Tax Spillovers From Us Corporate Income Tax Reform

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Tax Spillovers from US Corporate Income Tax Reform

Author : Sebastian Beer
Publisher : International Monetary Fund
ISBN 13 : 1484367545
Total Pages : 36 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Tax Spillovers from US Corporate Income Tax Reform by : Sebastian Beer

Download or read book Tax Spillovers from US Corporate Income Tax Reform written by Sebastian Beer and published by International Monetary Fund. This book was released on 2018-07-13 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper describes, and where possible tentatively quantifies, likely tax spillovers from the U.S. corporate income tax reform that was part of the broader 2017 tax reform. It calculates effective tax rates under various assumptions, showing among other findings, how the interest limitation and the Foreign Derived Intangible Income provision can raise or reduce rates. It tentatively estimates that under constant policies elsewhere, the rate cut will reduce tax revenue from multinationals in other countries by on average 1.6 to 5.2 percent. If other countries react in line with historical reaction functions, the revenue loss from multinationals rises to an average of 4.5 to 13.5 percent. The paper also discusses profit-shifting, real location, and policy reactions from the more complex features of the reform.

Tax Spillovers from US Corporate Income Tax Reform

Author : Sebastian Beer
Publisher : International Monetary Fund
ISBN 13 : 1484369084
Total Pages : 36 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Tax Spillovers from US Corporate Income Tax Reform by : Sebastian Beer

Download or read book Tax Spillovers from US Corporate Income Tax Reform written by Sebastian Beer and published by International Monetary Fund. This book was released on 2018-07-18 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper describes, and where possible tentatively quantifies, likely tax spillovers from the U.S. corporate income tax reform that was part of the broader 2017 tax reform. It calculates effective tax rates under various assumptions, showing among other findings, how the interest limitation and the Foreign Derived Intangible Income provision can raise or reduce rates. It tentatively estimates that under constant policies elsewhere, the rate cut will reduce tax revenue from multinationals in other countries by on average 1.6 to 5.2 percent. If other countries react in line with historical reaction functions, the revenue loss from multinationals rises to an average of 4.5 to 13.5 percent. The paper also discusses profit-shifting, real location, and policy reactions from the more complex features of the reform.

U.S. Investment Since the Tax Cuts and Jobs Act of 2017

Author : Emanuel Kopp
Publisher : International Monetary Fund
ISBN 13 : 1498317049
Total Pages : 37 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis U.S. Investment Since the Tax Cuts and Jobs Act of 2017 by : Emanuel Kopp

Download or read book U.S. Investment Since the Tax Cuts and Jobs Act of 2017 written by Emanuel Kopp and published by International Monetary Fund. This book was released on 2019-05-31 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is no consensus on how strongly the Tax Cuts and Jobs Act (TCJA) has stimulated U.S. private fixed investment. Some argue that the business tax provisions spurred investment by cutting the cost of capital. Others see the TCJA primarily as a windfall for shareholders. We find that U.S. business investment since 2017 has grown strongly compared to pre-TCJA forecasts and that the overriding factor driving it has been the strength of expected aggregate demand. Investment has, so far, fallen short of predictions based on the postwar relation with tax cuts. Model simulations and firm-level data suggest that much of this weaker response reflects a lower sensitivity of investment to tax policy changes in the current environment of greater corporate market power. Economic policy uncertainty in 2018 played a relatively small role in dampening investment growth.

Taxation in the Global Economy

Author : Assaf Razin
Publisher : University of Chicago Press
ISBN 13 : 0226705889
Total Pages : 456 pages
Book Rating : 4.2/5 (267 download)

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Book Synopsis Taxation in the Global Economy by : Assaf Razin

Download or read book Taxation in the Global Economy written by Assaf Razin and published by University of Chicago Press. This book was released on 2008-04-15 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: The increasing globalization of economic activity is bringing an awareness of the international consequences of tax policy. The move toward the common European market in 1992 raises the important question of how inefficiencies in the various tax systems—such as self-defeating tax competition among member nations—will be addressed. As barriers to trade and investment tumble, cross-national differences in tax structures may loom larger and create incentives for relocations of capital and labor; and efficient and equitable income tax systems are becoming more difficult to administer and enforce, particularly because of the growing importance of multinational enterprises. What will be the role of tax policy in this more integrated world economy? Assaf Razin and Joel Slemrod gathered experts from two traditionally distinct specialties, taxation and international economics, to lay the groundwork for understanding these issues, which will require the attention of scholars and policymakers for years to come. Contributors describe the basic provisions of the U.S. tax code with respect to international transactions, highlighting the changes contained in the U.S. Tax Reform Act of 1986; explore the ways that tax systems influence the decisions of multinationals; examine the effect of taxation on trade patterns and capital flows; and discuss the implications of the opening world economy for the design of optimal international tax policy. The papers will prove valuable not only to scholars and students, but to government economists and international tax lawyers as well.

International Corporate Tax Avoidance: A Review of the Channels, Magnitudes, and Blind Spots

Author : Sebastian Beer
Publisher : International Monetary Fund
ISBN 13 : 148436399X
Total Pages : 45 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis International Corporate Tax Avoidance: A Review of the Channels, Magnitudes, and Blind Spots by : Sebastian Beer

Download or read book International Corporate Tax Avoidance: A Review of the Channels, Magnitudes, and Blind Spots written by Sebastian Beer and published by International Monetary Fund. This book was released on 2018-07-23 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the rapidly growing empirical literature on international tax avoidance by multinational corporations. It surveys evidence on main channels of corporate tax avoidance including transfer mispricing, international debt shifting, treaty shopping, tax deferral and corporate inversions. Moreover, it performs a meta analysis of the extensive literature that estimates the overall size of profit shifting. We find that the literature suggests that, on average, a 1 percentage-point lower corporate tax rate will expand before-tax income by 1 percent—an effect that is larger than reported as the consensus estimate in previous surveys and tends to be increasing over time. The literature on tax avoidance still has several unresolved puzzles and blind spots that require further research.

The Effects of Taxation on Multinational Corporations

Author : Martin Feldstein
Publisher : University of Chicago Press
ISBN 13 : 0226241874
Total Pages : 338 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis The Effects of Taxation on Multinational Corporations by : Martin Feldstein

Download or read book The Effects of Taxation on Multinational Corporations written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-12-01 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: The tax rules of the United States and other countries have intended and unintended effects on the operations of multinational corporations, influencing everything from the formation and allocation of capital to competitive strategies. The growing importance of international business has led economists to reconsider whether current systems of taxing international income are viable in a world of significant capital market integration and global commercial competition. In an attempt to quantify the effect of tax policy on international investment choices, this volume presents in-depth analyses of the interaction of international tax rules and the investment decisions of multinational enterprises. Ten papers assess the role played by multinational firms and their investment in the U.S. economy and the design of international tax rules for multinational investment; analyze channels through which international tax rules affect the costs of international business activities; and examine ways in which international tax rules affect financing decisions of multinational firms. As a group, the papers demonstrate that international tax rules have significant effects on firms' investment and other financing decisions.

Implementing a US Carbon Tax

Author : Ian Parry
Publisher : Routledge
ISBN 13 : 1317602080
Total Pages : 307 pages
Book Rating : 4.3/5 (176 download)

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Book Synopsis Implementing a US Carbon Tax by : Ian Parry

Download or read book Implementing a US Carbon Tax written by Ian Parry and published by Routledge. This book was released on 2015-02-11 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the future extent and effects of global climate change remain uncertain, the expected damages are not zero, and risks of serious environmental and macroeconomic consequences rise with increasing atmospheric greenhouse gas concentrations. Despite the uncertainties, reducing emissions now makes sense, and a carbon tax is the simplest, most effective, and least costly way to do this. At the same time, a carbon tax would provide substantial new revenues which may be badly needed, given historically high debt-to-GDP levels, pressures on social security and medical budgets, and calls to reform taxes on personal and corporate income. This book is about the practicalities of introducing a carbon tax, set against the broader fiscal context. It consists of thirteen chapters, written by leading experts, covering the full range of issues policymakers would need to understand, such as the revenue potential of a carbon tax, how the tax can be administered, the advantages of carbon taxes over other mitigation instruments and the environmental and macroeconomic impacts of the tax. A carbon tax can work in the United States. This volume shows how, by laying out sound design principles, opportunities for broader policy reforms, and feasible solutions to specific implementation challenges.

Tax Policy, Leverage and Macroeconomic Stability

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498345204
Total Pages : 78 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Tax Policy, Leverage and Macroeconomic Stability by : International Monetary Fund. Fiscal Affairs Dept.

Download or read book Tax Policy, Leverage and Macroeconomic Stability written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2016-12-10 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risks to macroeconomic stability posed by excessive private leverage are significantly amplified by tax distortions. ‘Debt bias’ (tax provisions favoring finance by debt rather than equity) has increased leverage in both the household and corporate sectors, and is now widely recognized as a significant macroeconomic concern. This paper presents new evidence of the extent of debt bias, including estimates for banks and non-bank financial institutions both before and after the global financial crisis. It presents policy options to alleviate debt bias, and assesses their effectiveness. The paper finds that thin capitalization rules restricting interest deductibility have only partially been able to address debt bias, but that an allowance for corporate equity has generally proved effective. The paper concludes that debt bias should feature prominently in countries’ tax reform plans in the coming years.

Brazil: Tax Expenditure Rationalization Within Broader Tax Reform

Author : Maria Delgado Coelho
Publisher : International Monetary Fund
ISBN 13 : 1513596624
Total Pages : 46 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Brazil: Tax Expenditure Rationalization Within Broader Tax Reform by : Maria Delgado Coelho

Download or read book Brazil: Tax Expenditure Rationalization Within Broader Tax Reform written by Maria Delgado Coelho and published by International Monetary Fund. This book was released on 2021-09-24 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: The excessive complexity and burden of the Brazilian tax system, riddled by cumulative indirect taxes and heavy payroll contributions, have led to an accumulation of fiscal incentives aimed at reducing its burden on taxpayers and productive activities. Federal and subnational tax expenditures currently stand at over 5 percent of GDP. Rationalizing them can only be comprehensively feasible in the context of a broader sequenced tax reform, and could reduce resource misallocation and income inequality, as well as provide new revenues.

U.S. Corporate Income Tax Reform and its Spillovers

Author : Kimberly Clausing
Publisher : International Monetary Fund
ISBN 13 : 1475533799
Total Pages : 47 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis U.S. Corporate Income Tax Reform and its Spillovers by : Kimberly Clausing

Download or read book U.S. Corporate Income Tax Reform and its Spillovers written by Kimberly Clausing and published by International Monetary Fund. This book was released on 2016-09-07 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the main distortions of the U.S. corporate income tax (CIT), focusing on its international aspects, and proposes a set of reforms to alleviate them. A bold reform to replace the CIT with a corporate-level rent tax could induce efficiency-enhancing reform of the international tax system. Since fundamental reform is politically difficult, this paper also proposes an incremental reform that would reduce tax expenditures, reduce the CIT rate to 25-28 percent, and impose a minimum rent tax on foreign earnings. Finally, this paper analyzes empirically the likely impact of the incremental on corporate revenues outside the U.S.: Though a U.S. rate cut would likely lower revenues elsewhere, implementation of a strong minimum tax could more than offset that effect for most countries with effective tax rates above 15 percent.

Where Does Multinational Investment Go with Territorial Taxation? Evidence from the UK

Author : Ms.Li Liu
Publisher : International Monetary Fund
ISBN 13 : 1484337700
Total Pages : 49 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Where Does Multinational Investment Go with Territorial Taxation? Evidence from the UK by : Ms.Li Liu

Download or read book Where Does Multinational Investment Go with Territorial Taxation? Evidence from the UK written by Ms.Li Liu and published by International Monetary Fund. This book was released on 2018-01-13 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2009, the United Kingdom changed from a worldwide to a territorial tax system, abolishing dividend taxes on foreign repatriation from many low-tax countries. This paper assesses the causal effect of territorial taxation on real investments, using a unique dataset for multinational affiliates in 27 European countries and employing the difference-in-difference approach. It finds that the territorial reform has increased the investment rate of UK multinationals by 15.7 percentage points in low-tax countries. In the absence of any significant investment reduction elsewhere, the findings represent a likely increase in total outbound investment by UK multinationals.

A Firm Lower Bound: Characteristics and Impact of Corporate Minimum Taxation

Author : Aqib Aslam
Publisher : International Monetary Fund
ISBN 13 : 1513561073
Total Pages : 50 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis A Firm Lower Bound: Characteristics and Impact of Corporate Minimum Taxation by : Aqib Aslam

Download or read book A Firm Lower Bound: Characteristics and Impact of Corporate Minimum Taxation written by Aqib Aslam and published by International Monetary Fund. This book was released on 2021-06-08 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the role of minimum taxes and attempts to quantify their impact on economic activity. Minimum taxes can be effective at shoring up the corporate tax base and enhancing the perceived equity of the tax system, potentially motivating broader taxpayer compliance. Where political and administrative constraints prevent reforms to the standard corporate income tax, a minimum tax can help mitigate base erosion from excessive tax incentives and avoidance. Using a new panel dataset that catalogues changes in minimum tax regimes over time around the world, firm-level analysis suggests that the introduction or reform of a minimum tax is associated with an increase in the average effective tax rate of just over 1.5 percentage points with respect to turnover and of around 10 percent with respect to operating income. Minimum taxes based on modified corporate income lead to the largest increases in effective tax rates, followed by those based on assets and turnover.

How America Stacks Up

Author : Edward Alden
Publisher : Council on Foreign Relations Press
ISBN 13 : 0876096623
Total Pages : 239 pages
Book Rating : 4.8/5 (76 download)

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Book Synopsis How America Stacks Up by : Edward Alden

Download or read book How America Stacks Up written by Edward Alden and published by Council on Foreign Relations Press. This book was released on 2016-02-01 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: American leadership in the world is built on the foundation of its economic strength. Yet the United States faces enormous economic competition abroad and threats to its economy at home. In How America Stacks Up: Economic Competitiveness and U.S. Policy, Edward Alden, Bernard L. Schwartz senior fellow at the Council on Foreign Relations and director of the Renewing America initiative, and Rebecca Strauss, associate director of Renewing America, focus on those areas of economic policy that are the most important for reinforcing America’s competitive strengths. Covering education, transportation, trade and investment, corporate tax, worker retraining, regulation, debt and deficits, and innovation, How America Stacks Up shows how, in a highly competitive global economy, these seemingly domestic issues are all crucial to U.S. success in the global economy. The line between domestic economic policy and foreign economic policy is now almost invisible, and getting these policies right matters for more than just U.S. living standards. The United States’ ability to influence world events rests on a robust, competitive economy. But without further investment in education, infrastructure, and innovation, Alden and Strauss show, the United States runs the risk of endangering its greatest competitive advantage. Through insightful analysis and engaging graphics, How America Stacks Up outlines the challenges faced by the United States and prescribes solutions that will ensure a healthy, competitive U.S. economy for years to come.

Base Erosion, Profit Shifting and Developing Countries

Author : Ernesto Crivelli
Publisher : International Monetary Fund
ISBN 13 : 1513567624
Total Pages : 30 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Base Erosion, Profit Shifting and Developing Countries by : Ernesto Crivelli

Download or read book Base Erosion, Profit Shifting and Developing Countries written by Ernesto Crivelli and published by International Monetary Fund. This book was released on 2015-05-29 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: International corporate tax issues are prominent in public debate, notably with the G20-OECD project addressing Base Erosion and Profit Shifting (‘BEPS’). But while there is considerable empirical evidence for advanced countries on the cross-country fiscal externalities at the heart of these issues, there is almost none for developing countries. This paper uses panel data for 173 countries over 33 years to explore their magnitude and nature, focusing particularly on developing countries and applying a new method to distinguish between spillover effects through real decisions and through avoidance —and quantify the revenue impact of the latter. The results suggest that spillover effects on the tax base are if anything a greater concern for developing countries than for advanced—and a significant one.

Fiscal Policy in the European Union

Author : Jesus Ferreiro
Publisher : Palgrave MacMillan
ISBN 13 :
Total Pages : 248 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Fiscal Policy in the European Union by : Jesus Ferreiro

Download or read book Fiscal Policy in the European Union written by Jesus Ferreiro and published by Palgrave MacMillan. This book was released on 2008-11-27 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book offers a comprehensive analysis of current national fiscal policies in the European Union and European Monetary Union, and provides insights into the consequences of these fiscal policies on economic activity. With contributions from a range of experts, the book focuses on the coordination problems between the single monetary policy and national fiscal policies, and the negative impact on the capacity of fiscal policy to correct short-term economic fluctuations and to accelerate economic growth in the long-term in European economies. This book is an essential read for all interested in the role of fiscal policy in the European Union."--BOOK JACKET.

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.

Possible Implications of Integrating the Corporate and Individual Income Taxes in the United States

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451961928
Total Pages : 64 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Possible Implications of Integrating the Corporate and Individual Income Taxes in the United States by : International Monetary Fund

Download or read book Possible Implications of Integrating the Corporate and Individual Income Taxes in the United States written by International Monetary Fund and published by International Monetary Fund. This book was released on 1990-07-01 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The classical corporate profits tax in the United States involves non-neutralities between: different sources of financing; different forms of business organization; and retaining or distributing earnings and may result in the U.S. investor being at a disadvantage vis-à-vis foreign investors. An international comparison is provided, and the potential effects of different integration schemes on the user cost of capital and tax revenues are assessed. The integration of corporate and individual income taxes in the United States could lead to a more efficient domestic and worldwide allocation of resources.