Three Views of Tax

Edward Mccaffery
Introduction: The Traditional View of Tax Traditional tax policy for decades, if not centuries, has been locked in a seemingly all-or-nothing debate between two apparent extremes, income and consumption taxation.[2] In this ongoing war, income tax advocates have carried the banner for liberal egalitarian redistribution[3]─for the cause of taking from the rich and giving to the not-so-rich virtually...

U.S. Taxation of Foreign Corporations in the Digital Age

Michael Mcintyre
Contents I. INTRODUCTION II. U.S. TAXATION OF THE BUSINESS PROFITS OF FOREIGN CORPORATIONS A. Overview B. Taxation of effectively connected income 1. Allowable deductions 2. Defining effectively connected income 3. Force of attraction rule 4. Effectively connected investment income 5. Foreign-source effectively connected income 6. Source of income on sales of tangible property C. Engaged...

Introduction: The Last Battleground of Globalization

Arthur J. Cockfield
1.0 The Battle for International Investments The topic of globalization and tax is an ancient one. Writings in the area date back at least 2,500 years to the work of Herodotus, the ancient Greek scholar who coined the term 'history.'[1] In The Histories, Herodotus tells us of an era when ancient peoples came increasingly in contact with one another through cross-border trade and investment as well as warfare. He was...

Let’s Hope the New OECD Guidelines on Money Laundering Will Not Create More Unnecessary Tax Auditing

Daniel N. Erasmus II
In a world where authorities are being given more powers to investigate various crimes, the situation also arises where some representatives of these authorities will attempt to abuse their powers. In other instances, the powers are used without proper thought going into the purpose behind the powers, and without the checks and balances that should be introduced by administrators to ensure that abuses do not take place....

The Effects of Fiscal Institutions on Public Finance: A Survey of the Empirical Evidence

Gebhard Kirchgassner
Abstract This paper surveys the empirical research on fiscal institutions of the last three decades. The main results are: (i) Constitutional or statutory fiscal limitations have in most cases proved to be effective in cutting down public expenditure, revenue, and debt. (ii) Budgetary procedures matter as well. They might be less effective than constitutional or statutory rules, but in a situation where it is impossible...

Dissecting O’Donnabhain

Anthony Infanti
The Tax Court recently issued its long-awaited decision in O'Donnabhain v. Commissioner.[1] This case concerns the deductibility under section 213 of expenses that the taxpayer incurred for hormone therapy, sex reassignment surgery, and breast augmentation related to her diagnosed gender identity disorder (GID). In a reviewed decision, a sharply divided Tax Court held that the taxpayer's expenses for hormone therapy and...

Hard Law & Soft Law in International Taxation

Allison Christians
Why do countries follow the rules they do for international taxation? Are they legally obligated, obligated by something that is not law but is similarly compelling, or not obligated at all? Discussion in international tax literature is increasingly using terms such as hard law, customary law, and soft law in an effort to answer these questions and suggest policy approaches.[1] For example, tax scholars have argued...

An Industry-Specific VAT in Michigan – Objective Valuation in The Retail Gasoline Trade

Richard Ainsworth
New York adopted an industry-specific value added tax (VAT) to solve problems with virtual intermediaries (room remarketers) under its hotel accommodations tax.[1] The New York VAT resembles the VAT used in the European Union (EU). It is a credit-invoice VAT[2] that subjectively values supplies.[3] Michigan has also adopted an industry-specific credit-invoice VAT, however the targeted industry is the retail gasoline...

Judicial Decisions as Tax Legislation

Nancy Staudt
Written by: Nancy C. Staudt[*] René Lindstaedt and Jason O’Connor ABSTRACT This article provides a new understanding of the Court-Congress dynamic. It responds to an important literature that for several decades now has misconstrued inter- branch relations as fraught with antagonism, hostility, and distrust. This unfriendly dynamic, it is argued, is evidenced by the repeated congressional overrides of Supreme...

Ethical Issues in Outsourcing Accounting and Tax Services

Robert W Mcgee
Abstract Outsourcing has been criticized as a practice that destroys jobs and praised as a way to cut costs and remain competitive. The accounting profession has utilized outsourcing to avail itself of expertise that is not available within the firm and to cut the cost of offering a variety of accounting and tax services. The practice has raised some ethical questions about integrity, objectivity, disclosure and client...
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