National Tax Journal back issues from September 2003:
Issues in analyzing the macroeconomic effects of tax policy.
Sep 01, 2003; ... INTRODUCTION This paper provides a description of issues that are important in determining the macroeconomic effects of tax policy changes. The theoretical issues in modeling the effects of tax policy on economic growth are the same as the theoretical issues involved generally ...
Economic effects of sustained budget deficits.
Sep 01, 2003; ... INTRODUCTION The effect of fiscal policy on the economy is a controversial and long-standing issue. It is at the heart of the policy debate surrounding the sharp increases in official federal budget surpluses in the 1990s, the even more dramatic decline in the fiscal outlook ...
Evaluating international tax reform.
Sep 01, 2003; ... INTRODUCTION Much of the current structure of U.S. taxation of foreign income dates to the early 1960s, and, remarkably, so too does much of current thinking on the desirability of taxing foreign income. The U.S. regime of taxing foreign subsidiaries of American multinational ...
Royalties for intracompany sales of fancy trademarked cheese.
Sep 01, 2003; ... INTRODUCTION During the 1980s, multinational enterprises (MNEs) around the globe appeared to be using marketing intangibles (trade names and trademarks) to avoid taxes. Specifically, affiliates in low tax countries would license the right to exploit their company's intangibles ...
Hedging employee stock options, corporate taxes, and debt.
Sep 01, 2003; ... INTRODUCTION Employee stock option grants grew dramatically in the late 1990s. Firms not only increased option grants to top executives, but expanded them to many employees below the very senior ranks (Hall and Liebman, 1998; Murphy, 2003). Estimates of the value of options ...
Piling on problems: how federal policies affect state fiscal conditions.
Sep 01, 2003; ... INTRODUCTION Most states and many local governments are struggling through a deep and prolonged fiscal crisis, during which revenues are declining or growing only slowly. There are several causes for the crisis, including the weak economy, the decline in the stock market, policy ...
The California budget crisis: factors leading to the current budget deficit and a discussion of certain proposed solutions.
Sep 01, 2003; ... INTRODUCTION State governments are experiencing unprecedented budget deficits and the State of California is not different. The amount most commonly tied to California's deficit is 38 billion dollars. Using a current services approach, as used by the California Legislative ...
Changing red to black: deficit closing alchemy.
Sep 01, 2003; ... ********** WHY A MAGIC SHOW? State deficits are in the news. For three years, states have been mired in the slough of fiscal despond, taking increasingly frantic steps to close their budgetary gaps. With each passing year, the prospects for recovery have become more ...
Public funds and private capital markets: the investment practices and performance of state and local pension funds.
Sep 01, 2003; ... INTRODUCTION This paper addresses the question of whether a government entity can invest money on behalf of employees or constituents in a manner comparable to the private sector. That is, we ask whether the conflicts of interest inherent to such arrangements lead public funds ...
What explains early withdrawals from retirement accounts? Evidence from a panel of taxpayers.
Sep 01, 2003; ... INTRODUCTION Over the past 20 years, tax-deferred accounts (TDAs) such as Individual Retirement Accounts (IRAs) and employer-sponsored plans (ESPs) have become a key component of individual retirement planning, (1) Although such accounts can take on many guises, they generally ...
Is the tax expenditure concept still relevant?
Sep 01, 2003; ... INTRODUCTION The term "tax expenditure" is attributed to Stanley S. Surrey who, as Assistant Secretary of the U.S. Treasury for Tax Policy, instructed his staff to compile a list of preferences and concessions in the income tax that had the nature of expenditure programs. His ...
The effect of dividend tax relief on investment incentives.
Sep 01, 2003; ... INTRODUCTION The recent proposal by the Bush Administration to eliminate shareholder-level taxes on dividends and retained earnings revived interest in reducing the double taxation of income earned on corporate equity. The Bush Administration's proposal ultimately led to ...
Effects of dividend relief on economic growth, the stock market, and corporate tax preferences.
Sep 01, 2003; ... ********** Many economists have long argued the desirability, for reasons of economic efficiency, of integrating the corporate and individual income tax. A U.S. Treasury (1992) study of corporate tax integration found potentially significant efficiency gains from the ...
Estimating the compliance cost of the U.S. individual income tax.
Sep 01, 2003; ... INTRODUCTION Each year, individuals and businesses in the United States submit more than 200 million tax returns (including estimated tax forms and supplemental documents) to the Internal Revenue Service (IRS). The IRS uses the information in these returns, recorded on hundreds ...
IRS's comprehensive approach to compliance measurement.
Sep 01, 2003; ... BACKGROUND The National Research Program (NRP) is a comprehensive effort by the IRS to measure--at a strategic level--the voluntary filing, reporting, and payment compliance behaviors of U.S. taxpayers. As we pointed out in an earlier paper (Brown and Mazur, 2003), measuring ...
Whose child is it anyway? Simplifying the definition of a child.
Sep 01, 2003; ... INTRODUCTION Taxpayers may be eligible for certain tax benefits if they support or live with their children. Distinguishing among taxpayers based on their family responsibilities adjusts for differences in ability to pay. In addition, tax benefits are used to meet social policy ...