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2 edition of Simulation of revenue and tax structure implications of broadening the federal income tax base found in the catalog.

Simulation of revenue and tax structure implications of broadening the federal income tax base

Attiat F. Ott

Simulation of revenue and tax structure implications of broadening the federal income tax base

  • 350 Want to read
  • 37 Currently reading

Published by American Bar Foundation in Chicago .
Written in English

    Subjects:
  • Income tax -- United States.

  • Edition Notes

    Statement[by] Attiat F. and David J. Ott.
    ContributionsOtt, David J.
    The Physical Object
    Pagination15 p.
    Number of Pages15
    ID Numbers
    Open LibraryOL16505530M


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Simulation of revenue and tax structure implications of broadening the federal income tax base by Attiat F. Ott Download PDF EPUB FB2

Get this from a library. Simulation of revenue and tax structure implications of broadening the federal income tax base. [Attiat F Ott; David J Ott].

Tax reform is a long-standing topic for lawmakers and the many taxpayers, practitioners, and organizations who share similar ideas and concerns about our troubled tax system. For the past few years, the emphasis has been on lowering tax rates and broadening the base for revenue-neutral, comprehensive tax reform.

The second part of the paper analysis Hall-Rabushka roots of Croatian income tax and possible equity and efficiency effects of revenue neutral flat tax in that country using average and marginal.

Report No. 25 of (Indirect Taxes – Central Excise and Service Tax) 5 CHAPTER II - BROADENING OF TAX BASE Introduction Broadening of tax base is necessary to ensure growth of revenue.

With increasing reliance on voluntary compliance, it becomes important for the department to put in place an effective mechanism for collecting. Money › Taxes Tax Structure: Tax Base, Tax Rate, Proportional, Regressive, and Progressive Taxation.

The tax structure of an economy depends on its tax base, tax rate, and how the tax rate varies. The tax base is the amount to which a tax rate is applied. The tax rate is the percentage of the tax base that must be paid in taxes. To calculate most taxes, it is necessary to know the.

The US federal government imposed the first personal income tax on August 5,to help pay for its war effort in the American Civil War - (3% of all incomes over US$) (equivalent to $22, in ).

This tax was repealed and replaced by another income tax in It was only in that the first peacetime income tax was passed through the Wilson-Gorman tariff.

income with respect to before-tax in- come) and the revenue effects of sys- tem (the elasticity of fiscal revenue with tions and Congress over the tax rate structure of the federal individual in- cessful in broadening the income tax base. Alternatively, may be anCited by: Highlights The Samuelson tax is a neutral business tax on the normal return on capital only.

I discuss modifications of the Samuelson tax to include pure profits in its tax base. This allows one to raise tax revenue in a nondistorting way. One modification limits economic depreciations to the acquisition cost of assets.

Many existing business tax systems may thus be close to neutral by: 4. Overview of the Federal Tax System Congressional Research Service 1 he major sources of federal tax revenue are individual income taxes, Social Security and other payroll taxes, corporate income taxes, excise taxes, and estate and gift taxes.

This report describes the federal tax structure, provides some statistics on the tax system as a. Downloadable. The German corporate tax reform of has brought about important cuts in corporate tax rates, which were at the same time accompanied by significant changes in the determination of the tax base for both major German corporate taxes - corporate income tax and trade tax.

The reform followed the distinct and internationally prevalent pattern of tax rate cut cum base broadening. - Tax Base - Tax Base - Tax Rate - Tax Rate - Tax Structure:Proportional - Tax Structure:Proportional - Tax Structure:Progressive - Double-click to.

Over the past few years, politicians in both parties have expressed enthusiasm for lowering federal tax rates. This makes sense: many economists have found that high tax rates hurt economic growth and international ile, the U.S. levies some of the highest rates in the world on corporations, capital gains, and dividends.

Lowering federal tax rates would be easy, if it. lowered the corporate tax rate from % in to % in and also reduced the tax wedge on labour income via reductions to income tax rates and increases in the standard deduction and the child tax credit.

These changes lead to a percentage point decrease in income taxation ( pp in File Size: 1MB. Using our conventional revenue estimating methodology, the individual income tax as modified by the proposal is expected to result in approximately the same amount of Federal individual income tax receipts during the budget period as the present law individual income tax.

shows estimates of income shifting and corporate tax revenue under different corporate income tax rates (Table 1). If the U.S. had cut its corporate income tax rate 5 percentage points to 30 percent inthe baseline revenue from the corporate income tax would have been reduced by nearly $35 billion per Size: KB.

The purpose of the study is to analyse tax reform measures to secure the tax revenue base, in particular the personal income tax structure of South Africa. The main objectives are: firstly, to identify personal income tax reform interventions so as to align the personal income tax structure in South Africa with international best practices.

The Challenge of Individual Income Tax Reform Congressional Research Service 1 nterest in a major reform of the individual income tax that would broaden the base and use the additional tax revenues to lower rates and/or reduce the deficit has increased.1 The President’s.

History of the Substantive Tax Reform Project / Charles O. Galvin --Comments and observations by the Project director / Arthur B. Willis --Simulation of revenue and tax structure implications of broadening the federal income tax base / Attiat F.

Ott and David J. Ott --Some observations on BTB1 / Robert A. Bernstein --Taxing imputed rental. The choice of legal entity or business structure - such as company, trust or partnership - has a big impact on taxation.

Identifying the legal, regulatory and tax implications of each structure is essential. This subject provides a detailed knowledge of the law which shapes the rights and obligations of clients.

A regressive tax structure results in low-income individuals paying a higher percentage of their income on taxes than high-income individuals. A regressive tax structure tends to shift the burden. Amidst the myriad of tax changes announced in Budgetit is the changes to the income tax system and the system of tax credits that will have the most significant impact on people’s pockets.

is the total federal income tax divided by the taxpayers economic income (taxable income+nontaxable income) it includes all the taxpayers income Proportional rate structure a tax for which the average tax rate remains the same as the tax base increases.

also known as a flat tax. The tax implication of revenue based financing depend on the structure of the specific deal. RBF deals can involve as many as three different "buckets" of funding. Debt-An RBF debit deal is treated for tax purposes just like any other debt. This paper examines the tradeoffs among three competing goals that are inherent in a revenue-neutral income tax reformmaintaining tax revenues, ensuring a progressive tax system, and lowering marginal tax ratesdrawing on the example of the tax policies advanced in presidential candidate Mitt Romneys tax plan.

Our major conclusion is that any revenue-neutral individual income. Tax base for the gift tax is: fair market value of all gifts made in the current year minus an annual donee exclusion of $14, minus a marital deduction for gifts to spouse and charitable deduction if applicable, plus the value of all taxable gifts in prior years.

– Start with federal income tax base. – Make state modifications to the base. – Determine what income is apportionable / allocable. •States with a gross receipts base – Ohio, Washington and Texas •Statutory construction – State tax law can “depart from Federal tax law.”File Size: KB.

Pakistan Army and Federal Board of Revenue (FBR) have developed consensus on broadening the tax base and started a joint exercise to ensure filing of income tax returns byemployees of army, reflecting national resolve on documentation drive of the government.

Implications of Return-Free Tax Systems for the Structure of the Individual Income Tax 2. Models of Return-free Tax Systems Over 30 countries exempt at least some taxpayers from a return-filing re-quirement (GAO, ). In most of these countries, taxes are paid during the year through withholding.

Other countries rely on tax-agency reconcili. Lowering the tax on corporate income; Custom duty rate varies from 0% to % with an average duty rate is %.

Toning up the administration of taxation; Widening the base of tax; Tax Structure for Different Taxes in India Following are the structure of taxes for some of the main taxes in the Republic of India: Structure of Personal Income Tax4/5(36). The Effect of Tax Rates and Tax Bases on Corporate Tax Revenues: Estimates with New Measures of the Corporate Tax Base Laura Kawano, Joel Slemrod.

NBER Working Paper No. Issued in October NBER Program(s):Public Economics. Several recent analyses have suggested that the revenue-maximizing corporate tax rate resides in the low's. Taxation in the United States is assessed by both the (1) federal government, and (2) the states and their political subdivisions, such as counties, cities, towns, villages, township, parishes, and other units.

There are thousands of distinct taxi. Abstract. This paper examines how changes to the individual income tax affect long-term economic growth.

The structure and financing of a tax change are critical to achieving economic growth. A poor tax performance, in terms of raising revenue can either mean deficiencies in tax structure or an inadequate effort on the part of the government, both of which are influenced by various factors.

The main objective of this study was to establish the determinants of tax revenue in Kenya for the period thus five years because it. Module 1: Payroll Taxes and Federal Income Tax Withholding.

Page 1 of 7. Sim 1: Completing Form W Module 1 Simulation. Completing Form W In May you will take on the role of Lawrence Red Owl in order to learn how to complete Form W The Structure of Tax and Rationale of Recent Business Income Assessment in Oromia By Teshome A.(PhD), OPEDC1 J 1.

Introduction The quality and strength of the government usually evaluated based on its ability in mobilizing sufficient revenue that needed to economic development. One of the dominants sources of theFile Size: KB.

more familiar assessments of income tax policy. This article provides a framework for a unified analysis, in which the same factors that are used to justify the choice of the tax base and the rate structure are employed to resolve problems involving complexity, compliance costs, and enforcement difficulties.

INTRODUCTION Is an income tax Cited by: a larger sales tax base. Florida also has more visitors from out of state than does Georgia.3 On a per capita basis, Florida’s visitor spending was times larger than Georgia’s.

While Florida does not have an individual income tax, it does have a corporate income tax and raises nearly Chapter 1 – Introduction to Taxation and understanding the tax law History of Taxes / Revenue a.

Prior to s, income tax financed wars b. First federal individual income tax enacted; repealed after the Civil War c. New federal individual income tax enacted; tax found to be unconstitutional d.

First federal corporate income tax enacted e. 16 th Amendment ratified – a. Module 1: Payroll Taxes and Federal Income Tax Withholding.

Page 4 of 7. Sim 1: Completing Form W To complete Form W-4, answer the following questions. Do you have more than one job. Yes: B. No: Are you married. Yes: B. Major Individual Income Tax Expenditures, Individual Taxes T - Tax Benefits of the Hope Credit, Distribution of Federal Tax Change by Cash Income Class.

The structure and financing of a tax change are critical to achieving economic growth. Tax rate cuts the income tax’s central role in revenue generation, its is that broadening the tax base.Recent work on the relationship between tax structure and economic growth has offered little reliable evidence for developing countries.

Yet it is in such countries where the greatest changes in tax structure not only have been seen over the past 30 years but will likely continue to be seen in the future. Thus, an understanding of what, if any, links exist between the tax mix and the long-run.CHAPTER 2 Income Tax Concepts 47 The federal income tax is based on a system of rules and regulations that determine the treatment of various items of income and expense.

The key point to be made is that federal income taxation is based on a system. As such, it .