Overview

The mainstay of federal business taxation, the US corporate income tax, is riddled with distortions and inequities. As a means of taxing the richest Americans-a popular goal-the corporate income tax is a hopeless failure. Many companies pay no corporate tax, and among those that do, the burden is highly uneven. Meanwhile, the richest Americans command income from numerous sources besides corporate dividends. The distortions and inequities are amazing. Under pressure from business lobbies, Congress legislates ...

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Reforming the US Corporate Tax

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Overview

The mainstay of federal business taxation, the US corporate income tax, is riddled with distortions and inequities. As a means of taxing the richest Americans-a popular goal-the corporate income tax is a hopeless failure. Many companies pay no corporate tax, and among those that do, the burden is highly uneven. Meanwhile, the richest Americans command income from numerous sources besides corporate dividends. The distortions and inequities are amazing. Under pressure from business lobbies, Congress legislates deductions and exemptions that twist the corporate tax base far from any plausible financial definition; then Congress enacts "targeted" tax credits to carry out ersatz industrial policies. Faced with a tax terrain of mountains and ravines, corporations employ armies of lawyers and accountants to devise avoidance strategies. This book proposes to replace the corporate income tax with a tax that has a much broader base at a much lower rate. Two alternatives are explored: the National Retail Sales Tax (NRST) and the Corporate Activity Tax (CAT). To address the issue of regressivity, both alternatives are coupled with measures to preserve the real spending power of households at the lowest income levels.

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Product Details

  • ISBN-13: 9780881324655
  • Publisher: Peterson Institute for International Economics
  • Publication date: 9/15/2005
  • Sold by: Barnes & Noble
  • Format: eBook
  • File size: 1,015 KB

Table of Contents

1 Introduction 1
2 A look ahead 5
3 Options for business taxation 27
4 Minimizing the economic damage 39
5 Replacing the corporate income tax 65
App. A Retail sales and valued-added taxes : variations on the same theme 81
App. B The US-EU dispute over border tax adjustments 87
App. C Border adjustments under the national retail sales tax or corporate activity tax 91
App. D Details of the corporate activity tax 97
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