Canada-U.S. Tax Comparisons
John B. Shoven, John Whalley
University of Chicago Press, Dec 1, 2007 - Business & Economics - 398 pages
In the increasingly global economy, domestic tax policies have taken on a new importance for international economics. This unique volume compares the tax reform experiences of Canada and the United States, two countries with the world's largest bilateral flow of trade and investment.
With the signing of the U.S.-Canada Free Trade Agreement and the tax reforms of the 1980s, there has been some harmonization of tax systems. But geographic, cultural, and political characteristics shape distinct national social policies that may impede harmonization. As the U.S. and Canadian economies become even more integrated, differences in tax systems will have important effects, in particular on the relative rates of economic growth.
In this timely study, scholars from both countries show that, while the United States and Canada exhibit similar corporate tax structures and income tax systems, they have very different approaches to sales tax and social security taxes. Despite these differences, the two countries generate roughly the same amounts of revenue, produce similar costs of capital, and produce comparable distributions of income.
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2 CanadaUS Free Trade and Pressures for Tax Coordination
3 Income Security via the Tax System Canadian and American Reforms
4 Tax Incidence Annual and Lifetime Perspectives in the United States and Canada
5 Tax Effects on the Cost of Capital
6 The Cost of Capital in Canada the United States and Japan
7 The Impact of US Tax Reform on Canadian Stock Prices
8 Tax Aspects of Policy toward Aging Populations
9 Taxation and Housing Markets
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arbitrage assets benefits brackets Canada Canadian and U.S. Canadian tax capital gains capital income changes clawback consumption tax corporate tax corporate tax rate corporation income tax cost of capital deductions depreciation dividend tax dividends domestic earnings Economic effective tax rates equity ETRs factors federal tax filers finance firms fiscal households important incentive income security increase inflation investment marginal rate marginal tax rates Mintz mobility multinational nonrefundable open economy overall payments payroll taxes pension percent personal income tax personal tax poverty thresholds programs property taxes provinces provisions rate of return reduced refundable relative revenue sales and excise sales tax social security Statistics Canada subnational tax base tax burden tax credit tax harmonization tax incidence tax mix tax policy tax structure taxable taxation taxpayers threshold tion transfer U.S. and Canadian U.S. tax reform United user cost value-added tax West South Central Whalley
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