Corporate Tax Reform: Taxing Profits in the 21st Century

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Apress, Oct 24, 2011 - Business & Economics - 188 pages
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Corporate tax reform is in the air. Competitive pressures from globalization, as well as skyrocketing budget deficits, are forcing lawmakers to rethink how America’s largest businesses are taxed. Some want to close “loopholes.” Others want to end all U.S. tax on foreign profits. Some want to lower rates, while still others want to abolish the corporate tax altogether and replace it with an entirely new system. Unlike many other books on tax policy, Corporate Tax Reform: Taxing Profits in the 21st Century is not selling an idea or approaching the issue from a particular political slant. It boils down the complexity of corporate taxation into simple language so readers can make up their own minds about the future of this controversial tax. For too long, the issue of corporate tax reform has been the exclusive domain of lawyers and economists who devote their entire adult lives to studying the tax. Corporate Tax Reform: Taxing Profits in the 21st Century opens the door on these issues to all concerned citizens by providing a compact guide to the economics and politics of the current debate on corporate tax reform.
Provides an overview of the corporate tax and the possibilities for reform Discusses the impact on businesspeople and individual taxpayers Boils down complex tax concepts boiled into simple language Spurs lively discussion of the political issues without political bias Includes a discussion of ideas for revamping taxes for individuals, since the corporate and individual tax codes are interrelated

What you’ll learn Why economists want to abolish the corporate tax Why politicians can’t get rid of the corporate tax What the biggest and the slimiest loopholes are The ramifications of all possible outcomes for businesspeople How the U.S. tax code compares to foreign competitors The major options for reform, including the flat tax How politics and tight budgets will shape the debate before and after the 2012 election Why individual taxpayers have a stake in the outcome of this debate Who this book is for

Corporate Tax Reform: Taxing Profits in the 21st Century is for citizens concerned about America’s future who want to get beyond the economic jargon and political rhetoric that dominates most discussion of business tax policy. As the debate on the complex issue of corporate tax reform rages in Washington, Corporate Tax Reform: Taxing Profits in the 21st Century is a beginner’s guide that is useful to business executives, market analysts, journalists, lawmakers, government policy analysts, lawyers, accountants, as well as students of public policy, law, accounting, and economics.

Check out Tax Notes' review of Corporate Tax Reform.

Table of Contents Let the Debate Begin Profits and Profit Tax, By the Numbers The Overwhelming Case against the Corporate Tax Why the Corporate Tax Won’t Go Away Cut the Rate! Where the Money Is Corporate Tax Expenditures How Should Foreign Profits Be Taxed? Globalization and the Modern Multinational Pass-Through Entities State Corporate Taxes Corporate Tax Simplification Fundamental Tax Reform More Bold Reforms The Budget and Political Reality Notes on the Tables Further Reading

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Let the Debate Begin
Profits andProfit Tax by the Numbers
The Overwhelming Case Against the Corporate Tax
Why the Corporate Tax Wont Go Away
Cut the Rate
Where the Money Is
Corporate Tax Expenditures
How Should Foreign Profits Be Taxed?
Corporate Tax Simplification
Fundamental Tax Reform
More Bold Reforms
The Budget andPolitical Reality
Notes on Tables and Figures
Further Reading
About the Author

Globalization and the Modern Multinational
PassThrough Entities
State CorporateTaxes
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About the author (2011)

Martin A. Sullivan is an economist and contributing editor for Tax Analysts, a nonprofit publisher of Tax Notes, Tax Notes International, and State Tax Notes in Falls Church, Virginia. His passion for economics began when he had trouble finding a job during the great recession of 1973-74. He graduated magna cum laude from Harvard College and received a Ph.D. in economics from Northwestern University. He taught economics at Rutgers University and then served as a staff economist, first at the Office of Tax Analysis at the U.S. Department of Treasury and then at the congressional Joint Committee on Taxation. He has also worked as a self-employed economic consultant and an economist at a major accounting firm. For the last 15 years, he has written over 500 economic analyses for Tax Analysts publications and is a regular contributor to the blog. He has testified before Congress on numerous occasions and is frequently quoted in major print publications and often appears on television. Recently, he was interviewed by Leslie Stahl on CBS’s 60 Minutes. He lives in Alexandria, Virginia with his wife, Mary, and two children, Laura and Joseph.

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