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2018 Erwin N. Griswold Lecture Before the American College of Tax Counsel: Tax Policy Elegy

MCMAHON, MARTIN J.

The Tax lawyer, 2018-04, Vol.71 (3), p.421-444 [Periódico revisado por pares]

Washington: American Bar Association

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  • Título:
    2018 Erwin N. Griswold Lecture Before the American College of Tax Counsel: Tax Policy Elegy
  • Autor: MCMAHON, MARTIN J.
  • Assuntos: Awards & honors ; C corporations ; Capital assets ; Capital gains ; Closely held corporations ; Corporate taxes ; Diminishing marginal utility ; Efficiency ; Equity ; Estate taxes ; Expenditures ; Fiscal policy ; GDP ; Gross Domestic Product ; Income taxes ; Law schools ; Marital deductions ; Politics ; Professionals ; Stockholders ; Tax cuts ; Tax Cuts & Jobs Act 2017-US ; Tax increases ; Tax rates ; Tax reform ; Taxation ; Treasuries
  • É parte de: The Tax lawyer, 2018-04, Vol.71 (3), p.421-444
  • Descrição: Corporate income represents less than one-half of total U.S. business income.[...]the stylized models that predict that the corporate tax is shifted to labor rely on a variety of unrealistic assumptions regarding international capital flows and international substitution of products.30 The better view is that the burden of the corporate income tax is largely borne by shareholders or by the owners of capital generally.31 Thus, a corporate tax cut benefits individuals at the top of the income pyramid, where the ownership of corporate stock and other income producing capital is highly concentrated.32 From this perspective, the Tax Cuts and Jobs Act, with its benefits disproportionately focused on taxpayers at the top of the income pyramid,33 and providing special tax preferences for the owners of unincorporated businesses that are not available to wage earners is inconsistent with furthering both horizontal and vertical equity.[...]their elimination by the Tax Cuts and Jobs Act violates traditional tax policy criteria, which dictate that all costs of earning income should be deductible. 35 The same is true of personal casualty losses.[...]the tax regime I am proposing is a single-level tax with a rate structure ultimately determined by the individual owners' income, thereby reflecting the individual progressive rate structure.Because the entity-level tax rate would be lower-likely significantly lower-than the tax rate of many individual owners, 77 there would be a great temptation to "shelter" in business entities earnings in excess of the needs of the business that could and would be invested in nonbusiness assets, such as publicly traded stock and securities.78 Accordingly, a vigorous accumulated earnings tax along the lines of current sections 531-537 would apply to all privately-held business entities.79 The same considerations militate in favor of application of an analogue to the personal holding company tax in sections 541-547, which like the accumulated earnings tax would apply to all business entities regardless of the form of organization.25 Joel Slemrod, The Truth About Taxes and Economic Growth, 46 Challenge 5 (2003); The Tax Break-Down: Preferential Rates on Capital Gains, supra note 18.[...]because by statutory definition, all property is a capital asset unless excluded, preferential rates are extended to gains with respect to some types of property that have no hope of stimulating economic growth, including collectibles such as (1) works of art, (2) rugs and antiques, (3) metals, gems, stamps and coins, and (4) even fine old wines.
  • Editor: Washington: American Bar Association
  • Idioma: Inglês
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  • Realização: ABCD-USP USP   Logos de Redes Sociais: Freepik

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