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Author: Daniel N. Shaviro Publisher: The Urban Insitute ISBN: 9780877667575 Category : Business & Economics Languages : en Pages : 228
Book Description
"The corporate tax could soon be headed in new directions," Dan Shaviro writes in Decoding the U.S. Corporate Tax, wherein he assesses the threats to America's corporate tax code and challenges conventional wisdom on the best avenues for reform. Shaviro dissects the vagaries of the law, lays out the fundamental policy issues, and considers the road ahead. As rising globalization, capital mobility, financial innovation, and political polarization combine to destabilize tax policy and government revenue, Shaviro maps the path to fair, revenue-generating reform.
Author: Daniel N. Shaviro Publisher: The Urban Insitute ISBN: 9780877667575 Category : Business & Economics Languages : en Pages : 228
Book Description
"The corporate tax could soon be headed in new directions," Dan Shaviro writes in Decoding the U.S. Corporate Tax, wherein he assesses the threats to America's corporate tax code and challenges conventional wisdom on the best avenues for reform. Shaviro dissects the vagaries of the law, lays out the fundamental policy issues, and considers the road ahead. As rising globalization, capital mobility, financial innovation, and political polarization combine to destabilize tax policy and government revenue, Shaviro maps the path to fair, revenue-generating reform.
Author: Daniel N. Shaviro Publisher: Oxford University Press, USA ISBN: 019935975X Category : Business & Economics Languages : en Pages : 242
Book Description
Fixing U.S. International Taxation provides a major rethinking of the tax issues raised by cross-border investment and the activities of multinational corporations.
Author: Jane Gravelle Publisher: Createspace Independent Publishing Platform ISBN: 9781978091900 Category : Corporations Languages : en Pages : 66
Book Description
Interest in corporate tax reform that lowers the rate and broadens the base has developed in the past several years. Some discussions by economists in opinion pieces have suggested there is an urgent need to lower the corporate tax rate, but not necessarily to broaden the tax base, an approach that presents some difficulties given current budget pressures. Others see the corporate tax as a potential source of revenue. Arguments for lowering the corporate tax rate include the traditional concerns about economic distortions arising from the corporate tax and newer concerns arising from the increasingly global nature of the economy. Some claims have been made that lowering the corporate tax rate would raise revenue because of the behavioral responses, an effect that is linked to an open economy. Although the corporate tax has generally been viewed as contributing to a more progressive tax system because the burden falls on capital income and thus on higher-income individuals, claims have also been made that the burden falls not on owners of capital, but on labor income. The analysis in this report suggests that many of the concerns expressed about the corporate tax are not supported by empirical evidence. Claims that behavioral responses could cause revenues to rise if rates were cut do not hold up on either a theoretical or an empirical basis. Studies that purport to show a revenue-maximizing corporate tax rate of 30% (a rate lower than the current statutory tax rate) contain econometric errors that lead to biased and inconsistent results; when those problems are corrected the results disappear. Cross-country studies to provide direct evidence showing that the burden of the corporate tax actually falls on labor yield unreasonable results and prove to suffer from econometric flaws that also lead to a disappearance of the results when corrected, in those cases where data were obtained and the results replicated. Many studies that have been cited are not relevant to the United States because they reflect wage bargaining approaches and unions have virtually disappeared from the private sector in the United States. Overall, the evidence suggests that the tax is largely borne by capital. Similarly, claims that high U.S. tax rates will create problems for the United States in a global economy suffer from a misrepresentation of the U.S. tax rate compared with other countries and are less important when capital is imperfectly mobile, as it appears to be. Although these new arguments appear to rely on questionable methods, the traditional concerns about the corporate tax appear valid. While an argument may be made that the tax is still needed as a backstop to individual tax collections, it does result in some economic distortions. These economic distortions, however, have declined substantially over time as corporate rates and shares of output have fallen. Moreover, it is difficult to lower the corporate tax without creating a way of sheltering individual income given the low tax rates on dividends and capital gains. A number of revenue-neutral changes are available that could reduce these distortions, allow for a lower corporate statutory tax rate, and lead to a more efficient corporate tax system. These changes include base broadening, reducing the benefits of debt finance through inflation indexing, taxing large pass-through firms as corporations, and reducing the tax at the firm level offset by an increase at the individual level. Nevertheless, the scope for reducing the tax rate in a revenue-neutral way may be limited.
Author: Mark P. Keightley Publisher: ISBN: Category : Corporations Languages : en Pages : 0
Book Description
This report presents information and research on the corporate tax to help policy makers understand and evaluate arguments presented in the tax reform debate. This report first reviews the structure of the corporate income tax. Data on which companies pay the corporate tax, corporate tax revenue, and how the U.S. system compares to the rest of the world are then presented and analyzed. Next, the economic effects of the corporate tax are reviewed--including a discussion of the purpose of the corporate tax, who bears the burden of the tax, and how to evaluate alternative corporate tax systems. The report then reviews broad reform options and concludes with a comparison of specific proposals that have been offered.
Author: Steven A. Bank Publisher: Oxford University Press ISBN: 019971696X Category : Law Languages : en Pages : 304
Book Description
The U.S. corporate income tax - and in particular the double taxation of corporate income - has long been one of the most criticized and stubbornly persistent aspects of the federal revenue system. Unlike in most other industrialized countries, corporate income is taxed twice, first at the entity level and again at the shareholder level when distributed as a dividend. The conventional wisdom has been that this double taxation was part of the system's original design over a century ago and has survived despite withering opposition from business interests. In both cases, history tells another tale. Double taxation as we know it today did not appear until several decades after the corporate income tax was first adopted. Moreover, it was embraced by corporate representatives at the outset and in subsequent years businesses have been far more ambivalent about its existence than is popularly assumed. From Sword to Shield: The Transformation of the Corporate Income Tax, 1861 to Present is the first historical account of the evolution of the corporate income tax in America. Professor Steven A. Bank explains the origins of corporate income tax and the political, economic, and social forces that transformed it from a sword against evasion of the individual income tax to a shield against government and shareholder interference with the management of corporate funds.
Author: Michael P. Devereux Publisher: Oxford University Press ISBN: 0198808062 Category : Business & Economics Languages : en Pages : 401
Book Description
The international tax system is in dire need of reform. It allows multinational companies to shift profits to low tax jurisdictions and thus reduce their global effective tax rates. A major international project, launched in 2013, aimed to fix the system, but failed to seriously analyse the fundamental aims and rationales for the taxation of multinationals' profit, and in particular where profit should be taxed. As this project nears its completion, it is becomingincreasingly clear that the fundamental structural weaknesses in the system will remain. This book, produced by a group of economists and lawyers, adopts a different approach and starts from first principles in order to generate an international tax system fit for the 21st century. This approach examines fundamental issues of principle and practice in the taxation of business profit and the allocation of taxing rights over such profit amongst countries, paying attention to the interests and circumstances of advanced and developing countries. Once this conceptual framework is developed, the book evaluates the existing system and potential reform options against it. A number of reform options are considered, ranging from those requiring marginal change to radically different systems. Some options have been discussed widely. Others, particularly Residual Profit Split systems and a Destination Based Cash-Flow Tax, are more innovative and have been developed at some length and in depth for the first time in this book. Their common feature is that they assign taxing rights partly/fully to the location of relatively immobile factors: shareholders or consumers.
Author: John Earl Haynes Publisher: Yale University Press ISBN: 0300129874 Category : History Languages : en Pages : 763
Book Description
This groundbreaking historical study reveals the shocking infiltration of Soviet spies in America—and the top-secret cryptography program that caught them. Only in 1995 did the United States government officially reveal the existence of the super-secret Venona Project. For nearly fifty years American intelligence agents had been decoding thousands of Soviet messages, uncovering an enormous range of espionage activities carried out against the United States during World War II by its own allies. This extraordinary book is the first to examine the Venona messages—documents of unparalleled importance for our understanding of the history and politics of the Stalin era and the early Cold War years. Hidden in a former girls’ school in the late 1940s, Venona Project cryptanalysts, linguists, and mathematicians attempted to decode thousands of intercepted Soviet intelligence telegrams. When they cracked the Soviet code, analysts uncovered information of powerful significance: the first indication of Julius Rosenberg’s espionage efforts; references to the espionage activities of Alger Hiss; proof of Soviet infiltration of the Manhattan Project; evidence that spies had reached the highest levels of the U.S. State and Treasury Departments; indications that more than three hundred Americans had assisted in the Soviet theft of American secrets; and confirmation that the Communist party of the United States was consciously and willingly involved in Soviet espionage against America. Drawing not only on the Venona papers but also on newly opened Russian and U. S. archives, John Earl Haynes and Harvey Klehr provide the most rigorously documented analysis ever written on Soviet espionage in the early Cold War years.
Author: John F. Atkins Publisher: Springer Science & Business Media ISBN: 0387893822 Category : Science Languages : en Pages : 473
Book Description
The literature on recoding is scattered, so this superb book ?lls a need by prov- ing up-to-date, comprehensive, authoritative reviews of the many kinds of recoding phenomena. Between 1961 and 1966 my colleagues and I deciphered the genetic code in Escherichia coli and showed that the genetic code is the same in E. coli, Xenopus laevis, and guinea pig tissues. These results showed that the code has been c- served during evolution and strongly suggested that the code appeared very early during biological evolution, that all forms of life on earth descended from a c- mon ancestor, and thus that all forms of life on this planet are related to one another. The problem of biological time was solved by encoding information in DNA and retrieving the information for each new generation, for it is easier to make a new organism than it is to repair an aging, malfunctioning one. Subsequently, small modi?cations of the standard genetic code were found in certain organisms and in mitochondria. Mitochondrial DNA only encodes about 10–13 proteins, so some modi?cations of the genetic code are tolerated that pr- ably would be lethal if applied to the thousands of kinds of proteins encoded by genomic DNA.
Author: Susan Tiefenbrun Publisher: Oxford University Press ISBN: 0199749566 Category : Law Languages : en Pages : 589
Book Description
Violations of international law and human rights laws are the plague of the twentieth and twenty-first centuries. Violence and the flagrant violation of human rights have a naturally dramatic effect that inspires writers, film makers, artists, philosophers, historians, and legal scholars to represent these horrors in their work. In Decoding International Law: Semiotics and the Humanities, Professor Tiefenbrun helps readers understand international law as represented indirectly in the humanities.
Author: International Monetary Fund. Fiscal Affairs Dept. Publisher: International Monetary Fund ISBN: 1498335926 Category : Business & Economics Languages : en Pages : 41
Book Description
Tax distortions are likely to have encouraged excessive leveraging and other financial market problems evident in the crisis. These effects have been little explored, but are potentially macro-relevant. Taxation can result, for example, in a net subsidy to borrowing of hundreds of basis points, raising debt-equity ratios and vulnerabilities from capital inflows. This paper reviews key channels by which tax distortions can significantly affect financial markets, drawing implications for tax design once the crisis has passed.
Author: Daniel N. Shaviro
Author: Daniel N. Shaviro
Author: Daniel N. Shaviro
Author: Jane Gravelle
Author: Mark P. Keightley
Author: Steven A. Bank
Author: Michael P. Devereux
Author: John Earl Haynes
Author: John F. Atkins
Author: Susan Tiefenbrun
Author: International Monetary Fund. Fiscal Affairs Dept.