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GAO-05-1009SP Understanding the Tax Reform Debate: Background, Criteria, and Questions
Numerous fed. programs, policies, & activities are supported through the tax code. As described in statute, tax expenditures are reductions in tax liabilities that result from preferential provisions, such as tax exclusions, credits, & deductions. They result in revenue forgone. This report is part of an effort to assist Congress in reexamining & transforming the gov't. to meet the many challenges & opportunities that we face in the 21st century. This report describes: (1) how tax expenditures have changed over the past 3 decades in number, size, & in comparison to fed. revenue, spending, & the economy, & (2) the amount of progress made since 1994 recommend. to improve scrutiny of tax expend. Includes recommend. Charts & tables.
An authoritative but accessible reference, this book enables anyone to truly understand both the background and operation of the U.S. tax system and current tax reform proposals. Dissatisfaction with high taxes is literally an American tradition; indeed, the American Revolution that led to the founding of the United States started as a tax revolt. Today, widespread displeasure with our tax system continues, as demonstrated by the strong anti-tax position of the recent Tea Party movement. Tax Reform: A Reference Handbook, Second Edition introduces lay readers to taxes in general, the U.S. tax system in particular, and the issues involved in reforming the system. Details regarding past tax reform measures are provided to lend relevance and perspective to recent tax reform proposals, such as replacing the income tax (and the IRS) with a federal sales tax. The author stresses political rather than technical issues, and presents all viewpoints on this hotly debated topic fairly.
A debate is underway about how the U.S. should tax foreign-source, corp. income. Currently, the U.S. allows domestic corp. to defer tax on the earnings of their foreign subsidiaries and also gives credits for foreign taxes paid, while most other developed countries exempt the active earnings of their multinational corp. foreign subsidiaries from domestic tax. This report describes for a group of study countries with exemption systems: (1) the rules for exempting foreign-source income; and (2) the compliance risk and taxpayer compliance burden, such as recordkeeping, of the rules. The countries selected are Australia, Canada, France, Germany, and the Netherlands. Charts and tables.
A spirited and insightful examination of the need for American tax reform—arguably the most overdue political debate facing the nation—from one of the most legendary political thinkers, advisers, and writers of our time. A thoughtful and surprising argument for American tax reform, arguably the most overdue political debate facing the nation, from one of the most respected political and economic thinkers, advisers, and writers of our time. The United States Tax Code has undergone no serious reform since 1986. Since then, loopholes, exemptions, credits, and deductions have distorted its clarity, increased its inequity, and frustrated our ability to govern ourselves. At its core, any tax system is in place to raise the revenue needed to pay the government’s bills. But where that revenue should come from raises crucial questions: Should our tax code be progressive, with the wealthier paying more than the poor, and if so, to what extent? Should we tax income or consumption or both? Of the various ideas proposed by economists and politicians—from tax increases to tax cuts, from a VAT to a Fair Tax—what will work and won’t? By tracing the history of our own tax system and by assessing the way other countries have solved similar problems, Bartlett explores the surprising answers to all of these questions, giving a sense of the tax code’s many benefits—and its inevitable burdens. Tax reform will be a major issue debated in the years ahead. Growing budget deficits and the expiration of various tax cuts loom. Reform, once a philosophical dilemma, is turning into a practical crisis. By framing the various tax philosophies that dominate the debate, Bartlett explores the distributional, technical, and political advantages and costs of the various proposals and ideas that will come to dominate America’s political conversation in the years to come.