Flat Tax: an Overview of the Hall-Rabushka Proposal
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Creating Market Incentives for Greener Products Policy Manual for Eastern Partnership Countries
Creating Market Incentives for Greener Products Policy Manual for Eastern Partnership Countries Creating Incentives for Greener Products Policy Manual for Eastern Partnership Countries 2014 About the OECD The OECD is a unique forum where governments work together to address the economic, social and environmental challenges of globalisation. The OECD is also at the forefront of efforts to understand and to help governments respond to new developments and concerns, such as corporate governance, the information economy and the challenges of an ageing population. The Organisation provides a setting where governments can compare policy experiences, seek answers to common problems, identify good practice and work to co-ordinate domestic and international policies. The OECD member countries are: Australia, Austria, Belgium, Canada, Chile, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, the Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States. The European Union takes part in the work of the OECD. Since the 1990s, the OECD Task Force for the Implementation of the Environmental Action Programme (the EAP Task Force) has been supporting countries of Eastern Europe, Caucasus and Central Asia to reconcile their environment and economic goals. About the EaP GREEN programme The “Greening Economies in the European Union’s Eastern Neighbourhood” (EaP GREEN) programme aims to support the six Eastern Partnership countries to move towards green economy by decoupling economic growth from environmental degradation and resource depletion. The six EaP countries are: Armenia, Azerbaijan, Belarus, Georgia, Republic of Moldova and Ukraine. -
Alternative Approaches to Designing Financial Incentives
OECD PROJECT ON FINANCIAL INCENTIVES AND RETIREMENT SAVINGS POLICY BRIEF N°3 DECEMBER 2018 Alternative approaches to designing financial incentives The most common type of financial incentive savings are taxed upon withdrawal. In contrast, used by governments to promote savings for individuals would be better-off paying taxes retirement, is to defer taxation by taxing upfront when they expect tax rates during individuals only on their pension benefits retirement will be greater than when they are (“EET”). Governments are alternatively using working. other approaches to providing financial In the long run, upfront taxation may translate incentives, either through the tax system (e.g. into a higher fiscal cost than taxation upon upfront taxation or tax credits) or outside the tax withdrawal. Figure 2 compares the yearly fiscal system (e.g. matching contributions and fixed effects of the two tax regimes. It shows that, in nominal subsidies). the short term, upfront taxation leads to a lower Taxing retirement savings upfront or upon fiscal cost than taxation upon withdrawal. Taxing withdrawal only withdrawals and thus deferring tax collection, brings the full cost of tax revenues Taxing retirement savings upfront (i.e. taxing forgone on contributions upfront. With upfront only contributions, “TEE”) is often seen as an taxation, the fiscal cost is just equal to tax equivalent approach to taxing retirement savings revenues forgone on returns. In the long term, upon withdrawal (“EET”). Both tax regimes do once the two systems reach maturity, the fiscal indeed provide the same overall tax advantage to impact is reversed with taxation upon withdrawal individuals when their income is subject to the leading to a lower annual fiscal cost than upfront same marginal tax rate throughout working and taxation. -
The Principles of Economics Textbook
The Principles of Economics Textbook: An Analysis of Its Past, Present & Future by Vitali Bourchtein An honors thesis submitted in partial fulfillment of the requirements for the degree of Bachelor of Science Undergraduate College Leonard N. Stern School of Business New York University May 2011 Professor Marti G. Subrahmanyam Professor Simon Bowmaker Faculty Advisor Thesis Advisor Bourchtein 1 Table of Contents Abstract ............................................................................................................................................4 Thank You .......................................................................................................................................4 Introduction ......................................................................................................................................5 Summary ..........................................................................................................................................5 Part I: Literature Review ..................................................................................................................6 David Colander – What Economists Do and What Economists Teach .......................................6 David Colander – The Art of Teaching Economics .....................................................................8 David Colander – What We Taught and What We Did: The Evolution of US Economic Textbooks (1830-1930) ..............................................................................................................10 -
European Parliament Resolution of 26 March 2019 on Financial Crimes, Tax Evasion and Tax Avoidance (2018/2121(INI)) (2021/C 108/02)
C 108/8 EN Official Journal of the European Union 26.3.2021 Tuesday 26 March 2019 P8_TA(2019)0240 Report on financial crimes, tax evasion and tax avoidance European Parliament resolution of 26 March 2019 on financial crimes, tax evasion and tax avoidance (2018/2121(INI)) (2021/C 108/02) The European Parliament, — having regard to Articles 4 and 13 of the Treaty on European Union (TEU), — having regard to Articles 107, 108, 113, 115 and 116 of the Treaty on the Functioning of the European Union (TFEU), — having regard to its decision of 1 March 2018 on setting up a special committee on financial crimes, tax evasion and tax avoidance (TAX3), and defining its responsibilities, numerical strength and term of office (1), — having regard to its TAXE committee resolution of 25 November 2015 (2) and its TAX2 committee resolution of 6 July 2016 (3) on tax rulings and other measures similar in nature or effect, — having regard to its resolution of 16 December 2015 with recommendations to the Commission on bringing transparency, coordination and convergence to corporate tax policies in the Union (4), — having regard to the results of the Committee of Inquiry into money laundering, tax avoidance and tax evasion, which were submitted to the Council and the Commission on 13 December 2017 (5), — having regard to the Commission’s follow-up to each of the above-mentioned Parliament resolutions (6), — having regard to the numerous revelations by investigative journalists, such as the LuxLeaks, the Panama Papers, the Paradise Papers and, more recently, the cum-ex scandals, as well as the money laundering cases involving, in particular, banks in Denmark, Estonia, Germany, Latvia, the Netherlands and the United Kingdom, — having regard to its resolution of 29 November 2018 on the cum-ex scandal: financial crime and loopholes in the current legal framework (7), (1) Decision of 1 March 2018 on setting up a special committee on financial crimes, tax evasion and tax avoidance (TAX3), and defining its responsibilities, numerical strength and term of office, Texts adopted, P8_TA(2018)0048. -
The Plethora of Consumption Tax Proposals: Putting the Value Added Tax, Flat Tax, Retail Sales Tax, and USA Tax Into Perspective
The Plethora of Consumption Tax Proposals: Putting the Value Added Tax, Flat Tax, Retail Sales Tax, and USA Tax into Perspective ALAN SCHENK* TABLE OF CONTENTS I. INTRODUCTION . • . 1282 II. REASONS TO LOOK AT CONSUMPTION TAX ALTERNATIVES Now . 1286 III. A BRIEF HISTORY OF CONSUMPTION TAXES . • . 1290 A. From Ancient Egypt to World War II . 1290 B. Multistage VATs Replaced the Turnover Taxes . 1292 IV. PLACEMENT OF U.S. TAX SYSTEM IN WORLD TAX SYSTEMS . 1293 A. Widespread Use of Consumption Taxes . 1293 B. Comparison of U.S. Taxes With Those Elsewhere . 1294 V. UNITED STATES PROPOSALS FOR A CONSUMPTION TAX . • . 1295 A. Comparison of Income and Consumption Taxes . 1295 B. Outline of Major Proposals . 1297 VI. DEFINING THE CONSUMPTION TAX BASE, IDENTIFYING THE TAXPAYER AND CALCULATING TAX LIABILITY . 1300 A. Introduction . 1300 B. Definition of the Base . 1301 C. Identification of the Taxpayer . 1302 D. Calculation of Tax Liability . 1305 1. Addition and Subtraction Forms of VAT . 1305 a. Credit-Invoice VAT . 1306 b. Credit-Subtraction VAT Without Invoices . 1307 * Professor of Law, Wayne State University Law School. 1281 c. Sales-Subtraction VAT . 1308 d. Addition Method VAT . 1309 2. USA 's Income and Business Tax . 1311 3. Flat Tax. 1313 4. Retail Sales Tax . 1315 VII. SWITCHING FROM AN INCOME- TO A CONSUMPTION-BASED SYSTEM . 1317 A. Introduction . 1317 B. Administration and Compliance Costs . 1318 C. Effect on Corporate Dividend Policy . 1320 D. Financing Business Operations . 1321 E. Federal-State Fiscal Relations . 1321 F. International Trade Implications . 1322 VIII. CONCLUSION . 1326 What reason is there, that he which laboureth much, and sparing the fruits of his labor, consumeth little, should be charged more, than he that living idlely, getteth little, and spendeth all he gets: Seeing that one hath no more protection from the commonwealth than the other?1 I. -
Chapter 2: What's Fair About Taxes?
Hoover Classics : Flat Tax hcflat ch2 Mp_35 rev0 page 35 2. What’s Fair about Taxes? economists and politicians of all persuasions agree on three points. One, the federal income tax is not sim- ple. Two, the federal income tax is too costly. Three, the federal income tax is not fair. However, economists and politicians do not agree on a fourth point: What does fair mean when it comes to taxes? This disagree- ment explains, in large measure, why it so difficult to find a replacement for the federal income tax that meets the other goals of simplicity and low cost. In recent years, the issue of fairness has come to overwhelm the other two standards used to evaluate tax systems: cost (efficiency) and simplicity. Recall the 1992 presidential campaign. Candidate Bill Clinton preached that those who “benefited unfairly” in the 1980s [the Tax Reform Act of 1986 reduced the top tax rate on upper-income taxpayers from 50 percent to 28 percent] should pay their “fair share” in the 1990s. What did he mean by such terms as “benefited unfairly” and should pay their “fair share?” Were the 1985 tax rates fair before they were reduced in 1986? Were the Carter 1980 tax rates even fairer before they were reduced by President Reagan in 1981? Were the Eisenhower tax rates fairer still before President Kennedy initiated their reduction? Were the original rates in the first 1913 federal income tax unfair? Were the high rates that prevailed during World Wars I and II fair? Were Andrew Mellon’s tax Hoover Classics : Flat Tax hcflat ch2 Mp_36 rev0 page 36 36 The Flat Tax rate cuts unfair? Are the higher tax rates President Clin- ton signed into law in 1993 the hallmark of a fair tax system, or do rates have to rise to the Carter or Eisen- hower levels to be fair? No aspect of federal income tax policy has been more controversial, or caused more misery, than alle- gations that some individuals and income groups don’t pay their fair share. -
The Effects of Different Types of Taxes on Soft-Drink Consumption
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Adam, Abdulfatah Sheikhbihi; Smed, Sinne Working Paper The effects of different types of taxes on soft-drink consumption FOI Working Paper, No. 2012/9 Provided in Cooperation with: Department of Food and Resource Economics (IFRO), University of Copenhagen Suggested Citation: Adam, Abdulfatah Sheikhbihi; Smed, Sinne (2012) : The effects of different types of taxes on soft-drink consumption, FOI Working Paper, No. 2012/9, University of Copenhagen, Department of Food and Resource Economics (IFRO), Copenhagen This Version is available at: http://hdl.handle.net/10419/204342 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend -
Micro Estimates of Tax Evasion Response and Welfare Effects in Russia
IZA DP No. 3267 Myth and Reality of Flat Tax Reform: Micro Estimates of Tax Evasion Response and Welfare Effects in Russia Yuriy Gorodnichenko Jorge Martinez-Vazquez Klara Sabirianova Peter DISCUSSION PAPER SERIES DISCUSSION PAPER December 2007 Forschungsinstitut zur Zukunft der Arbeit Institute for the Study of Labor Myth and Reality of Flat Tax Reform: Micro Estimates of Tax Evasion Response and Welfare Effects in Russia Yuriy Gorodnichenko University of California, Berkeley, NBER and IZA Jorge Martinez-Vazquez Georgia State University Klara Sabirianova Peter Georgia State University and IZA Discussion Paper No. 3267 December 2007 IZA P.O. Box 7240 53072 Bonn Germany Phone: +49-228-3894-0 Fax: +49-228-3894-180 E-mail: [email protected] Any opinions expressed here are those of the author(s) and not those of the institute. Research disseminated by IZA may include views on policy, but the institute itself takes no institutional policy positions. The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent nonprofit company supported by Deutsche Post World Net. The center is associated with the University of Bonn and offers a stimulating research environment through its research networks, research support, and visitors and doctoral programs. IZA engages in (i) original and internationally competitive research in all fields of labor economics, (ii) development of policy concepts, and (iii) dissemination of research results and concepts to the interested public. IZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. -
5. Questions and Answers About the Flat Tax
Hoover Classics : Flat Tax hcflat ch5 Mp_157 rev0 page 157 5. Questions and Answers about the Flat Tax we have presented the flat tax and answered ques- tions about it on radio talk shows, before professional and lay audiences, before congressional committees, and in interviews with newspaper and magazine report- ers. In this chapter we have assembled the most asked questions together with our answers, a format we hope will answer any questions you may have about the flat tax. deductions Q: What about charitable deductions? A: No charitable deductions would be allowed under the flat tax. We do not believe that current tax in- centives are a major part of why people, apart from the very rich, contribute to community, religious, and other organizations. Almost half of all contri- butions are made by people who take the standard deduction and thus do not benefit from an itemized deduction for charitable contributions. However, the tax code allows deductible gifts of appreciated property, such as stock or works of art, thus allowing wealthy taxpayers to pay little or no taxes. On net, you, the average taxpayer, will save more by block- ing the tax-avoiding tricks of the wealthy than you will lose from eliminating tax deductions from your Hoover Classics : Flat Tax hcflat ch5 Mp_158 rev0 page 158 158 The Flat Tax own contributions. Remember, the value of any de- duction depends on your tax bracket: if you are in the 15 percent bracket, you get less than one-third the benefit of someone who is in the 39.6 percent bracket. -
Estate Planning Inheritance Tax Is Only for the Very Wealthy
ADVANCED PLANNING Tax Erosion How Taxes Affect Your Assets at Death Investment and Insurance Products: Not Insured by FDIC, NCUSIF, or Any Federal Government Agency. May Lose Value. Not a Deposit of or Guaranteed by Any Bank, Credit Union, Bank Affiliate, or Credit Union Affiliate. 1033984-00002-00 Ed. 03/2021 Tax laws are about to change. Are you ready? Although you might not be concerned about being affected under current laws, if history has taught us anything, it’s that the tax rules will most likely change in the future. For example, the federal estate tax laws alone have averaged one change almost every decade for over 200 years. For this reason, it’s imperative to have a plan in place to protect the wealth you’ve built. This guide will help you understand the taxes that have the potential to erode the value of your estate. 1. FEDERAL INCOME TAXES HIGHLIGHTS EXAMPLE Assets such as traditional IRAs, 401(k)s, and deferred annuities IRA value of $1 million (part of overall have built-in income tax consequences called “income in respect $2 million estate) of a decedent” (or IRD) when the owner dies. This income tax is • Federal income tax due: $290,000 paid by the recipient and not the estate (unless the estate is the (assuming 29% effective tax rate*) beneficiary). IRA value: $5 million (part of overall Assets such as stocks or bonds that are sold when settling an estate $20 million estate) may be subject to capital gains if they have appreciated in value since the date of death. -
A Local Excise Tax on Sugary Drinks
DENVER: Sugary Drink Excise Tax Executive Summary Continually rising rates of obesity represent one of the greatest public health threats facing the United States. Obesity has been linked to excess consumption of sugary drinks. Federal, state, and local governments have considered implementing excise taxes on sugary drinks to reduce consumption, reduce obesity and provide a new source of government revenue.1-4 We modeled implementation of a city excise tax, a tax on sugary drinks only, at a tax rate of $0.02/ ounce. The tax model was projected to be cost-saving and resulted in lower levels of sugary drink consumption, thousands of cases of obesity prevented, and hundreds of millions of dollars in health care cost savings. Health care cost savings per dollar invested was $11 in the model. Results prepared by Denver Public Health and the CHOICES Project team at the Harvard T.H. Chan School of Public Health: Moreland J, Kraus (McCormick) E, Long MW, Ward ZJ, Giles CM, Barrett JL, Cradock AL, Resch SC, Greatsinger A, Tao H, Flax CN, and Gortmaker SL. Funded by The JPB Foundation. Results are those of the authors and not the funders. For further information, contact cgiles@ hsph.harvard.edu and visit www.choicesproject.org The information in this report is intended to provide educational information on the cost-effectiveness of Sugary Drink Taxes. 1 DENVER: Sugary Drink Excise Tax Background Although sugary drink consumption has declined in recent years, adolescents and young adults in the United States consume more sugar than the Dietary Guidelines -
Anti-Avoidance and Tax Laws: a Case of Fiji
International Journal of Business and Social Research Volume 09, Issue 03, 2019: 01-20 Article Received: 03-07-2019 Accepted: 28-04-2019 Available Online: 22-07-2019 ISSN 2164-2540 (Print), ISSN 2164-2559 (Online) DOI: http://dx.doi.org/10.18533/ijbsr.v9i3.1165 Anti-Avoidance and Tax Laws: A Case of Fiji Shivneil Kumar Raj1, Mohammed Riaz Azam2 ABSTRACT The pervasiveness of tax avoidance is undoubtedly linked to the tax policies of any country. In Fiji, residents for tax purpose have to disclose income from all sources within and outside Fiji whereas non- resident has to disclose income derived from sources in Fiji. Fiji has a comprehensive tax system put in place with tax laws continued to be amended to curb any loopholes in the system so that everyone pays their fair share of tax. Thus, this research paper applied document analysis methodology. The objective of this research was to highlight Fiji’s position on tax avoidance and how has Fiji addressed such issues identified in Base Erosion Profit Shifting (BEPS). Furthermore, the paper has discussed, Fiji’s tax laws relating to anti-avoidance and provide recommendations to further strengthen and protect Fiji’s tax base from being eroded away through various schemes or arrangements that taxpayer’s might indulge into for the purpose of paying less tax or avoiding tax. The findings indicated that Fiji’s position on tax avoidance issues has remained firm, pro-active and have made substantial progress in regulatory framework and in tax compliance culture. Keywords: Tax, Tax Avoidance, Tax Evasion, Anti-Avoidance, BEPS and Fiji Income Tax Act.