Report of the Department of the Treasury on integration of the individual and corporate tax systems: taxing business income once
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| Corporate Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Washington, D. C.
1992
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XVIII, 268 S. graph. Darst. |
| ISBN: | 0160360455 |
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MARC
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| 245 | 1 | 0 | |a Report of the Department of the Treasury on integration of the individual and corporate tax systems |b taxing business income once |
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Record in the Search Index
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| adam_text | Table of Contents
PART I: THE CASE FOR INTEGRATION 1
Chapter 1: Introduction 1
l.A The Corporate Tax: Need for Change 1
l.B The Corporate Tax and Economic Distortions 3
l.C Neutrality as the Goal of Integration 12
PART II: PROTOTYPES 15
Introduction 15
Chapter 2: Dividend Exclusion Prototype 17
2. A Introduction and Overview of Prototype 17
2.B The Need for a Limitation on Excludable Dividends .... 18
2.C Foreign Source Income 21
2.D Low Bracket Shareholders 22
2.E Individual Alternative Minimum Tax 23
2.F Structural Issues 23
2.G Pension Funds 24
Chapter 3: Shareholder Allocation Prototype 27
3.A Introduction 27
3.B Overview of the Shareholder Allocation Prototype 27
3.C Corporate Level Payment of Tax 29
3.D Passthrough of Corporate Losses to Shareholders 30
3.E Tax Treatment of Preferences 30
3.F Allocating Income Among Different Classes of Stock ... 32
3.G Change of Stock Ownership During the Year 33
3.H Reporting and Auditing Considerations 35
3.1 Treatment of Tax Exempt and Foreign Shareholders .... 36
3.J Foreign Source Income 36
Chapter 4: Comprehensive Business Income Tax Prototype 39
4.A Introduction 39
4.B Overview of CBIT Prototype 40
4.C Entities Not Subject to CBIT 41
4.D Tax Preferences 43
4.E International Considerations 45
4.F Impact of CBIT on Investment Behavior of Low Bracket,
Tax Exempt, and Foreign Investors 49
4.G Structural Issues 52
4.H Conduits 56
4.1 Financial Intermediaries Under CBIT 58
PART III: PRINCIPAL ISSUES 61
Introduction 61
Chapter 5: Treatment of Tax Preferences 63
xi
Chapter 6: Tax Exempt and Tax Favored Investors 67
6.A Introduction 67
6.B Distortions Under Current Law 69
6.C Neutrality Under an Integrated Tax System 69
6.D General Recommendations 70
Chapter 7: Treatment of Foreign Income and Shareholders 73
7.A Introduction 73
7.B Overview of U.S. International Tax Policy 74
7.C International Tax Policy and Integration 77
Chapter 8: The Treatment of Capital Gains in an
Integrated Tax System 81
8. A Taxation of Capital Gains Attributable to
Retained Taxable Earnings 81
8.B Sources of Capital Gains Other Than
Taxable Retained Earnings 82
8.C Adjustments to Eliminate Double Taxation of
Retained Corporate Earnings 82
8.D Other Countries 84
8.E Share Repurchases 84
8.F Capital Losses 86
Chapter 9: Dividend Reinvestment Plans 87
9.A Mechanics 87
9.B Design Considerations 88
Chapter 10: Transition Considerations 89
10.A Introduction 89
10.B Taxation of Transitional Gains and Losses 89
10.C Phase In of Integration 90
10.D Mechanics of a Phase In 91
PART IV: THE ROADS NOT TAKEN 93
Introduction 93
Chapter 11: Imputation Credit System 95
11. A Overview of Imputation Credit Prototype 95
11 .B Choice Between a Credit Limitation System and a
Compensatory Tax System 97
ll.C Role of the Corporate Alternative Minimum Tax 101
ll.D Foreign Source Income 102
ll.E Choices Required Because of Shareholders with
Different Rates 103
ll.F Anti Abuse Rules 103
ll.G Structural Issues 104
ll.H Extending the Imputation Credit Prototype to Debt .... 105
11.1 Dividend Reinvestment Plans (DRDPs) 106
xii
Chapter 12: Other Proposals to Reduce the Bias Against
Corporate Equity 107
12.A Dividend Deduction 107
12.B Institute for Fiscal Studies Proposal 108
12.C American Law Institute Reporter s Study Draft 108
PART V: ECONOMIC ANALYSIS OF INTEGRATION Ill
Chapter 13: Economic Effects of Integration Ill
13.A Introduction and Summary Ill
13.B Corporate Tax Distortions: Economic Issues 112
13.C Methodological Issues in Analyzing the
Allocation Effects of Integration 118
13.D Overview of the Integration Prototypes 120
13.E Integration, Corporate Financial Policy, and the
Cost of Capital 121
13.F Integration and the Allocation of Resources 128
13.G Distributional Effects of Integration 146
13.H Revenue Estimates for Integration Prototypes 150
APPENDICES 153
Appendix A: The Corporate Income Tax in the United States 153
A.I Brief Description of the Corporate Income Tax 153
A.2 Overview of U.S. Corporate Tax Receipts 156
Appendix B: Experience of Other Countries with
Distribution Related Integration Systems 159
B.I Australia 159
B.2 Canada 163
B.3 France 167
B.4 Germany 172
B.5 New Zealand 177
B.6 United Kingdom 181
Appendix C: Equivalence of Distribution Related Integration Systems 185
C.I Equivalence of Systems If Tax Rates Were Equal .... 185
C.2 Effects of Rate Differences, Preference Income, and
Exempt Shareholders 185
NOTES 189
GLOSSARY 251
BIBLIOGRAPHY 253
ACKNOWLEDGEMENTS 267
xiii
List of Figures
Figure 1.1 Distortions Under the Classical System 4
Figure 1.2 Ratio of Corporate Investment Relative to
Residential Investment in Four Countries, 1976 1989 ... 5
Figure 1.3 Ratio of Corporate Investment Relative to Noncorporate
(including Household) Investment in
Five Countries, 1976 1989 6
Figure 1.4 Ratio of Credit Market Debt to the Book Value of
Tangible Assets: Nonfinancial Corporations 7
Figure 1.5 Ratio of Market Value of Debt to Market Value of the
Firm: Nonfinancial Corporations 8
Figure 1.6 Changing Sources of Funds for the Corporate Sector ... 8
Figure 1.7 Ratio of Net Interest to Cash Flow, 1948 1990:
Nonfinancial Corporations 10
Figure 4.1 Comparison of CBIT and Current Law 39
Figure 6.1 Pension Fund Holdings of Corporate Capital, 1950 1990 . 68
Figure 13.1 Profits of Nonfinancial Corporations,
Proprietors Income, and Net Interest as a
Percentage of Net National Product, 1950 1990 113
Figure 13.2 Measures of Corporate Activity in the Economy,
1950 1990 114
Figure A. 1 Corporate Receipts as a Percentage of Total Receipts and
Gross National Product, 1940 1991 156
XV
List of Tables
Table 1.1 Corporate Tax Wedges for New Investments in
Manufacturing, 1991 6
Table 1.2 Sources of Funds, Nonfinancial Corporations, 1946 1990 9
Table 1.3 Estimates of Maximum Amount of Interest Attributable to
Increased Share Repurchases, 1980 1990 10
Table 2.1 Total U.S. Tax Rate on a Dollar of NonPreference, U.S.
Source Income from a U.S. Business Under Current Law
and the Dividend Exclusion Prototype 18
Table 3.1 Total U.S. Tax Rate on a Dollar of NonPreference, U.S.
Source Income from a U.S. Business Under Current Law
and the Shareholder Allocation Prototype 29
Table 4.1 Total U.S. Tax Rate on a Dollar of NonPreference, U.S.
Source Income from a U.S. Business Under Current Law
and the CBIT Prototype 42
Table 6.1 Financial Assets of the Tax Exempt Sector,
End of Year 1990 68
Table 8.1 Taxation of Individuals on Long Term Gains on
Securities: Select Foreign Countries 85
Table 11.1 Total U.S. Tax Rate on a Dollar of NonPreference, U.S.
Source Income from a U.S. Business Under Current Law
and the Imputation Credit Prototype 97
Table 13.1 Total U.S. Tax Rate on a Dollar of NonPreference, U.S.
Source Income from a U.S. Business Under Current Law
and the Integration Prototypes 122
Table 13.2 Effect of Integration on Corporate Financial Policy ... 125
Table 13.3 Cost of Capital Under Current Law 126
Table 13.4 The Cost of Capital Under Current Law and the
Integration Prototypes: With Financial Distortions .... 128
Table 13.5 The Cost of Capital Under Current Law and the
Integration Prototypes: No Financial Distortions 129
Table 13.6 General Equilibrium Results, Augmented Harberger
Model: With Financial Distortions 130
Table 13.7 General Equilibrium Results, Augmented Harberger
Model: No Financial Distortions 131
xvii
Table 13.8 General Equilibrium Results, Mutual Production Model:
With Financial Distortions 134
Table 13.9 The Effect of Integration on the Allocation of
Physical Capital, Wealth, and Corporate Financial Policy:
Results from the Portfolio Allocation Model 137
Table 13.10 Summary of the Effects of Integration on
Real and Financial Decisions: Results from the
Portfolio Allocation Model (Lump Sum Replacement) . 138
Table 13.11 General Equilibrium Results: International Model,
Projected Long Run Effects of
Tax Integration Alternatives 144
Table 13.12 Effective Tax Rates on Individuals: Current Law and
Integration Prototypes Standard Incidence Assumption . 148
Table 13.13 Effective Tax Rates on Individuals: Current Law and
Integration Prototypes Alternative Incidence Assumption 148
xviii
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| illustrated | Illustrated |
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| isbn | 0160360455 |
| language | English |
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| physical | XVIII, 268 S. graph. Darst. |
| publishDate | 1992 |
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| spelling | USA Treasury Department Verfasser (DE-588)35651-7 aut Report of the Department of the Treasury on integration of the individual and corporate tax systems taxing business income once Washington, D. C. 1992 XVIII, 268 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Aandeelhouders gtt Dubbele belasting gtt Vennootschapsbelasting gtt Steuer Corporations Taxation United States Income tax United States Tax administration and procedure United States USA HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009840000&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Report of the Department of the Treasury on integration of the individual and corporate tax systems taxing business income once Aandeelhouders gtt Dubbele belasting gtt Vennootschapsbelasting gtt Steuer Corporations Taxation United States Income tax United States Tax administration and procedure United States |
| title | Report of the Department of the Treasury on integration of the individual and corporate tax systems taxing business income once |
| title_auth | Report of the Department of the Treasury on integration of the individual and corporate tax systems taxing business income once |
| title_exact_search | Report of the Department of the Treasury on integration of the individual and corporate tax systems taxing business income once |
| title_full | Report of the Department of the Treasury on integration of the individual and corporate tax systems taxing business income once |
| title_fullStr | Report of the Department of the Treasury on integration of the individual and corporate tax systems taxing business income once |
| title_full_unstemmed | Report of the Department of the Treasury on integration of the individual and corporate tax systems taxing business income once |
| title_short | Report of the Department of the Treasury on integration of the individual and corporate tax systems |
| title_sort | report of the department of the treasury on integration of the individual and corporate tax systems taxing business income once |
| title_sub | taxing business income once |
| topic | Aandeelhouders gtt Dubbele belasting gtt Vennootschapsbelasting gtt Steuer Corporations Taxation United States Income tax United States Tax administration and procedure United States |
| topic_facet | Aandeelhouders Dubbele belasting Vennootschapsbelasting Steuer Corporations Taxation United States Income tax United States Tax administration and procedure United States USA |
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