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Full-Text Articles in Tax Law
The Story Of The Separate Corporate Income Tax: A Vehicle For Regulating Corporate Managers, Reuven S. Avi-Yonah
The Story Of The Separate Corporate Income Tax: A Vehicle For Regulating Corporate Managers, Reuven S. Avi-Yonah
Book Chapters
The corporate income tax is under attack. The former Secretary of the Treasury has announced that it should be abolished, and the current drive to eliminate the taxation of dividends can be seen as the first step toward that goal. A significant number of tax academics have argued for repeal of the tax. Other academics have urged radical reform of the tax. And no serious academic has in recent years mounted a convincing normative defense of why this cumbersome tax should be retained.
And yet it does not seem likely that the corporate tax will be repealed any time soon. …
Corporate Income Tax Act Of 1909, Reuven S. Avi-Yonah
Corporate Income Tax Act Of 1909, Reuven S. Avi-Yonah
Book Chapters
The Corporate Tax Act of 1909 (36 Stat. 11, 112) imposed an excise tax on corporations for the privilege of doing business in corporate form. However, the excise tax was measured by corporate income. Thus the act was the origin of the current corporate income tax, which has been part of our federal tax system ever since and is currently the source of about 10 percent of federal revenues.
In 1895 the Supreme Court decided that Congress could not impose an income tax directly on individuals, because that would violate the constitutional requirement that all “direct” taxes be apportioned (that …