Corporate Tax Reform [electronic resource] : Taxing Profits in the 21st Century /
Sullivan, Martin A.author.
Corporate tax reform is in the air. Competitive pressures from globalization, as well as skyrocketing budget deficits, are forcing lawmakers to rethink how America’s largest businesses are taxed. Some want to close “loopholes.” Others want to end all U.S. tax on foreign profits. Some want to lower rates, while still others want to abolish the corporate tax altogether and replace it with an entirely new system. Unlike many other books on tax policy, Corporate Tax Reform: Taxing Profits in the 21st Century is not selling an idea or approaching the issue from a particular political slant. It boils down the complexity of corporate taxation into simple language so readers can make up their own minds about the future of this controversial tax. For too long, the issue of corporate tax reform has been the exclusive domain of lawyers and economists who devote their entire adult lives to studying the tax. Corporate Tax Reform: Taxing Profits in the 21st Century opens the door on these issues to all concerned citizens by providing a compact guide to the economics and politics of the current debate on corporate tax reform.   Provides an overview of the corporate tax and the possibilities for reform Discusses the impact on businesspeople and individual taxpayers Boils down complex tax concepts boiled into simple language Spurs lively discussion of the political issues without political bias Includes a discussion of ideas for revamping taxes for individuals, since the corporate and individual tax codes are interrelated.
Description based upon print version of record.
Title Page?; Copyright Page; Table of Contents; About the Author; About the Technical Reviewer; Introduction: Before We Begin; A Little Bit of History; Chapter 1: Let the Debate Begin; The Old Debate; New Challenges; Proposals for Change; President Obama's 2011 State of the Union Address; House Budget Resolution for Fiscal Year 2012 (the "Ryan Plan"); President Bush's 2005 Tax Reform Panel; The 2007 Treasury Study; The 2007 Rangel Tax Reform Plan; The Wyden-Coates Tax Reform Plan; The Bowles-Simpson Deficit Reduction Plan; Illusion of Consensus; Summary
Chapter 2: Profits and Profit Tax, by the NumbersThe Profit Roller Coaster; Revenue You Can't Count On; Two Sets of Books; A Tax on Big Business; The Bottom Line; Falling Effective Tax Rates; Summary; Chapter 3: The Overwhelming Case Against the Corporate Tax; The Double-Tax Burden; Problem 1: Less Capital Formation; Problem 2: The Corporate Sector Suffers; Problem 3: Too Much Debt; Problem 4: Bias Against Dividends; Summary; Chapter 4: Why the Corporate Tax Won't Go Away; Corporations as Tax Shelters; Integration of the Individual and Corporate Taxes; The (Non-)History of Integration
The Case Against Any Corporate Tax CutThe Emotional Appeal of the Corporate Tax; Summary; Chapter 5: Cut the Rate!; Chicken Soup for the Code; A Worldwide Trend; Rate Cuts vs. Incentives for New Investment; Critical Accounting Issues; Summary; Chapter 6: Where the Money Is; The Investment Tax Credit; Accelerated Depreciation; Expensing; The Research Credit; The Deduction for Domestic Production Activities; Summary; Chapter 7: Corporate Tax Expenditures; Some Not-So-Terrible Tax Breaks; Last-In, First-Out Inventories; Graduated Corporate Tax Rates
Low-Income Housing, Tax-Exempt Bonds, and Charitable ContributionsOil Company Tax Breaks; Percentage Depletion; Expensing of Intangible Drilling Cost; Deduction for Domestic Production; Limitation on Tax Credits for Foreign Taxes Paid by Oil Companies; Incentives for Alternative Energy; Credit for Investment in Clean Coal Facilities; Production Credit for Wind Energy; Investment Credit for Solar Energy; Conclusion; Chapter Appendix: The Corporate Tax Expenditure Budget; Chapter 8: How Should Foreign Profits Be Taxed?; Foreign Profits: To Tax or Not to Tax?
Key Features of U.S. Taxation of Foreign ProfitsShould Foreign Profits Get a Holiday?; Should the United States Adopt a Territorial System?; Should the United States Raise Taxes on Multinationals?; Deferral of U.S. Tax on Unrepatriated Foreign Profits; Deferral of Foreign Finance Profits; Foreign Sourcing of 50 Percent of Profits from Exports; Obama Administration Proposals; Chapter 9: Globalization and the Modern Multinational; Jobs and International Tax Rules; The Price Is Not Right: Profit Shifting; Example #1: Irish Manufacturing; Example #2: Patent Transfer to Bermuda
Example #3: Luxembourg Lending
Includes bibliographical references and index.
Corporate tax reform is in the air. Competitive pressures from globalization, as well as skyrocketing budget deficits, are forcing lawmakers to rethink how America’s largest businesses are taxed. Some want to close “loopholes.” Others want to end all U.S. tax on foreign profits. Some want to lower rates, while still others want to abolish the corporate tax altogether and replace it with an entirely new system. Unlike many other books on tax policy, Corporate Tax Reform: Taxing Profits in the 21st Century is not selling an idea or approaching the issue from a particular political slant. It boils down the complexity of corporate taxation into simple language so readers can make up their own minds about the future of this controversial tax. For too long, the issue of corporate tax reform has been the exclusive domain of lawyers and economists who devote their entire adult lives to studying the tax. Corporate Tax Reform: Taxing Profits in the 21st Century opens the door on these issues to all concerned citizens by providing a compact guide to the economics and politics of the current debate on corporate tax reform.   Provides an overview of the corporate tax and the possibilities for reform Discusses the impact on businesspeople and individual taxpayers Boils down complex tax concepts boiled into simple language Spurs lively discussion of the political issues without political bias Includes a discussion of ideas for revamping taxes for individuals, since the corporate and individual tax codes are interrelated.
Business.
Management science.
Business and Management, general.