaration of Independence that promoted democratic constraints on the use of state power to assess and collect taxes. Over time, the idea that individuals are entitled to equal treatment under the law, and possess inalienable human rights, emerged in part as a result of these tax law developments. The discussion in this article supports the view that pragmatic concerns over property and taxation drove important English and American political and legal reforms.