Identical Twins Destination Based Cash Flow Taxes Versus Consumption Taxes With Payroll Subsidies

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Identical Twins? Destination-Based Cash-Flow Taxes Versus Consumption Taxes with Payroll Subsidies

Author : Benjamin Carton
Publisher : International Monetary Fund
ISBN 13 : 1484333403
Total Pages : 37 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Identical Twins? Destination-Based Cash-Flow Taxes Versus Consumption Taxes with Payroll Subsidies by : Benjamin Carton

Download or read book Identical Twins? Destination-Based Cash-Flow Taxes Versus Consumption Taxes with Payroll Subsidies written by Benjamin Carton and published by International Monetary Fund. This book was released on 2017-12-14 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region, forward-looking, DSGE model developed by the Economic Modeling Division of the IMF for policy analysis and international economic research. This paper uses GIMF to illustrate when a destination-based cash-flow tax is equivalent to a combination of a consumption tax and a labor subsidy, as the latter combination have been advocated as proxies for the implementation of destination-based cash-flow taxes. The paper documents the conditions under which both types of taxes are identical and how the equivalence in terms of the real economy and tax revenue responses can be broken, namely after the introduction of finitely lived consumers that value government debt as net wealth (real economy) and the introduction of untaxed government expenditure (tax revenue).

Identical Twins?

Author : Benjamin Carton
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Identical Twins? by : Benjamin Carton

Download or read book Identical Twins? written by Benjamin Carton and published by . This book was released on 2017 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region, forward-looking,DSGE model developed by the Economic Modeling Division of the IMF for policy analysis and international economic research. This paper uses GIMF to illustrate when a destination-based cash-flow tax is equivalent to a combination of a consumption tax and a labor subsidy, as the latter combination have been advocated as proxies for the implementation of destination-based cash-flow taxes. The paper documents the conditions under which both types of taxes are identical and how the equivalence in terms of the real economy and tax revenue responses can be broken, namely after the introduction of finitely lived consumers that value government debt as net wealth (real economy) and the introduction of untaxed government expenditure (tax revenue).

Corporate Tax Reform: From Income to Cash Flow Taxes

Author : Benjamin Carton
Publisher : International Monetary Fund
ISBN 13 : 1484395174
Total Pages : 34 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Corporate Tax Reform: From Income to Cash Flow Taxes by : Benjamin Carton

Download or read book Corporate Tax Reform: From Income to Cash Flow Taxes written by Benjamin Carton and published by International Monetary Fund. This book was released on 2019-01-16 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a multi-region, forward-looking, DSGE model to estimate the macroeconomic impact of a tax reform that replaces a corporate income tax (CIT) with a destination-based cash-flow tax (DBCFT). Two key channels are at play. The first channel is the shift from an income tax to a cash-flow tax. This channel induces the corporate sector to invest more, boosting long-run potential output, GDP and consumption, but crowding out consumption in the short run as households save to build up the capital stock. The second channel is the shift from a taxable base that comprises domestic and foreign revenues, to one where only domestic revenues enter. This leads to an appreciation of the currency to offset the competitiveness boost afforded by the tax and maintain domestic investment-saving equilibrium. The paper demonstrates that spillover effects from the tax reform are positive in the long run as other countries’ exports benefit from additional investment in the country undertaking the reform and other countries’ domestic demand benefits from improved terms of trade. The paper also shows that there are substantial benefits when all countries undertake the reform. Finally, the paper demonstrates that in the presence of financial frictions, corporate debt declines under the tax reform as firms are no longer able to deduct interest expenses from their profits. In this case, the tax shifting results in an increase in the corporate risk premia, a near-term decline in output, and a smaller long-run increase in GDP.

Emissions Reduction, Fiscal Costs, and Macro Effects: A Model-based Assessment of IRA Climate Measures and Complementary Policies

Author : Simon Voigts
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Emissions Reduction, Fiscal Costs, and Macro Effects: A Model-based Assessment of IRA Climate Measures and Complementary Policies by : Simon Voigts

Download or read book Emissions Reduction, Fiscal Costs, and Macro Effects: A Model-based Assessment of IRA Climate Measures and Complementary Policies written by Simon Voigts and published by International Monetary Fund. This book was released on 2024-02-09 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF’s Macroeconomic Model for the Energy Transition (GMMET) is applied to assess the climate-related measures in the U.S. 2022 Inflation Reduction Act (IRA). Explicitly accouting for corporate income tax funding and assuming no permitting delays for energy-related investment, the measures are expected to cut annual greenhouse gas emissions by 710 MMT by 2030, predominantly driven by more electricity generation from renewables combined with a rising share of electric vehicles. Aggregate output and inflation are not impacted significantly, while the fiscal costs amount to about $700 billion through 2030 (another $120 billion of fixed grants and loans are not modelled). In the presence of investment delays from permitting, emission cuts would be reduced by about a third. We also show that the IRA leaves room for sizable additional emission abatement at very low costs; by targeting electricity generation from coal and methane emissions from oil and gas industries.

A Destination-Based Allowance for Corporate Equity

Author : Shafik Hebous
Publisher : International Monetary Fund
ISBN 13 : 1484381904
Total Pages : 26 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis A Destination-Based Allowance for Corporate Equity by : Shafik Hebous

Download or read book A Destination-Based Allowance for Corporate Equity written by Shafik Hebous and published by International Monetary Fund. This book was released on 2018-11-08 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following renewed academic and policy interest in the destination-based principle for taxing profits—particularly through a destination-based cash flow tax (DBCFT)—this paper studies other forms of efficient destination-based taxes. Specifically, it analyzes the Destination-Based Allowance for Corporate Equity (DBACE) and Allowance for Corporate Capital (DBACC). It describes adjustments that are required to turn an origin into a destination-based versions of these taxes. These include adjustments to capital and equity, which are additional to the border adjustments needed under a DBCFT. The paper finds that the DBACC and DBACE reduce profit shifting and tax competition, but cannot fully eliminate them, with the DBACE more sensitve than the DBACC. Overall, given the potential major political cost of switching from an origin to a destination-based tax system, we conclude that advantages of the DBCFT are likely to outweigh the transitional advantages of the DBACE/DBACC.

No Business Taxation Without Model Representation

Author : Benjamin Carton
Publisher : International Monetary Fund
ISBN 13 : 1484326016
Total Pages : 61 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis No Business Taxation Without Model Representation by : Benjamin Carton

Download or read book No Business Taxation Without Model Representation written by Benjamin Carton and published by International Monetary Fund. This book was released on 2017-11-17 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region, forward-looking, DSGE model developed at the International Monetary Fund for policy analysis and international economic research. This paper documents the incorporation of corporate income, cash-flow and destination based cash-flow taxes into the model. The analysis presented considers the transmission mechanism of these taxes and details how financial frictions interact with each of the taxes.

Taxing Profit in a Global Economy

Author : Michael P. Devereux
Publisher : Oxford University Press
ISBN 13 : 0198808062
Total Pages : 401 pages
Book Rating : 4.1/5 (988 download)

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Book Synopsis Taxing Profit in a Global Economy by : Michael P. Devereux

Download or read book Taxing Profit in a Global Economy written by Michael P. Devereux and published by Oxford University Press. This book was released on 2020-09-29 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

For Your Own Good

Author : Adam J. Hoffer
Publisher :
ISBN 13 : 9781942951384
Total Pages : pages
Book Rating : 4.9/5 (513 download)

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Book Synopsis For Your Own Good by : Adam J. Hoffer

Download or read book For Your Own Good written by Adam J. Hoffer and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In For Your Own Good, experts Adam Hoffer and Todd Nesbit bring together the work of 25 scholars in the field of public choice economics to raise awareness of the consequences of selective taxation and encourage a better-informed debate over such policies.

Under-Rewarded Efforts

Author : Santiago Levy Algazi
Publisher : Inter-American Development Bank
ISBN 13 : 1597823058
Total Pages : 323 pages
Book Rating : 4.5/5 (978 download)

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Book Synopsis Under-Rewarded Efforts by : Santiago Levy Algazi

Download or read book Under-Rewarded Efforts written by Santiago Levy Algazi and published by Inter-American Development Bank. This book was released on 2018-07-11 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why has an economy that has done so many things right failed to grow fast? Under-Rewarded Efforts traces Mexico’s disappointing growth to flawed microeconomic policies that have suppressed productivity growth and nullified the expected benefits of the country’s reform efforts. Fast growth will not occur doing more of the same or focusing on issues that may be key bottlenecks to productivity growth elsewhere, but not in Mexico. It will only result from inclusive institutions that effectively protect workers against risks, redistribute towards those in need, and simultaneously align entrepreneurs’ and workers’ incentives to raise productivity.

Global Tax Revolution

Author : Chris R. Edwards
Publisher : Cato Institute
ISBN 13 : 1933995181
Total Pages : 267 pages
Book Rating : 4.9/5 (339 download)

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Book Synopsis Global Tax Revolution by : Chris R. Edwards

Download or read book Global Tax Revolution written by Chris R. Edwards and published by Cato Institute. This book was released on 2008 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introduction -- Capital explosion -- Tax cut revolution -- Flat tax club -- Mobile brains and mobile wealth -- Taxing businesses in the global economy -- The economics of tax competition -- The battle for freedom and competition -- The moral case for tax competition -- Options for U.S. policy.

Global Trends 2040

Author : National Intelligence Council
Publisher : Cosimo Reports
ISBN 13 : 9781646794973
Total Pages : 158 pages
Book Rating : 4.7/5 (949 download)

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Book Synopsis Global Trends 2040 by : National Intelligence Council

Download or read book Global Trends 2040 written by National Intelligence Council and published by Cosimo Reports. This book was released on 2021-03 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.

A Manual for the Economic Evaluation of Energy Efficiency and Renewable Energy Technologies

Author : Walter Short
Publisher :
ISBN 13 : 9781410221056
Total Pages : 96 pages
Book Rating : 4.2/5 (21 download)

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Book Synopsis A Manual for the Economic Evaluation of Energy Efficiency and Renewable Energy Technologies by : Walter Short

Download or read book A Manual for the Economic Evaluation of Energy Efficiency and Renewable Energy Technologies written by Walter Short and published by . This book was released on 2005 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Manual for the Economic Evaluation of Energy Efficiency and Renewable Energy Technologies provides guidance on economic evaluation approaches, metrics, and levels of detail required, while offering a consistent basis on which analysts can perform analyses using standard assumptions and bases. It not only provides information on the primary economic measures used in economic analyses and the fundamentals of finance but also provides guidance focused on the special considerations required in the economic evaluation of energy efficiency and renewable energy systems.

Revitalizing the Jamaican Economy

Author : Inter-American Development Bank
Publisher : IDB
ISBN 13 : 193100384X
Total Pages : 309 pages
Book Rating : 4.9/5 (31 download)

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Book Synopsis Revitalizing the Jamaican Economy by : Inter-American Development Bank

Download or read book Revitalizing the Jamaican Economy written by Inter-American Development Bank and published by IDB. This book was released on 2004 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Taxing Choice

Author : William Shughart II
Publisher : Routledge
ISBN 13 : 1351291580
Total Pages : 652 pages
Book Rating : 4.3/5 (512 download)

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Book Synopsis Taxing Choice by : William Shughart II

Download or read book Taxing Choice written by William Shughart II and published by Routledge. This book was released on 2018-04-24 with total page 652 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taxing behavior deemed "politically incorrect" has long been a convenient way for politicians to fund programs benefiting special interest groups, to the public's disadvantage. Government policy toward various goods - drugs, tobacco and alcohol, for example - has been locked into a regulatory cycle of tax and taboo. Support for legalizing other substances is buttressed by the revenue-generating power of so-called "sin" taxesi And the products subjected to excise taxation have varied from soft drinks, fishing gear and margarine to airline tickets, telephone calls and gasoline. Taxing Choice thoroughly addresses the costs and benefits of these predatory public policies.Shughart notes that the record of such punitive selective taxation has been anything but successful, hindering economic progress and failing to deliver the promised social benefits. In addition, the costs of selective taxes fall disproportionately on lower-income people, while more politically powerful interest groups benefit. At the same time, such policies are a poor way to raise funding for public services, and foster political corruption and self-serving bureaucracies accountable to no one. Indeed, policies discriminating against certain products may represent ominous trends easily extended into virtually every facet of people's lives. One can envision policies proscribing foods, sun bathing, obesity, and even books, films, and political and religious beliefs deemed "dangerous."Part I is devoted to the political economy of selective taxation. Contributors trace the history and politics of selective excise taxes in the United States, discussing the range of products that have been subject to such taxation from the founding period to the present. Part II explains how these taxes emerge in a political marketplace with opposing pressure groups scrambling for wealth transfers in their own favor. Part III looks at taxes on specific products as well as such banning policies as Prohibition and the war on drugs. Constitutional, economic, and civil liberty issues, including civil asset forfeiture and product liability, are discussed in Part IV. With the accelerating national debate over tax reform and the downsizing of government, Taxing Choice is a timely and far-reaching contribution to a debate of great interest to economists, policymakers, historians, sociologists, and taxpayers in general.

Shock Waves

Author : Stephane Hallegatte
Publisher : World Bank Publications
ISBN 13 : 1464806748
Total Pages : 227 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Shock Waves by : Stephane Hallegatte

Download or read book Shock Waves written by Stephane Hallegatte and published by World Bank Publications. This book was released on 2015-11-23 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ending poverty and stabilizing climate change will be two unprecedented global achievements and two major steps toward sustainable development. But the two objectives cannot be considered in isolation: they need to be jointly tackled through an integrated strategy. This report brings together those two objectives and explores how they can more easily be achieved if considered together. It examines the potential impact of climate change and climate policies on poverty reduction. It also provides guidance on how to create a “win-win†? situation so that climate change policies contribute to poverty reduction and poverty-reduction policies contribute to climate change mitigation and resilience building. The key finding of the report is that climate change represents a significant obstacle to the sustained eradication of poverty, but future impacts on poverty are determined by policy choices: rapid, inclusive, and climate-informed development can prevent most short-term impacts whereas immediate pro-poor, emissions-reduction policies can drastically limit long-term ones.

Going Universal

Author : Daniel Cotlear
Publisher : World Bank Publications
ISBN 13 : 146480611X
Total Pages : 289 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Going Universal by : Daniel Cotlear

Download or read book Going Universal written by Daniel Cotlear and published by World Bank Publications. This book was released on 2015-09-28 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is about 24 developing countries that have embarked on the journey towards universal health coverage (UHC) following a bottom-up approach, with a special focus on the poor and vulnerable, through a systematic data collection that provides practical insights to policymakers and practitioners. Each of the UHC programs analyzed in this book is seeking to overcome the legacy of inequality by tackling both a “financing gap†? and a “provision gap†?: the financing gap (or lower per capita spending on the poor) by spending additional resources in a pro-poor way; the provision gap (or underperformance of service delivery for the poor) by expanding supply and changing incentives in a variety of ways. The prevailing view seems to indicate that UHC require not just more money, but also a focus on changing the rules of the game for spending health system resources. The book does not attempt to identify best practices, but rather aims to help policy makers understand the options they face, and help develop a new operational research agenda. The main chapters are focused on providing a granular understanding of policy design, while the appendixes offer a systematic review of the literature attempting to evaluate UHC program impact on access to services, on financial protection, and on health outcomes.

Auditing Fundamentals in a South African Context

Author : Pieter von Wielligh
Publisher : Oxford University Press, USA
ISBN 13 : 9780190749040
Total Pages : 0 pages
Book Rating : 4.7/5 (49 download)

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Book Synopsis Auditing Fundamentals in a South African Context by : Pieter von Wielligh

Download or read book Auditing Fundamentals in a South African Context written by Pieter von Wielligh and published by Oxford University Press, USA. This book was released on 2020-03 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Auditing Fundamentals in a South African Context 2e is a practical, applied and engaging introductory textbook that supports students throughout the undergraduate level of the Auditing curriculum. The text is designed to enhance learning by supporting holistic understanding: theory is presented within the framework of the real-world business environment, assisting students to apply principles and standards with an understanding of their context. The text offers a clear pedagogical framework, which supports applied learning and develops independent, critical and reflective engagement with the subject matter. A continuing case study, which follows each stage of the audit of a South African company, demonstrates the practical application of learned principles and the integration of the auditing process with a typical audit client's business. The second edition is comprehensively revised to reflect all relevant, recent changes in the requirements of legislation, financial reporting and auditing pronouncements and codes, and addresses the new Code of Professional Conduct which was issued by the SA Institute of Chartered Accountants in the final quarter of 2018. Additional educational resources support teaching and learning, assisting students to develop the academic skills required to master their studies.