Download or read book Financial Markets and Capital Income Taxation in a Global Economy written by Paolo Roberti and published by North-Holland. This book was released on 1998 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book describes the developments and the evidence, the problems and the interrelationships among problems, the outlook, and the intricate balance between the national and the international dimensions of the policy issues faced by tax administrations in OECD countries in the field of financial markets and capital income taxation in the wake of profound technological change and market globalization.The book provides a broad perspective of the problems, comparing thoughts on how the problems may be best dealt with, and using lessons from experience with theoretical and policy developments in a number of countries including the EU, North America and Australia.The book focuses on the following topics: bull; falling barriers, increased capital mobility, and the challenges of capital market globalization bull; the implications, for capital income taxation, of technological innovation and new financial products bull; tax distortions and international market pressures for national tax system conformity bull; questions of national tax sovereignty and the constraints imposed on governments by tax competition bull; the growing need for tax cooperation bull; emerging national and international capital taxation issues, including the premise that international cooperation may be key to solving, or at least alleviating, the existing and predicted tax problems.

Download or read book Taxing Portfolio Income in Global Financial Markets written by Doron Herman and published by IBFD. This book was released on 2002 with total page 503 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Capital Income Taxation in the Globalized World written by Assaf Razin and published by . This book was released on 2004 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The behavior of taxes on capital income in the recent decades points to the notion that international tax competition that follows globalization of capital markets put strong downward pressures on the taxation of capital income; a race to the bottom. This behavior has been perhaps most pronounced in the EU-15 following the single market act of 1992. The 2004 enlargement of the EU with 10 new entrants put a strong downward pressure on capital income taxation for the EU-15 countries. Tax havens, and the inadequacy of cooperation among national tax authorities in the OECD in information exchanges, put binding ceilings on how much foreign-source capital income can be taxed. What then are the implications for the taxes on domestic-source capital income? The paper demonstrates that even if some enforcement of taxation on foreign-source capital income is feasible, a poor enforcement of international taxes would generate political processes that would reduce significantly the domestic-source capital income taxation"--NBER website

Download or read book Taxation in a Global Economy written by Andreas Haufler and published by Cambridge University Press. This book was released on 2001-08-23 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: The increasing international mobility of capital, firms and consumers has begun to constrain tax policies in most OECD countries, playing a major role in reforming national tax systems. Haufler uses the theory of international taxation to consider the fundamental forces underlying this process, covering both factor and commodity taxes, as well as their interaction. Topics include a variety of different international tax avoidance strategies - capital flight, profit shifting in multinational firms, and cross-border shopping by consumers. Situations in which tax competition creates conflicting interests between countries are given particular consideration. Haufler addresses the complex issue of coordination in different areas of tax policy, with special emphasis on regional tax harmonization in the European Union. Also included is a detailed introduction to recent theoretical literature.

Download or read book Capital Income Taxation and Resource Allocation written by Hans-Werner Sinn and published by North Holland. This book was released on 1987 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: This monograph investigates the intersectoral, international, and intertemporal allocation effects of alternative systems of capital income taxation characterized by different degrees of integration between corporate and personal taxation, depreciation rules, provisions for interest deductibility, and the like. The systems studied include those of the OECD countries as well as proposed systems advocated by various authors and tax committees. In contrast to the ''Harberger literature'', the book provides a microfoundation for the analysis of tax distortions. It is not assumed that the various components of capital income taxation can be lumped together as an ''effective tax rate'' that captures all the information relevant for assessing the distortions. Instead, the allocative roles of these components are explicitly derived from the households' and firms' optimization problems. Much emphasis is placed on the tax-induced interaction between the firms' real and financial decisions, and it is argued that this interaction fundamentally changes the nature of many of the tax distortions traditionally claimed for the real economy, sometimes even reversing their direction. All allocative results are derived from market equilibrium models. The distortion in the process of capital accumulation, for example, is studied in a perfect foresight intertemporal general equilibrium model with infinitely lived firms and households which is a decentralized version of the neoclassical model of optimal economic growth. Although basically theoretical, the book has a strong policy orientation and comments on a number of issues that are of current political concern. Particular attention is paid to the 1981 and 1986 U.S. tax reforms. It is argued that the 1981 reform was a major cause of the disturbances in international capital markets which troubled the world economy at the beginning of the eighties and that the 1986 policy of 'tax cut cum base broadening' will stimulate economic growth, but induce capital flight from the United States into the rest of the world.

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.

Download or read book Taxation and the Financial Crisis written by Julian S. Alworth and published by Oxford University Press. This book was released on 2012-02-23 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an open access title available under the terms of a CC BY-NC-ND 3.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. The financial crisis triggered a global debate on the taxation of the financial sector. A number of international policy initiatives, most notably by the G-20, have called for major changes to the tax treatment of financial institutions and transactions, as well as to working practice within the financial sector. This book examines how tax policies contributed to the financial crisis and whether taxation can play a role in the reform efforts to establish a sounder and safer financial system. It looks at the pros and cons of various tax initiatives including limiting the tax advantages to debt financing; special taxes on the financial sector; and financial transactions taxes. It examines policy concerns such as: the manner in which the financial sector should "pay" for its bailout and the role of accumulated tax losses on financial institutions' behaviour; the role that taxes may play in correcting the systemic externalities associated with "too big to fail"; the types of tax that are most appropriate for financial institutions and markets ("excess profits" versus "financial transactions taxes"); the interaction between taxes and the regulation of the financial sector; and the role of taxation in countercyclical and macroeconomic policies.

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.

Download or read book Tax Policy in the Global Economy written by Peggy B. Musgrave and published by Edward Elgar Publishing. This book was released on 2002 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt: The globalization of economies and the vast expansion of foreign investment have greatly increased the problems of international taxation. Musgrave (economics, emerita, U. of California-Santa Cruz) argues that cross- border tax issues should not be left to the destructive forces of tax competition but should be handled through coordinating measures of international tax agreements, thereby minimizing tax distortions in the international flow of capital while leaving countries free to determine their own tax structures. The 22 essays are drawn from a variety of publications including technical papers prepared for the government and the World Bank, books, The Columbia Journal of World Business, Tax Law Review, and other publications. Annotation copyrighted by Book News, Inc., Portland, OR

Download or read book Studies in International Taxation written by Alberto Giovannini and published by University of Chicago Press. This book was released on 2007-12-01 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a united global economy evolves, economists and policymakers are forced to consider whether the current system of taxing income is inconsistent with the trend toward liberalized world financial flows and increased international competition. To help assess existing tax policies and incentives, this volume presents new research on how taxes affect the investment and financing decisions of multinationals today. The contributors examine the effects of taxation on decisions about international financial management, business investment, and international income shifting. They consider the influence of tax rules on dividend policy decisions within multinationals; the extent to which tax incentives affect the level and location of research and development across countries; and the fact that foreign-controlled companies operating in the United States pay lower taxes than do domestically controlled companies. The contributors to this volume are Rosanne Altshuler, Alan J. Auerbach, Neil Bruce, Timothy Goodspeed, Roger H. Gordon, Harry Grubert, Bronwyn H. Hall, David Harris, Kevin Hassett, James R. Hines Jr., Roy D. Hogg, Joosung Jun, Jeffrey K. Mackie-Mason, Jack M. Mintz, Randall Morck, John Mutti, T. Scott Newlon, James M. Poterba, Joel Slemrod, Deborah Swenson, G. Peter Wilson, and Bernard Yeung.

Download or read book The Taxation of Financial Assets written by Mr.John R. King and published by International Monetary Fund. This book was released on 1995-05-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taxes affect the degree and efficiency of financial intermediation in many different ways. This paper summarizes the main tax provisions in OECD countries that affect the overall “tax wedge” between pre-tax returns on investments, and the post-tax yield on the savings that finance them. This tax wedge is shown to vary widely, in individual countries, according to the different ways in which savings are channeled through financial markets. The paper then discusses alternative criteria for assessing tax regimes for financial assets, and summarizes recent trends in OECD countries.

Download or read book Globalization and Corporate Taxation written by Mr.Manmohan S. Kumar and published by International Monetary Fund. This book was released on 2012-10-26 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the extent to which the degree of international economic integration, both financial and trade, affects corporate tax rates. It explores this issue in the context of strategic behavior by countries, taking into account other global and domestic political economy factors. Tax rates are analyzed using a unique tax dataset for advanced and developing economies extending over five decades. We report a number of novel results: there is no general negative relationship between financial globalization and corporate tax rates and revenues—results vary according to country grouping with OECD countries showing a positive relationship; the United States exhibits a “Stackelberg” type of leadership on other countries; trade integration is inversely correlated with tax rates; and public sentiment and ideology affect tax rates. The policy implications of these findings, particularly given budgetary pressures in the aftermath of the global crisis, are noted.

Download or read book Corporate Taxation in the Global Economy written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2019-03-10 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: The policy paper Corporate Taxation in the Global Economy stresses the need to maintain and build on the progress in international cooperation on tax matters that has been achieved in recent years, and in some respects now appears under stress. With special attention to the circumstances of developing countries, the paper identifies and discusses various options currently under discussion for the international tax system to ensure that countries, and in particular low-income countries, can continue to collect corporate tax revenues from multinational activities.

Download or read book The Taxation of Income from Capital written by Arnold C. Harberger and published by . This book was released on 1969 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: Compilation of papers on problems of income taxation and the effects thereof on capital gains in the USA - covers economic implications, legal aspects of the tax system, fiscal policy, long term pattern of financing of enterprises, the effects of income taxation on labour force supply, etc., and includes statistical tables and information on personal income and investment. References.

Download or read book The Political Economy of Tax Reform written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2007-12-01 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rapid emergence of East Asia as an important geopolitical-economic entity has been one of the most visible and striking changes in the international economy in recent years. With that emergence has come an increased need for understanding the problems of interdependence. As a step toward meeting this need, the National Bureau of Economic Research joined with the Korea Development Institute to sponsor this volume, which focuses on the complexities of tax reform in a global economy. Experts from Taiwan, Korea, the Philippines, Japan, and Thailand, as well as the United States, Canada, and Israel examine the major tax programs of the 1980s and their domestic and international economic effects. The analyses reveal similarities between the United States and countries in East Asia in political constraints on policy making, and taken together they show how growing interdependence interacts with domestic economic and political concerns to affect issues as politically vital as tax reform. Economists, policymakers, and members of the business community will benefit from these studies.

Download or read book On Noncooperative Capital Income Taxation in Open Economies written by Kenneth Kletzer and published by International Monetary Fund. This book was released on 1990-08-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the strategic use of capital income taxation and lump-sum fiscal policies for gaining national advantage in an integrated world capital market. Each fiscal authority seeks to maximize a social welfare function defined over the utilities of home country residents incorporating national redistributing objectives. A national optimum policy is to impose a non-discriminatory source-based capital income tax or subsidy along with an optimal lump-sum tax and transfer plan. Residence-based capital income taxes do not augment the set of lump-sum fiscal instruments, although both policies can be used to influence the world interest rate to national advantage, redistributing welfare internationally. When unrestricted lump-sum fiscal policies are unavailable, source-based capital income taxes may be needed to achieve distributional objectives, so that departures from global production efficiency can arise in a cooperative equilibrium.

Download or read book Taxing Capital Income written by Henry J. Aaron and published by The Urban Insitute. This book was released on 2007 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: The question of whether to tax income from wealth has sparked debate since our country's inception. Does taxing capital income ensure the progressivity of our system or merely discourage saving? Would switching our tax code to one that taxes only consumption be more efficient or only burden middle- and low-income people? And if we were to radically reform the way America taxes its citizens, how could we ensure that vital revenue would not be lost? Some analysts would even argue that, under our present byzantine tax system, we don't really tax capital income at all. In this volume, eminent economists analyze the problems associated with taxing capital income and propose policy solutions, which are then challenged by their peers in informed commentary. It may not settle the debate, but policymakers, scholars, and the public will find a wealth of information and ideas to consider.