By Joel Slemrod

This quantity collects articles from the Symposium sequence of the nationwide Tax magazine from 1993 to 1998. prime economists and different students talk about and debate present tax coverage concerns in nontechnical language and illustrate how the foundations of tax research could be utilized to real-world concerns. one of the subject matters addressed are the sensible feasibility of intake tax choices to the present source of revenue tax, the explanation and implications of devolution of monetary duties to nation and native governments, the impact of tax coverage on fiscal development, and the worth of neighborhood tax incentives designed to draw and keep company.

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High-income individuals have more capital income) tend to be muted in a life-cycle model that accounts for individuals' changing incomes and changing amounts of capital income over time. That is, part of the reason for an association between high income and capital income, is that individuals tend to have both higher incomes and more capital incomes later in their lives. So, even if the corporate tax falls on capital (because savings does not respond to changes in the rate of return), this incidence may not contribute as much to progressivity.

At the same time, it is not entirely clear how the different traditional theories of tax should be incorporated into the investment decision and whether dividend taxes should simply be weighted in the investment equation based on observed shares. Where does all of this leave us? Essentially, one might argue that the jury is still out on this issue and its implications The corporate income tax for the incidence and efficiency of the tax. While the new view seems to be contradictory to a straightforward observation of behavior in the economy, the implications of the "new view" of the dividend tax are still that the tax falls on owners of capital—it simply tends to fall on existing owners of corporate stock.

A similar concern would apply to mortgage interest. It would be possible to carve out some of these debt instruments permanently, but measures would need to be taken to ensure that they are taxed in the hands of recipients, even tax-exempt entities. A potentially more intractable problem arises for debt supplied by foreigners. In many cases, this income is taxed in the home country, and without some relief from that tax, the flow of debt capital could be discouraged significantly. Perhaps the best policy would be a gradual movement in the direction of CBIT.

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