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Full-Text Articles in Law
The Moving Target Of Tax Reform, Karen C. Burke, Grayson M.P. Mccouch
The Moving Target Of Tax Reform, Karen C. Burke, Grayson M.P. Mccouch
UF Law Faculty Publications
In 2000, Professor William Turnier proposed a package of three reforms to make the estate tax more “equitable” and “taxpayerfriendly.” All of his proposals—allowing a surviving spouse to inherit a deceased spouse’s unused exemption, replacing the state death tax credit with a deduction, and indexing the exemption for inflation—were eventually enacted. Today, the estate tax remains on the books, but changes in rates and exemptions have severely curtailed its role in the larger federal tax system. Income tax rate reductions for capital gains and dividends have further lightened the tax burden on capital income, and international pressure to reduce the …
A Minimalist Approach To Corporate Income Taxation, Herwig J. Schlunk
A Minimalist Approach To Corporate Income Taxation, Herwig J. Schlunk
Vanderbilt Law School Faculty Publications
An ever-shrinking hallmark of our federal income tax system is the apparent double taxation of some, but not all, business income. That is, some business income ultimately flows to the human shareholders of C corporations. These corporations pay corporate income tax on the taxable income they generate. Then, as and when such corporations distribute their after-corporate-income-tax income to their human shareholders (or equivalently, as and when their human shareholders sell their shares in such corporations), the human shareholders pay individual income tax on the amounts so distributed (or equivalently, on their capital gains).