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Download Anglo-American Corporate Taxation: Tracing the Common Roots by Steven A. Bank PDF

By Steven A. Bank

The united kingdom and america have traditionally represented contrary ends of the spectrum of their techniques to taxing company source of revenue. below the British strategy, company and shareholder source of revenue taxes were built-in less than an imputation method, with tax paid on the company point imputed to shareholders via a whole or partial credits opposed to dividends got. less than the yankee technique, in contrast, company and shareholder source of revenue taxes have remained separate less than what's known as a 'classical' procedure during which shareholders obtain very little reduction from a moment layer of taxes on dividends. Steven A. financial institution explores the evolution of the company source of revenue tax structures in each one kingdom throughout the 19th and 20th centuries to appreciate the typical felony, financial, political and cultural forces that produced such divergent ways and explains why convergence might be most likely sooner or later as each one kingdom grapples with company taxation in an period of globalization.

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Extra info for Anglo-American Corporate Taxation: Tracing the Common Roots of Divergent Approaches (Cambridge Tax Law Series)

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Act of July 1, 1862, ch. 119, § 91, 12 Stat. at 473–4 (1862). 2 united states 33 shareholders with incomes below $600. ”94 Nevertheless, it produced some inequities. Individuals with incomes in excess of $10,000 would be taxed at 3 percent on dividends or interest from railroads and other such corporations, but at 5 percent on all other income. 95 While the latter problem was controversial,96 albeit rare in occurrence given the low proportion of income tax revenues attributable to the dividend provisions,97 the former problem was partially alleviated by administrative practice.

166. Leone Levi, “On the Reconstruction of the Income and Property Tax,” Journal of the Statistical Society of London 37 (1874): 175, tbl. 1. ” R. , 1869), pp. 92–3. Seligman, The Income Tax, p. 166. John G. Hubbard, “Forty Years of Income Tax,” The National and English Review (1884): 772. 74 There was little change in the integrated approach to taxing corporate and individual income during the second half of the nineteenth century,75 but a proposal was raised for the taxation of charitable corporations, which suggests some nuance in the UK’s attitude toward corporate taxation.

7. 133 Coupled with the unrest occasioned by the Panic’s economic dislocation,134 the time was ripe for another attempt at an income tax. 137 129 130 131 132 133 134 135 136 137 See Ratner, Taxation and Democracy in America, pp. 126–7; Jeffrey Kwall, “The Uncertain Case against the Double Taxation of Corporate Income,” North Carolina Law Review 68 (1990): 618, n. 23. See Stanley, Dimensions of Law, p. 54. See Bennett Baack and Edward John Ray, “Special Interests and the Adoption of the Income Tax in the United States,” The Journal of Economic History 45 (1985): 608; Witte, The Politics and Development of the Federal Income Tax, p.

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