Download Corporate Tax Reform: Taxing Profits in the 21st Century by Martin A. Sullivan PDF

By Martin A. Sullivan

Company tax reform is within the air. aggressive pressures from globalization, in addition to skyrocketing finances deficits, are forcing lawmakers to reconsider how America’s biggest companies are taxed. a few are looking to shut “loopholes.” Others are looking to finish all U.S. tax on overseas gains. a few are looking to reduce charges, whereas nonetheless others are looking to abolish the company tax altogether and exchange it with a wholly new procedure. not like many different books on tax coverage, company Tax Reform: Taxing earnings within the twenty first Century isn't promoting an idea or impending the difficulty from a specific political slant. It boils down the complexity of company taxation into uncomplicated language so readers could make up their very own minds in regards to the way forward for this debatable tax. For too lengthy, the problem of company tax reform has been the unique area of legal professionals and economists who commit their whole grownup lives to learning the tax. company Tax Reform: Taxing earnings within the twenty first Century opens the door on those concerns to all involved electorate through offering a compact advisor to the economics and politics of the present debate on company tax reform.   presents an outline of the company tax and the chances for reform Discusses the effect on businesspeople and person taxpayers Boils down complicated tax recommendations boiled into easy language Spurs energetic dialogue of the political matters with no political bias contains a dialogue of principles for revamping taxes for people, because the company and person tax codes are interrelated What you’ll study Why economists are looking to abolish the company tax Why politicians can’t eliminate the company tax What the most important and the slimiest loopholes are The ramifications of all possible outcomes for businesspeople How the U.S. tax code compares to overseas rivals the foremost concepts for reform, together with the flat tax How politics and tight budgets will form the controversy sooner than and after the 2012 election Why person taxpayers have a stake within the final result of this debate Who this publication is for company Tax Reform: Taxing gains within the twenty first Century is for voters all for America’s destiny who are looking to get past the industrial jargon and political rhetoric that dominates so much dialogue of commercial tax coverage. because the debate at the complicated factor of company tax reform rages in Washington, company Tax Reform: Taxing gains within the twenty first Century is a beginner’s consultant that's invaluable to company executives, marketplace analysts, reporters, lawmakers, govt coverage analysts, legal professionals, accountants, in addition to scholars of public coverage, legislations, accounting, and economics. try out Tax Notes' assessment of company Tax Reform. desk of Contents allow the talk commence  earnings and revenue Tax, through the Numbers the overpowering Case opposed to the company Tax Why the company Tax Won’t depart  reduce the speed! the place the money Is company Tax costs  How should still overseas earnings Be Taxed? Globalization and the fashionable Multinational  Pass-Through Entities nation company Taxes company Tax Simplification basic Tax Reform extra daring Reforms  The finances and Political truth Notes at the Tables extra Reading  

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Extra info for Corporate Tax Reform: Taxing Profits in the 21st Century

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But for the most part the corporate tax is paid by large corporations whose stock is traded on the New York Stock Exchange and the NASDAQ. The Bottom Line Wall Street is obsessed with profits. That means corporate executives must also be obsessed with profits. Book profits reported to shareholders are after-tax profits. That means the tax on corporate profits is a major concern for CEOs and has a major impact on stock prices. For the financial press and the titans of Wall Street, corporate tax may not be the sexiest topic, but it is always there, lurking, with the potential to either deflate or boost share prices.

S. federal corporate tax rate, 1955–2011. Source: Tax Foundation. But reduction in corporate tax rate is only part of the story of the decline in corporate tax revenues. There is also a lot of corporate revenue being lost to the erosion of the tax base. Part of this is due to Congress enacting more tax breaks (discussed in Chapters 6 and 7). Part is due to the shifting of profits outside the United States to low-tax jurisdictions (discussed in Chapter 9). And part is due to the rapid increase in use of untaxed organizational forms by small and medium-size businesses (see Chapter 10).

But the public outrage about big corporations escaping taxes has not abated. Again, General Electric is in the spotlight. 1 Donald T. Regan, For the Record: From Wall Street to Washington. (New York, NY: Harcourt Brace Jovanovich, 1988), p. 153. ” The story spread like wildfire over the Internet, over the airwaves, and through the halls of Congress. General Electric disputed many of the article’s findings and pointed out that its low taxes were due to extraordinary losses in its financial business during the financial crisis.

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