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Rethinking Foreign Tax Creditability, Daniel N. Shaviro 2015 NYU

Rethinking Foreign Tax Creditability, Daniel N. Shaviro

Daniel Shaviro

International tax policy experts often mistakenly conflate two distinct margins: (1) the overall tax burden on outbound investment, and (2) the marginal reimbursement rate (MRR) for foreign taxes paid, which is 100 percent under a foreign tax credit system, but equals the marginal tax rate for foreign source income under an explicit or implicit deductibility system (such as exemption). From a unilateral national welfare standpoint, whatever the right answer at margin (1), deductibility is clearly optimal, and creditability dangerously over-generous, at margin (2).


Why Worldwide Welfare As A Normative Standard In U.S. Tax Policy?, Daniel N. Shaviro 2015 NYU

Why Worldwide Welfare As A Normative Standard In U.S. Tax Policy?, Daniel N. Shaviro

Daniel Shaviro

Debate about U.S. international tax policy often emphasizes norms, such as capital export neutrality (CEN) and capital import neutrality (CIN), that relate to worldwide welfare rather than U.S. national welfare. While this focus may seem paradoxical, or at least surprisingly altruistic, in a world full of self-interested players, it potentially makes sense from a purely national perspective. Worldwide welfare norms can strengthen the impetus to cooperate with other countries rather than following beggar-your-neighbor strategies, potentially making all countries better off if adherence to the worldwide norm is sufficiently reciprocal.

This suggests that criticisms of U.S. international tax ...


The Financial Transactions Tax Versus (?) The Financial Activities Tax, Daniel Shaviro 2015 NYU School of Law

The Financial Transactions Tax Versus (?) The Financial Activities Tax, Daniel Shaviro

Daniel Shaviro

In both Europe and the United States, there has been much recent debate regarding whether, in response to the 2008 financial crisis, one should enact a financial transactions tax (FTT) or a financial activities tax (FAT) – commonly viewed as mutually exclusive alternatives. This article evaluates these two alternative instruments, focusing on recent proposals by the European Commission and the International Monetary Fund. It concludes that the case for enacting an FAT is considerably stronger than that for an FTT, mainly because the FAT focuses on a broad “net” measure, rather than a narrow “gross” measure, of financial sector activity. The ...


A Burden-Neutral Shift From Foreign Tax Creditability To Deductibility?, Kimberly A. Clausing, Daniel N. Shaviro 2015 Reed College - Department of Economics

A Burden-Neutral Shift From Foreign Tax Creditability To Deductibility?, Kimberly A. Clausing, Daniel N. Shaviro

Daniel Shaviro

Observers of international tax rules have long conflated two distinct effects of the foreign tax credit on multinational firms: the effect on the incentive to invest abroad and the effect on foreign tax sensitivity. With national welfare as the policy objective, we discuss how a burden neutral shift from foreign tax credits to deductibility could be designed to improve distortions associated with insensitivity to foreign taxation without raising aggregate burdens on outward foreign investment. We also provide new evidence suggesting that the tax sensitivity of outward foreign direct investment is indeed reduced for OECD countries using foreign tax credits, in ...


Taxation And The Financial Sector, Douglas Shackelford, Daniel Shaviro, Joel Slemrod 2015 University of North Carolina at Chapel Hill

Taxation And The Financial Sector, Douglas Shackelford, Daniel Shaviro, Joel Slemrod

Daniel Shaviro

In the aftermath of the recent financial crisis, a variety of taxes on financial institutions have been proposed or enacted. These taxes’ justifications range from punishing those deemed to have caused or unduly profited from the crisis, to addressing the budgetary costs of the crisis, to better aligning banks’ and bank executives’ incentives in light of the broader social costs and benefits of their actions. Although there is a long-standing literature on corrective, or Pigouvian, taxation, most of it has been applied to environmental externalities, and the externalities that arise from the actions of financial institution are structurally different. This ...


The David R. Tillinghast Lecture: The Rising Tax-Electivity Of U.S. Corporate Residence, Daniel N. Shaviro 2015 NYU School of Law

The David R. Tillinghast Lecture: The Rising Tax-Electivity Of U.S. Corporate Residence, Daniel N. Shaviro

Daniel Shaviro

In an increasingly integrated global economy, with rising cross-border stock listings and share ownership, U.S. corporate residence for income tax purposes, which relies on one’s place of incorporation, may become increasingly elective for new equity. Existing equity in U.S. companies, however, is effectively trapped here, given the difficulty of expatriating for tax purposes absent a bona fide acquisition by new owners. Both the prospect of rising tax electivity for new equity and the very different situation facing old U.S. equity have important implications for U.S. international tax policy. This paper therefore explores three main questions ...


The Case Against Foreign Tax Credits, Daniel Shaviro 2015 NYU School of Law

The Case Against Foreign Tax Credits, Daniel Shaviro

Daniel Shaviro

In international tax policy debate, it is usually assumed that, if one chooses not to exempt residents’ foreign source income, the preferred system would offer foreign tax credits. This assumption is mistaken, given the bad incentives created by the credits’ marginal reimbursement rate (MRR) of 100 percent and the unpersuasiveness of common rationales for granting them, such as those based on aversion to “double taxation” or support for capital export neutrality. While taxing foreign source income at the full domestic rate with only deductions for foreign taxes would over-tax outbound investment, at least in principle creditability is dominated by a ...


Disc To Fsc: A Small Business Alternative?, Scott J. Klosinski 2015 University of Georgia School of Law

Disc To Fsc: A Small Business Alternative?, Scott J. Klosinski

Georgia Journal of International & Comparative Law

No abstract provided.


Tax Reform Act Of 1984 - International Related-Party Factoring - A Major Tax Loophole For Multinational Corporations Is Closed, Phil Conner 2015 University of Georgia School of Law

Tax Reform Act Of 1984 - International Related-Party Factoring - A Major Tax Loophole For Multinational Corporations Is Closed, Phil Conner

Georgia Journal of International & Comparative Law

No abstract provided.


Tax Reform Act Of 1984 - Netherlands Antilles - Effect Of The Repeal Of The Withholding Tax On Portfolio Interest Payments To Foreign Investors, Lee C. Dilworth 2015 University of Georgia School of Law

Tax Reform Act Of 1984 - Netherlands Antilles - Effect Of The Repeal Of The Withholding Tax On Portfolio Interest Payments To Foreign Investors, Lee C. Dilworth

Georgia Journal of International & Comparative Law

No abstract provided.


New Tax Withholding Rules For Foreign-Owned United States Real Estate, John D. Maiers 2015 Hansell & Post

New Tax Withholding Rules For Foreign-Owned United States Real Estate, John D. Maiers

Georgia Journal of International & Comparative Law

No abstract provided.


A Whole New World: Income Tax Considerations Of The Bitcoin Economy, Benjamin Akins, Jennifer Chapman, Jason Gordon 2015 Georgia Gwinnett College

A Whole New World: Income Tax Considerations Of The Bitcoin Economy, Benjamin Akins, Jennifer Chapman, Jason Gordon

Benjamin W. Akins

Bitcoin is a virtual, cryptocurrency growing rapidly in influence throughout the world. Numerous characteristics associated with the bitcoin system, including low transaction costs and greater user privacy, make it appealing as a medium of electronic payment. The number of users of bitcoin, including merchants accepting the currency as a form of payment, has grown considerably in recent years. Estimates indicate that there are more than 60,000 active bitcoin users as of September 2012, with nearly 11 million bitcoins in existence. According to the latest estimates, bitcoin market capitalization is roughly $9 billion. The growth of bitcoin as an accepted ...


Definitions, Religion, And Free Exercise Guarantees, Mark Strasser 2015 Capital University Law School

Definitions, Religion, And Free Exercise Guarantees, Mark Strasser

Mark Strasser

The First Amendment to the United States Constitution protects the free exercise of religion. Non-religious practices do not receive those same protections, which makes the ability to distinguish between religious and non-religious practices important. Regrettably, members of the Court have been unable to agree about how to distinguish the religious from the non-religious—sometimes, the implicit criteria focus on the sincerity of the beliefs, sometimes the strength of the beliefs or the role that they play in an individual’s life, and sometimes the kind of beliefs. In short, the Court has virtually guaranteed an incoherent jurisprudence by sending contradictory ...


Arbitration - Arbitrability Of Antitrust Claims Arising From An International Commercial Contract - Mitsubishi Motors Corp. V. Soler Chrysler-Plymouth, Inc., 105 S. Ct. 3346 (1985)., William L. Blagg 2015 University of Georgia School of Law

Arbitration - Arbitrability Of Antitrust Claims Arising From An International Commercial Contract - Mitsubishi Motors Corp. V. Soler Chrysler-Plymouth, Inc., 105 S. Ct. 3346 (1985)., William L. Blagg

Georgia Journal of International & Comparative Law

No abstract provided.


The Joint Venture And Related Contract Laws Of Mainland China And Taiwan: A Comparative Analysis, Clyde D. Stoltenberg, David W. McClure 2015 University of Kansas

The Joint Venture And Related Contract Laws Of Mainland China And Taiwan: A Comparative Analysis, Clyde D. Stoltenberg, David W. Mcclure

Georgia Journal of International & Comparative Law

No abstract provided.


The U.S. Foreign Account Tax Compliance Act: American Legal Imperialism?, Bruce Bean, Abbey L. Wright 2015 Michigan State University College of Law

The U.S. Foreign Account Tax Compliance Act: American Legal Imperialism?, Bruce Bean, Abbey L. Wright

Faculty Publications

No abstract provided.


The Deferral Effects Of Passing Through Foreign Subsidiaries’ Passive Income, Chris William Sanchirico, Reed Shuldiner 2015 University of Pennsylvania Law School

The Deferral Effects Of Passing Through Foreign Subsidiaries’ Passive Income, Chris William Sanchirico, Reed Shuldiner

Faculty Scholarship

The immediate U.S. taxation of foreign subsidiaries’ passive, but not active income is a scenario of increasing practical importance. This paper builds on Alvin Warren’s recent analysis of this partially deferral-tempering case. It clarifies some of the legal and economic mechanics behind Warren’s formula. It also makes several points de novo. It highlights the conceptual relationship between passive-income pass-through and delayed realization of accrued gains. It points out that delayed realization inside the subsidiary effectively deactivates passive-income pass-through. And it describes when it does and does not matter that the parent takes interim distributions from the subsidiary ...


Who Invented The Single Tax Principle?: An Essay On The History Of Us Treaty Policy, Reuven S. Avi-Yonah 2015 University of Michigan Law School

Who Invented The Single Tax Principle?: An Essay On The History Of Us Treaty Policy, Reuven S. Avi-Yonah

Articles

In 1997, I wrote an article on the international tax challenges posed by the then-nascent electronic commerce, in which I suggested that the international tax regime is based on two principles: the benefits principle and the single tax principle. The benefits principle states that active (business) income should be taxed primarily by the country of source, and passive (investment) income should be taxed primarily by the country of residence. This is the famous compromise reached by the four economists at the foundation of the regime in 1923 and is not particularly controversial. It is embodied in every one of the ...


Minimalism About Residence And Source, Wei Cui 2015 Allard School of Law at the University of British Columbia

Minimalism About Residence And Source, Wei Cui

Faculty Publications

Many economists and legal scholars claim that the traditional conceptual and policy framework for international taxation is defunct. The examples they offer most often to support such claims are failures of residence- or source-based taxation to achieve a variety of normative objectives. This article suggests that there is a very different way of seeing why international taxation has become intellectually controversial. The key problem is not that the globalization of economic activities makes the traditional policy tools outdated; instead, it is that scholars and policymakers have more frequent occasions to disagree about the normative goals of international taxation. Thus most ...


Exit Tax And Tax Consequences At International And Community Level Of An European Taxpayer's Transfer, Alessandra Guida 2014 University of Bologna (Italy)

Exit Tax And Tax Consequences At International And Community Level Of An European Taxpayer's Transfer, Alessandra Guida

Alessandra Guida

In the twentieth century arose a phenomenon that led to constant battles between the Member States and their taxpayers who are fighting this battle through the weapons of the fundamental freedoms: we are talking of the exit taxation.

The exit taxation was born with the aim of protecting the fiscal sovereignty of the States against the ripple effects of the globalization of international markets. Although the companies move in order to their business needs (not only, therefore, for tax purposes), migration can have a significant impact on open economies and, leads to fiscal challenges for many States.

The present work ...


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