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

By Steven A. Bank

The united kingdom and the us have traditionally represented contrary ends of the spectrum of their techniques to taxing company source of revenue. below the British procedure, company and shareholder source of revenue taxes were built-in less than an imputation process, with tax paid on the company point imputed to shareholders via an entire or partial credits opposed to dividends acquired. less than the yankee technique, against this, company and shareholder source of revenue taxes have remained separate less than what's referred to as a 'classical' method within which shareholders obtain very little aid from a moment layer of taxes on dividends. Steven A. financial institution explores the evolution of the company source of revenue tax structures in every one kingdom throughout the 19th and 20th centuries to appreciate the typical criminal, monetary, political and cultural forces that produced such divergent ways and explains why convergence might be most probably sooner or later as each one nation 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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1527 (statement of Rep. Sherman) (proposing to exempt mortgages from tax because of concerns about double taxation). , 1486 (statement of Rep. , 1545 (statement of Rep. , 2555 (statement of Sen. , 2573 (proposed integration scheme offered by Sen. Howe). 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.

469–70 (1862). Joseph A. Hill, “The Civil War Income Tax,” Quarterly Journal of Economics 8 (1894): 427. ” See Act of July 1, 1862, 12 Stat. 469–75 (1862). Cong. , 2d Sess. 1196 (1862). , 1534. , 1527 (statement of Rep. Sherman) (proposing to exempt mortgages from tax because of concerns about double taxation). , 1486 (statement of Rep. , 1545 (statement of Rep. , 2555 (statement of Sen. , 2573 (proposed integration scheme offered by Sen. Howe). Act of July 1, 1862, ch. 119, § 91, 12 Stat. at 473–4 (1862).

448. See “Voted to tax trusts” Washington Post, June 2, 1898, p. 4A. As first proposed, the tax would have been levied on other industries as well, including transportation and public utility corporations. The Commercial and Financial Chronicle was indignant at the singling out of these industries, calling it “an odd proposal. It would seem difficult to say on just what principle the selections for taxation named in the proposed amendment were made. ” “The financial situation”, 1019. Cong. Rec. vol.

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