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Alcohol/Leisure Complementarity: Empirical Estimates and Implications for Tax Policy

Ian Parry
Sarah E. West
Sarah E. West Ian W.H. Parry Abstract This paper provides a first attempt to estimate the cross-price elasticity between alcoholic beverages and leisure, which is critical for assessing how much alcohol taxation might be warranted on fiscal grounds. We estimate an Almost Ideal Demand System defined over alcohol, leisure, and other goods, using data from the Consumer Expenditure Survey and other sources....
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Managing Funds for After Tax Returns: Unresolved Issues About Unrealised Gains

Gordon Mackenzie
Managing a portfolio for after tax returns can be difficult and expensive and the paper reviews some perceived difficulties with managing a portfolio for after tax returns, actual practices used by managers and five methods for reporting after tax returns to investors and potential investors under Australian tax conditions. The value of unrealised gains in a portfolio is not quite clear as, even though it is considered...
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Canada-U.S. Free Trade and Pressures for Tax Coordination

Roger Gordon
The economies of the United States and Canada are closely linked-trade between the two countries is substantial, their capital markets are highly integrated, and even movement of individual workers between the two countries is non eligible. The U.S. and Canada have now agreed to eliminate all remaining tariff barriers between the two countries during the next few years. To what degree does this increasing economic integration...
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Tax Fraud Investigations – A Procedural Road Map – Part I

Burton J. Haynes
Joseph M. Jones I. Introduction An IRS fraud investigation is a harrowing experience, not only for the corporate officers, directors and employees who are the subject of the investigation, but for the corporation's legal advisors as well. The process many begin innocuously with a routine civil tax examination, or with the jolting arrival of a grand jury subpoena. The investigators may not know exactly what (or who)...
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Heuristics and Biases in Thinking About Tax

Edward Mccaffery
Written by: Edward J. McCaffery(#) and Jonathan Baron (t) Abstract The principal findings of behavioral economics and cognitive psychology over the past several decades have been to show that human beings deviate from ideal precepts of rationality in many settings, showing inconsistent judgment in the face of framing and other formal manipulations of the presentation of problems. This paper summarizes the findings...
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Competition Between Tax Havens: Does Geographic Distribution Matter?

Luisa Blanco
Written by: Luisa Blanco and Cynthia Rogers 1. Introduction Over the past decade, economic globalization has led to a significant increase in capital mobility and a corresponding increase in demand for tax haven operations. In fact, total liabilities for a sample of 20 tax havens grew by 154 percent between 1998 and 2006 (Kudrle, 2008). Fearing the harmful impacts of tax haven policies, OECD countries launched the...
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The Last Best Hope For Progressivity in Tax

Edward Mccaffery
Written by: Edward J. McCaffery and James R. Hines Jr. 1. Introduction Pity President Obama. Pity tax. Pity the dreams of progressives everywhere. Barack Obama’s presidential campaign gave believers in redistribution a brief shining moment of hope. Obama’s candidacy featured stirring calls for the richest Americans to give back and share more with their less fortunate fellow citizens. Yet even then, beneath...
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Informational Hearing on the Tax Recommendations of the Commission on the 21st Century Economy

David Gamage
Mr. Chairman and Members of the Committee, it is my great pleasure to appear before you to discuss California's tax system. I would like to emphasize three points in my remarks: First, please do not throw out the baby with the bathwater! The Commission's report contains a number of sound, non-controversial, proposals that should be enacted without delay. Second, bi-partisan tax reform proposals should start with...
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Wash Sales with Replacement by Related Parties

Calvin Johnson
In a realization system, taxpayers have an incentive to sell loss property from a diversified portfolio and hold gain property. With no limitations on selective loss sales, the effective tax rate on an appreciating portfolio is less than zero. Replacements by related parties are now sometimes treated as “fake dispositions'' under the facts and circumstances step transaction doctrine, collapsed or not according to whether...
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Coping through California’s Budget Crises in Light of Proposition 13 and California’s Fiscal Constitution

David Gamage
When Proposition 13 passed in 1978, many commentators predicted disaster for California's state and local finances. Now, 30 years later, California is experiencing severe fiscal instability and a round of budget crises that has been worse than in the other states. It would be wrong to blame Proposition 13 for all of California's financial woes. Nevertheless, Proposition 13 is both an important component and a powerful...
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