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Tax Neutrality And The Investment Tax Credit
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Book Synopsis Tax Neutrality and the Investment Tax Credit by : David F. Bradford
Download or read book Tax Neutrality and the Investment Tax Credit written by David F. Bradford and published by . This book was released on 1978 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper concerns the question of how the rules for calculating the investment tax credit and the associated rules for calculating depreciation allowances for tax purposes should be structured to assure the "appropriate" relationship between the subsidy granted to long-lived assets and that to short-lived assets. The increasing rate of tax subsidy under the investment credit favors long-lived assets by comparison with a flat-rate credit, while the neglect of the credit in calculating depreciation allowances favors short-lived assets (for which the depreciation allowance is a more important element in the cash flow). In reviewing the literature on this issue, Emil Sunley focused on the question of whether the investment credit should vary with the durability of the asset purchased. He concluded that neutrality requires a subsidy rate increasing with the useful life of the asset in a way qualitatively similar to that prescribed in present U.S. law. This paper develops Sunley's discussion through the use of simple formal models of the yield from investment.
Book Synopsis Tax Neutrality and Intangible Capital by : Don Fullerton
Download or read book Tax Neutrality and Intangible Capital written by Don Fullerton and published by . This book was released on 1987 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many studies measure capital stocks and effective tax rates for different industries, but they consider only tangible assets such as equipment, structures, inventories, and land. Some of these studies also have estimated that the welfare cost of tax differences among these assets under prior law is about $10 billion per year or 13 percent of all corporate income tax revenue. Since the investment tax credit was available only for equipment, its repeal raises the effective rate of taxation of equipment toward that of other assets and virtually eliminates this welfare cost. However, firms also own intangible assets such as trademarks, copyrights, patents, a good reputation, or general production expertise. This paper provides alternative measures of the intangible capital stock, and it investigates implications for distortions caused by taxes. The existence of intangible capital markedly alters welfare cost calculations. Investments in advertising and R&D are expensed, so the effective rate of tax on these assets is less than that on equipment under prior law. With large differences between these assets and other tangible assets, we find that the welfare cost measure under prior law increases to $13 billion per year. Repeal of the investment credit taxes equipment more like other tangible assets but less like intangible assets. The welfare cost still falls, to about $7 billion per year, but it is no longer "virtually eliminated." With additional sources of intangible capital, credit repeal could actually increase welfare costs. Finally, however, the Tax Reform Act of 1986 not only repeals the investment tax credit but reduces rates as well. Efficiency always increases in this model because the taxation of tangible assets is reduced toward that of intangible assets.
Book Synopsis Tax Neutrality and Intangible Capital by : Don Fullerton
Download or read book Tax Neutrality and Intangible Capital written by Don Fullerton and published by . This book was released on 2010 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many studies measure capital stocks and effective tax rates for different industries, but they consider only tangible assets such as equipment, structures, inventories, and land. Some of these studies also have estimated that the welfare cost of tax differences among these assets under prior law is about $10 billion per year or 13 percent of all corporate income tax revenue. Since the investment tax credit was available only for equipment, its repeal raises the effective rate of taxation of equipment toward that of other assets and virtually eliminates this welfare cost. However, firms also own intangible assets such as trademarks, copyrights, patents, a good reputation, or general production expertise. This paper provides alternative measures of the intangible capital stock, and it investigates implications for distortions caused by taxes. The existence of intangible capital markedly alters welfare cost calculations. Investments in advertising and Ramp;D are expensed, so the effective rate of tax on these assets is less than that on equipment under prior law. With large differences between these assets and other tangible assets, we find that the welfare cost measure under prior law increases to $13 billion per year. Repeal of the investment credit taxes equipment more like other tangible assets but less like intangible assets. The welfare cost still falls, to about $7 billion per year, but it is no longer quot;virtually eliminated.quot; With additional sources of intangible capital, credit repeal could actually increase welfare costs. Finally, however, the Tax Reform Act of 1986 not only repeals the investment tax credit but reduces rates as well. Efficiency always increases in this model because the taxation of tangible assets is reduced toward that of intangible assets.
Book Synopsis Taxes and Capital Formation by : Martin Feldstein
Download or read book Taxes and Capital Formation written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-12-01 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists have long recognized the importance of capital accumulation for productivity and economic growth. The National Bureau of Economic Research is currently engaged in a study of the relationship between such accumulation and taxation policies, with particular focus on saving, risk-taking, and corporate investment in the United States and abroad. The papers presented in Taxes and Capital Formation are accessible, nontechnical summaries of fourteen individual research projects within that study. Complete technical reports on this research are published in a separate volume, The Effects of Taxation on Capital Accumulation, also edited by Martin Feldstein. By addressing some of the most critical policy issues of the day with a minimum of economic jargon, Taxes and Capital Formation makes the results of Bureau research available to a wide audience of policy officials and staff as well as to members of the business community. The volume should also prove useful for courses in public policy, business, and law. In keeping with Bureau tradition, the papers do not contain policy recommendations; instead, they promote a better understanding of how the economy works and the effects of specific policies on particular aspects of the economy.
Book Synopsis Tax Incentives in Developing Countries and International Taxation by : Timo Viherkenttä
Download or read book Tax Incentives in Developing Countries and International Taxation written by Timo Viherkenttä and published by . This book was released on 1991 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the complex coordination of tax incentives for foreign investors and international taxation. The analysis locates the factors which tend to frustrate such incentives through increased taxation in the investor's home country. The various tax planning techniques for avoiding the loss of incentive benefits are also dealt with.
Book Synopsis The Investment Tax Credit by : Alan J. Auerbach
Download or read book The Investment Tax Credit written by Alan J. Auerbach and published by . This book was released on 1979 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since1954, the United States government has made numerous adjustments in the tax treatment of corporate income with the aim of influencing the level and composition of fixed business investment. The effects of these reforms, principally changes in the investment tax credit, are evaluated using a macro-econometric model. We find little evidence that the investment tax credit is an effective fiscal policy tool. Changes in the credit have tended to destabilize the economy, and have yielded much less stimulus per dollar of revenue loss than has previously been assumed. The crowding out of "non-favored" investment has been sufficient to offset a large percentage of the increase in the stock of equipment resulting from the use of the credit. We are led to conclude that the reliance on the investment tax credit and other investment tax incentives should be reduced. If a credit is to be maintained, it is of the utmost importance that its effect on all sectors of the economy be considered. We analyze several possible neutrality criteria, but conclude that no simple rule can guide the optimal structuring of incentives
Book Synopsis Tax Policy and Returns to Alternative Investments by : Henry J. Aaron
Download or read book Tax Policy and Returns to Alternative Investments written by Henry J. Aaron and published by Washington : Fund for Public Policy Research. This book was released on 1972 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Reform of U. S. International Taxation by : Jane G. Gravelle
Download or read book Reform of U. S. International Taxation written by Jane G. Gravelle and published by DIANE Publishing. This book was released on 2011-04 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is the current U.S. tax system for taxing U.S. international business the appropriate one for the modern era of globalized business operations, or should its basic structure be reformed? Contents of this report: The Current System and Possible Revisions; Neutrality, Efficiency, and Competitiveness; Assessing the Existing Tax System; Territorial Taxation: The Dividend Exemption Proposal; A Residence-Based System in Practice; President Obama's Proposals to Restrict Deferral and Cross-Crediting; Tax Havens: Issues and Policy Options; General Reforms of the Corporate Tax and Implications for International Tax Treatment. Charts and tables. This is a print on demand edition of an important, hard-to-find publication.
Book Synopsis United States Taxation of Foreign Investment Income by : Peggy B. Musgrave
Download or read book United States Taxation of Foreign Investment Income written by Peggy B. Musgrave and published by . This book was released on 1969 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Tax Policy and International Direct Investment by : Joosung Jun
Download or read book Tax Policy and International Direct Investment written by Joosung Jun and published by . This book was released on 1989 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: The effects of taxes on direct investment capital outflows are investigated using a theoretical model which integrates the investment and financial decisions of the parent and subsidiary. The resulting marginal qs and costs of capital show that intrafirm investment allocation and tax neutrality results critically hinge on the marginal financing regime. By identifying a channel(s) through which a specific tax policy affects firm decisions, the model evaluates the combined effects of the home country tax system on direct investment. Out analysis suggests that while the 1986 U.S. Tax Reform Act may have an ambiguous effect on the overall level of capital outflows, it may induce more equipment investments to be undertaken abroad.
Book Synopsis Investment Taxation by : Arlene Mary Hibschweiler
Download or read book Investment Taxation written by Arlene Mary Hibschweiler and published by McGraw Hill Professional. This book was released on 2003 with total page 478 pages. Available in PDF, EPUB and Kindle. Book excerpt: Publisher Description
Book Synopsis The Economic Effects of Taxing Capital Income by : Jane Gravelle
Download or read book The Economic Effects of Taxing Capital Income written by Jane Gravelle and published by MIT Press. This book was released on 1994 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: How should capital income be taxed to achieve efficiency and equity? In this detailed study, tax policy analyst Jane Gravelle, brings together comprehensive estimates of effective tax rates on a wide variety of capital by type, industry, legal form, method of financing, and across time. These estimates are combined with a history and survey of issues regarding capital income taxation that are aimed especially at bringing the findings of economic theory and recent empirical research to nonspecialists and policymakers. Many of the topics treated have been the subject of policy debate and legislation over the last ten or fifteen years.Should capital income be taxed at all? And, if capital income is to be taxed, what is the best way to do it? Gravelle devotes two chapters to the first question, and then, in answer to the second question, covers a broad range of topics - corporate taxation, tax neutrality, capital gains taxes, tax treatment of retirement savings, and capital income taxation and international competitiveness. Gravelle also includes a comprehensive history of tax institutions and data on constructing effective tax rates that are not available elsewhere.
Book Synopsis The Encyclopedia of Taxation & Tax Policy by : Joseph J. Cordes
Download or read book The Encyclopedia of Taxation & Tax Policy written by Joseph J. Cordes and published by The Urban Insitute. This book was released on 2005 with total page 522 pages. Available in PDF, EPUB and Kindle. Book excerpt: "From adjusted gross income to zoning and property taxes, the second edition of The Encyclopedia of Taxation and Tax Policy offers the best and most complete guide to taxes and tax-related issues. More than 150 tax practitioners and administrators, policymakers, and academics have contributed. The result is a unique and authoritative reference that examines virtually all tax instruments used by governments (individual income, corporate income, sales and value-added, property, estate and gift, franchise, poll, and many variants of these taxes), as well as characteristics of a good tax system, budgetary issues, and many current federal, state, local, and international tax policy issues. The new edition has been completely revised, with 40 new topics and 200 articles reflecting six years of legislative changes. Each essay provides the generalist with a quick and reliable introduction to many topics but also gives tax specialists the benefit of other experts' best thinking, in a manner that makes the complex understandable. Reference lists point the reader to additional sources of information for each topic. The first edition of The Encyclopedia of Taxation and Tax Policy was selected as an Outstanding Academic Book of the Year (1999) by Choice magazine."--Publisher's website.
Book Synopsis Approaches to Efficient Capital Taxation by : Lawrence H. Goulder
Download or read book Approaches to Efficient Capital Taxation written by Lawrence H. Goulder and published by . This book was released on 1990 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we explore the efficiency gains from the Tax Reform Act of 1986 and prospective tax reforms, separating out the intersectoral and intertemporal efficiency consequences. To assess these effects, we employ a general equilibrium model that considers the effects of taxes on the allocation of capital across industries, assets, sectors, and time. We find that the 1986 tax reform yielded only a small improvement in the intersectoral allocation of capital because the beneficial effects from its more uniform treatment of capital within the business sector are largely offset by adverse effects stemming from increased tax disparities between the business and housing sectors. The intertemporal efficiency effects of the reform, in contrast, are significant and negative. Hence the overall efficiency impact of the reform is negative as well. Our results indicate that the economic margins offering the greatest scope for efficiency gains are different from those that received the most attention under the 1986 tax reform. While much of the 1986 reform concentrated on reducing tax disparities within the business sector, much larger efficiency gains would result from reducing tax disparities between the business and housing sectors and from general reductions in effective marginal tax rates on capital.
Book Synopsis The Impact of Tax Reform on the Taxation of Corporate Investment Income by : Michael J. Daly
Download or read book The Impact of Tax Reform on the Taxation of Corporate Investment Income written by Michael J. Daly and published by . This book was released on 1987 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evaluation of the impact of the 1986 federal budget and the 1987 White Paperby concentrating on the provisions that include the taxation of corporateinvestment income. Studies the use a marginal effectivetax rate to capture the features of the tax system that affect both the firmmaking the investment and the saver who finances the investment. Discussesthe shortcomings of the current tax reform proposals with reference to theabsence of indexation provisions, the incomplete integration of corporateand personal taxes, and the potential adverse effect on aggregate saving andinvestment. The paper also compares the current approach to tax reform withtwo alternative approaches, one involving full indexation and completeintegration of corporate and personal income taxes, and the other, a combination of corporate and personal cash-flow taxes.
Book Synopsis Reforming Capital Income Taxation by : Horst Siebert
Download or read book Reforming Capital Income Taxation written by Horst Siebert and published by Routledge. This book was released on 2019-07-11 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book surveys the theoretical issues that characterize the problem of reforming capital income taxes in an open economy. It explores the tax incentives and disincentives to investment in an open economy framework allowing cross-border portfolio and direct investment.
Book Synopsis Investment Incentives by : J. B. Bracewell-Milnes
Download or read book Investment Incentives written by J. B. Bracewell-Milnes and published by Springer. This book was released on 1977-01-01 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern society cannot function without a high level of investment, just as it cannot function without a high level of taxation (or its equivalent in communist countries). Both investment and taxation (as a source of government revenue) are important for the level of production and employment. No wonder then that governments are faced with an increasing dilemma between higher taxation on the one hand and the need for stimulating investment by tax reductions or allowances on the other. Related to this is the choice between a market economy which is as free as possible and detailed governmental measures for monitoring and steering investments, not only with the intention to promote economic growth but to further a nu mb er of other social interests as weil. This is to some extent a political issue but the decisions it involves should still be based on sound economic facts and considerations. In many countries one of the important instruments for stimulating and steering investment is the introduction oi\modification of investment incentives within the framework of the tax system. The present book gives a lot of information on this subject. It endeavours to create a conceptual order in the somewhat chaotic multitude of incentives practised by the main industrial countries and studies their economic effects. The authors are weil equipped to do this because they were c10sely involved in the study on this subject made by Erasmus U niversity Rotterdam at the request of the Common Market Com mission.
