Fiscal federalism has been the subject of much scholarly debate over the years. These volumes successfully bring together seminal articles from the past fifty years to demonstrate how the focus has evolved from 'first generation' to 'second generation' theories of intergovermental relations. The editors enhance the collection with detailed analyses of how competition affects relations between varying levels of government, and examine the hypotheses underlying the theory of fiscal federalism. This set of authoritative papers will be an indispensable reference source for scholars and practitioners in this field.

This new four volume collection gathers together the key literature from the field of Infrastructure Finance from the past 20 years. Organized thematically, and drawing on a range of disciplines, the collection will discuss economic principles and policy, explore project financing, public-private partnership policy and finance, and examine infrastructure as an asset class.

This volume offers an impressive collection of scholarly papers which investigate the historical foundations of globalisation before 1945. The book explores the effects of the nineteenth century technologies of the railway, the telegraph and the steamship which promoted the globalisation process by boosting trade across frontiers and triggering migration of labour and flows of capital to the temperate areas of agriculture. The colonial empires, in particular the British Empire, facilitated the process, as the integration of capital markets and monetary systems and methods of business organization followed trade and labour. The volume also covers the time between the wars, when impediments to trade, migration and currency movements increased and led to a period of deglobalization and divergence.

Tax Policy provides a comprehensive collection of the most important and widely-cited articles on tax politics and policy. Essays by the leading political scientists, economists and lawyers in the field cover the key intellectual dilemmas and policy issues in the field of taxation.Topics covered include: the foundations of tax policy; an exploration of the public's attitude to taxes and taxation; the principles behind the making of tax policy; tax incentives and tax expenditure; the need for tax reform in the late 1980s and the form of these changes; and the relationship between internationalization and domestic tax policy choices

Gain a thorough understanding of today's corporate tax concepts and most current tax law with SOUTH-WESTERN FEDERAL TAXATION 2021: CORPORATIONS, PARTNERSHIPS, ESTATES & TRUSTS, 44E and accompanying professional tax software. This reader-friendly presentation emphasizes the latest tax law and changes impacting corporations, partnerships, estates and trusts. You examine the most current tax law at the time of publication. Complete coverage of the Tax Cuts and Jobs Act of 2017 offers guidance from the Treasury Department. Clear examples, summaries and tax scenarios further clarify concepts and help you sharpen critical-thinking, writing and research skills. Each new book includes access to Intuit (R) ProConnect tax software, Checkpoint (R) (Student Edition) from Thomson Reuters, CengageNOWv2 online homework solution and MindTap Reader. Learn how taxes impact the corporate world today as you prepare for the C.P.A. exam or Enrolled Agent exam or begin study for a career in tax accounting, financial reporting or auditing.

We are well aware of the rise of the 1% as the rapid growth of economic inequality has put the majority of the world's wealth in the pockets of fewer and fewer. One much-discussed solution to this imbalance is to significantly increase the rate at which we tax the wealthy. But with an enormous amount of the world's wealth hidden in tax havens in countries like Switzerland, Luxembourg, and the Cayman Islands this wealth cannot be fully accounted for and taxed fairly. No one, from economists to bankers to politicians, has been able to quantify exactly how much of the world's assets are currently hidden until now. Gabriel Zucman is the first economist to offer reliable insight into the actual extent of the world's money held in tax havens. And it's staggering. In The Hidden Wealth of Nations, Zucman offers an inventive and sophisticated approach to quantifying how big the problem is, how tax havens work and are organized, and how we can begin to approach a solution. His research reveals that tax havens are a quickly growing danger to the world economy. In the past five years, the amount of wealth in tax havens has increased over 25% there has never been as much money held offshore as there is today. This hidden wealth accounts for at least $7.6 trillion, equivalent to 8% of the global financial assets of households. Fighting the notion that any attempts to vanquish tax havens are futile, since some countries will always offer more advantageous tax rates than others, as well the counter-argument that since the financial crisis tax havens have disappeared, Zucman shows how both sides are actually very wrong. In The Hidden Wealth of Nations he offers an ambitious agenda for reform, focused on ways in which countries can change the incentives of tax havens. Only by first understanding the enormity of the secret wealth can we begin to estimate the kind of actions that would force tax havens to give up their practices. Zucman's work has quickly become the gold standard for quantifying the amount of the world's assets held in havens. In this concise book, he lays out in approachable language how the international banking system works and the dangerous extent to which the large-scale evasion of taxes is undermining the global market as a whole. If we are to find a way to solve the problem of increasing inequality, The Hidden Wealth of Nations is essential reading.

This book examines tax transparency as part of multinational enterprises' corporate social responsibility (CSR). It considers revelations like the Panama and Paradise Papers that shed light on corporations' tax practices and the growing public dissatisfaction, resulting in legislative projects, such as the Organisation for Economic Co-operation and Development (OECD) base erosion and profit shifting. Tax transparency is defined as companies' voluntary disclosure of numerical tax data (e.g. taxes paid by country) and other tax-related information (e.g. tax policies). It is set apart from tax avoidance and tax evasion to clarify the often-blurred concepts. In this book, tax transparency is placed in a historical context and possible drivers and hindering factors to tax transparency are investigated. Tax transparency is discussed in the light of socio-economic theories (stakeholder, legitimacy, institutional theory and reputation risk management), as well as economic theories (agency theory, signalling, proprietary costs) and information overload theory. The book provides examples of tax transparency development of the largest multinational enterprises in five countries (France, Germany, UK, Finland and USA) in six years, 2012-2017, a period featuring increased media coverage of tax matters and legislative movement in the OECD and the European Union. The future of tax transparency is discussed in light of quality characteristics, assurance of information and potential use of artificial intelligence. Companies' managers and tax and CSR specialists benefit from the book by gaining insight into how to design transparent, high-quality tax reporting. Assurance professionals can use information about the quality criteria of tax transparency. Regulators can track historical development and see examples of voluntary tax transparency in companies' reporting. Scholars and students obtain theoretical framework for analysing the tax transparency phenomenon and the ability to distinguish between the concepts of tax transparency, planning, avoidance and evasion.

This volume provides the most important essays and papers on urban and regional policy, making it a convenient summary of the key theories, approaches and research results.The study of sub-national politics is no longer mainly concerned with the urban political decision-making process and now focuses on the political, economic and social preconditions for urban policy. As the articles and papers reprinted in this volume demonstrate, local and regional politics are increasingly important features of most Western democracies. Economic and political life are more and more determined by changes occurring at the local, regional and global levels rather than at the national level. This volume seeks to cover the most important elements of research on local government with a particular emphasis on different approaches and theories of urban political economy. The volume covers, in turn, the study of urban politics and government, theories of local government, central-local relationships and local autonomy, local politics, the political economy of local government and regional policy.

Ingeniously organized in a life cycle format, the Handbook covers environmental taxation concepts, design, acceptance, implementation, and impact. The universal themes discussed in each area will appeal to a broad range of readers.' - Larry Kreiser, Cleveland State University, US'This book is a smart and useful reader's guide providing analytical tools for a full comprehension of environmental taxes, with an interdisciplinary approach that looks at all the different phases of environmental taxation: from the design to the implementation, the political acceptance and the impact on the economy. The authors' effort is very successful in endowing academicians, policy makers and the general public with an excellent proof of the effectiveness of environmental taxes and green tax reforms.' - Alberto Majocchi, University of Pavia, Italy 'Putting the words 'environment' next to 'taxation' might not always be the flavour of the month, but no modern society can ignore the value of the natural environment and the need to maintain its good quality and no competitive economy can prosper without the necessary tax revenues to function. Environmental taxation offers the prospect of moving towards a more resource-efficient economy, where preference is given to tax more what we burn, less what we earn. I welcome this contribution to the literature.' - Commissioner Connie Hedegaard, European Commission 'The Milne and Andersen volume provides a splendid treatment of environmental taxation that encompasses the basic conceptual issues, problems of tax design and implementation, and several insightful case studies that show how environmental taxes actually work in practice. It is the best overall treatment of environmental taxation available: comprehensive, rigorous, and readable.' - Wallace Oates, University of Maryland, College Park US The Handbook of Research on Environmental Taxation captures the state of the art of research on environmental taxation. Written by 36 specialists in environmental taxation from 16 countries, it takes an interdisciplinary and international approach, focusing on issues that are universal to using taxation to achieve environmental goals. The Handbook explores the conceptual foundations of environmental taxation, essential elements for designing environmental tax measures, factors that influence the acceptance of environmental taxation, the variety of ways to implement environmental taxes, their environmental and economic impact and, finally, the larger question of the role of taxation among other policy approaches to environmental protection. Intermixing theory with case studies, the Handbook offers readers lessons that can be applied around the world. It identifies key bodies of research for people who are already working in the field or entering the field and highlights issues that call for more research in the future. With systematic analysis of key issues in environmental taxation, this book will appeal to researchers, governments, think tanks, NGOs, and academics in law, economics, political science and public finance, as well as students specializing in environmental taxation and other market-based instruments. Contributors include: M.S. Andersen, H. Ashiabor, J.-P. Barde, N.A. Braathen, N.J. Chalifour, P. Ekins, M.G. Faure, O. Godard, P.M. Herrera, M. Jaccard, W.K. Jaeger, A. Loefgren, M. Mehling, J.E. Milne, A. Muller, H.O. Nielsen, B.E. Olsen, T. Palmer-Tous, J. Pavel, P. Preiss, A. Riera-Font, M. Rodi, M.A.G. Ruiz, R. Sairinen, K. Schlegelmilch, C.D. Soares, S. Speck, T. Sterner, P. Thalmann, E. Traversa, L. Vitek, H. Vollebergh, H. Vos, S.E. Weishaar, Y. Xu

In a multi-level government system institutional legacy and the assignment of roles and responsibilities between the federal and the subnational governments create imbalances. These imbalances in economic terms are a result of a mismatch between revenue-raising capacity and the spending responsibilities of the different levels of the government. Intergovernmental Transfers in Federations presents a synthesis of recent international experience of large federations in addressing the most fundamental issues of horizontal and vertical imbalances through the prism of intergovernmental transfers. It compares mature federal systems and the maturing federations of the world. Contributors delve into the various aspects of policymaking as well as policy choices in selecting an efficiency path for a meaningful fiscal devolution aimed at integrating performance and incentives to reach an expenditure mix that facilitates better service delivery. Chapters include empirical, theoretical and methodological contributions as well as case studies that illustrate important policy or methodological lessons for future work. This collection is essential reading for researchers, practitioners, policy makers and students wishing to understand the choices made by different countries in response to the overarching principles of needs, equity and efficiency for sharing of resources.

The question of why citizens pay their taxes has attracted increased attention in the tax compliance literature of late. In this book, Benno Torgler considers the evidence that suggests that enforcement efforts cannot fully explain the high degree of tax compliance within society. To attempt to resolve this puzzle, numerous researchers have argued that citizens' attitudes towards paying taxes (defined as tax morale) help to explain the high degree of compliance. Yet most have treated tax morale itself as a black box, failing to discuss the issues influencing it. This unique volume provides important new insights into the factors that shape the emergence and maintenance of citizens' willingness to cooperate with tax legislations in different societies. Distinctive in its examination of citizen tax morale and tax compliance, this book will be of great interest to academics, researchers and students concerned with economics, political science, sociology, social psychology and accounting. It will also appeal to policymakers and practitioners.

This volume presents an authoritative collection of the most significant papers on fiscal federalism and local finance. In addition to some classic papers, it offers clear and insightful presentations of conventional wisdom in the field as well as recent papers which illuminate important issues and point the way to ongoing research. Topics covered include federal tax structure and the division of fiscal functions among levels of government, the effect of local taxes on economic growth, the systems of governmental grants, income redistribution, the theory and practice of local finance and fiscal decentralization in developing countries and transitional economies.

This book provides the reader with the basis for a theoretical understanding of public-sector finance in general - and more specifically, a comprehensive, policy-oriented application of that understanding to Japanese public finance. Particular emphasis is placed upon developing tools which can be used both theoretically and empirically to clarify essential economic concerns in Japan's public sector. These include the macroeconomic incidence of fiscal decentralization, dependence on government bonds for covering fiscal deficits, and social security reform. In analyzing Japan's underperforming public sector, the authors develop and recommend policy solutions aimed at achieving Japan's growth potential, improving the quality of the public sector, and strengthening the sector's contribution to the Japanese economy. Guiding the reader toward an overall understanding of public-sector reforms, decentralization and fiscal policy in Japan, this book will strongly appeal to academics, students and researchers with an interest in modern public finance theory and macroeconomic analysis.

The Economics of Budget Deficits provides a comprehensive overview of the scholarly literature exploring the causes and consequences of deficit spending and the public debt. Incorporating classical, Keynesian and public choice analyses of debt-financed public expenditures, the two volumes contain major theoretical and empirical contributions to the debate. They cover such critical fiscal policy issues as the history and measurement of budget deficits, the question of who bears the burden of the public debt, the use of deficits to solve problems of dynamic policy inconsistency and the relative effectiveness of fiscal rules and constitutional constraints as mechanisms for achieving budget balance. The editors provide an authoritative introduction to the two volumes and separate overviews of each of the seven parts. The Economics of Budget Deficits is an indispensable reference for all scholars and students interested in fiscal policy and for all policymakers.

This insightful book critically examines the phenomenon of public private partnerships (PPPs) through a global, theoretical, lens. It considers the reasons for merging private entities and public administration, as well as the processes and consequences of doing so. The benefits for the community as well as the radical changes in the principles and modalities of administrative activity are theorized and discussed. The authors position co-responsibility and a bottom-up approach as new routes of administrative action, showing how the dynamism and energy of both communities and administrations can come together in an effective way. The key concept of the analysis is 'governing common interests'. It reveals a revolutionary change in the traditional approach to 'public interest', as a result of the emerging role of the private sector in interpreting and taking care of the community's need. Chapters provide systematic analysis of the central ideas for governing common interests through PPPs, with reference to cases and legislation, showing the advantages, the reasons and the forms of application in national and international contexts, and the differentiation from similar models. Setting PPPs in a clear and consistent theoretical framework, this informative book will be of value to academics and students of public administrative and constitutional law, whilst also appealing to both policy makers and public officials.

Comprising original essays written by top legal scholars, this innovative volume is the most comprehensive collection to date of independent academic work exploring the relationship between tax, law and development. Contributors cover a range of tax issues, drawing on economic, political, social, and institutional perspectives to offer a comprehensive view of how tax laws affect and are affected by human economic development. Hailing from across the globe, contributors offer expert insight into tax issues in China, Brazil, South Africa, India, and other developing countries. Following a thorough examination of current policy approaches to tax problems in developing nations, the writers conclude that new solutions are needed, and outline a number of groundbreaking ideas and proposals designed to mitigate many of the problems associated with tax law and economic development. Professors, students, and researchers with an interest in tax, law, development, and globalization will find much to admire in this critical and groundbreaking addition to the literature. Contributors include: Y. Brauner, A. Christians, T. Dagan, A.P. Dourado, T. Gutuza, A.C. Infanti, C.D. Luke, L. Philipps, P. Pistone, L.E. Schoueri, M. Stewart, C. Wei

Richard Tresch's Public Sector Economics is a new learning and teaching concept for undergraduate public finance courses. It is published in two complementary parts: the book, which contains a unified treatment of the theory of the public sector along with selected examples. the companion website (included in the price of the book), which features a large international Public Sector Example Bank, written and updated by Richard Tresch and tied to specific sections in the book. This innovative solution to the challenge of conveying the fundamentals of such a wide-ranging field allows students the best of both worlds: a readable, concise, and penetrating account of public sector theory, along with an evolving set of up-to-date examples that makes the theory come alive.

This important new book brings together a significant body of new essays on some of the central economic problems facing governments, firms and individuals in the 1990s. Under the direction of Paul Davidson and Jan Kregel, an international group of distinguished economists provide new perspectives on key issues including employment, corporate and work place restructuring, economic growth and development, financial integration and transformation of the former command economies. Combining rigorous scholarly assessments of the issues with policy prescription, the contributors seek to provide solutions to the problem of providing full employment, to identify the factors determining the expansion of the economy, and to analyse the impact of financial markets, financial derivatives and international regulations on domestic and global economic performance. Employment, Growth and Finance will be welcomed by all those interested in the solutions to international economic problems being developed by post Keynesian economists.

First published in 1980, Public Spending Decisions attempts to answer some important questions regarding public spending and its relationship with economic and financial stringency. By the beginning of the 1970s the expectation of continuing economic growth had become implicit in the attitudes of politicians, administrators, and the public in Britain; likewise, the assumption of the growth of public spending had become embedded in the machinery and processes of both local and central government. How then were the local authorities and government departments affected by the abrupt halt in the growth of public spending during 1970s? How were the decisions made about the allocation of increasingly scares resources? How did the treasury ensured that the spending limits it established were not exceeded and what are the implications of changes in the attitudes of decision makers towards the growth of the public sector? The contributors are distinguished scholars in the field of local and central government. This book is a must read for scholars of public policy, public administration, finance, and economics.

This three-volume collection - prepared by a leading scholar and practitioner - presents the subject through a collection of important published articles on the debt market. It focuses first on the classical bond market and moves on to a discussion of rational expectations, estimation and the term structure. This is followed by the modern theory of the term structure derived from modelling the stochastic movements of interest rates. The third section discusses implementation and related subtopics including taxation and the management of interest rate risk. The final section extends the discussion to corporate bonds and mortgages.

Even as they became fabulously wealthy, the rich have seen their taxes collapse to levels last seen in the 1920s. Meanwhile, the working-class has been asked to pay more. The Triumph of Injustice is a forensic investigation into this dramatic transformation. In crystalline prose, Emmanuel Saez and Gabriel Zucman dissect the deliberate choices and the sins of indecision that have fuelled the trend: the gradual exemption of capital owners; the surge of a new tax-avoidance industry; and most critically, tax competition between nations. They argue it is not too late to change course. Instead of competition, we could choose co-operation, finding ways to create a tax regime that serves universal, democratic ends. The Triumph of Injustice offers a visionary and practical reinvention of taxes for that globalised world.

The research papers in Volume 30 of Tax Policy and the Economy make significant contributions to the academic literature in public finance and provide important conceptual and empirical input to policy design. In the first paper, Gerald Carlino and Robert Inman consider whether state-level fiscal policies create spillovers for neighboring states and how federal stimulus can internalize these externalities. The second paper, by Nathan Hendren, presents a new framework for evaluating the welfare consequences of tax policy changes and explains how the key parameters needed to implement this framework can be estimated. The third paper, a collaborative effort by several academic and US Treasury economists, documents the dramatic increase in pass-through businesses, including partnerships and S-corporations, over the last thirty years. It notes that these entities now generate more than half of all US business income. The fourth paper examines property tax compliance using a pseudo-randomized experiment in Philadelphia, in which those who owed taxes received supplemental letters regarding their tax delinquency. The research explores what types of communication lead to higher rates of tax payment. In the fifth paper, Jeffrey Clemens discusses cross-program budgetary spillovers of minimum wage regulations. Severin Borenstein and Lucas Davis, the authors of the sixth paper, study the distributional effects of income tax credits for clean energy.

How to overcome barriers to the long-term investments that are essential for solving the world's biggest problems There has never been a greater need for long-term investments to tackle the world's most difficult problems, such as climate change and decaying infrastructure. And it is increasingly unlikely that the public sector will be willing or able to fill this gap. If these critical needs are to be met, the major pools of long-term, patient capital-including pensions, sovereign wealth funds, university endowments, and wealthy individuals and families-will have to play a large role. In this accessible and authoritative account of long-term capital investment, two leading experts on the subject, Harvard Business School professors Victoria Ivashina and Josh Lerner, highlight the significant hurdles facing long-term investors and propose concrete ways to overcome these difficulties. Presenting the best evidence in an engaging way by using memorable stories and examples, Patient Capital describes how large investors increasingly want and need long-run investments that have the potential to deliver greater returns than those in the public markets. Yet success in such investments has been the exception. Performance has suffered from both the limitations of investors and the internal structure of their fund managers, often resulting in the wrong incentives and a lack of long-term planning. Yet the challenges facing long-term investors can be surmounted and the rewards are potentially large, both for investors and society as a whole. Patient Capital shows how to make long-term investment work better for everyone.

Minimize your taxes and maximize your refund with this expert guide to your small business tax return Taxes remain one of the biggest headaches and costs for small businesses around the United States. J.K. Lasser's Small Business Taxes 2021 delivers an approachable but expert guide in legally limiting your tax liabilities while maximizing your deductions and credits. You'll be in great hands as Barbara Weltman - attorney, expert, and author - shows you what tax relief is available to you and how to claim it. You'll discover how to: Make tax-savvy business decisions Take advantage of COVID-19-related tax breaks Pick the right forms to claim available deductions and credits Use legal and effective tax strategies to minimize your taxes payable Use sample forms and checklists to get organized Keep the right records in case the IRS comes calling Whether you're filing your small business' taxes or you work with a tax professional, J.K. Lasser's Small Business Taxes 2021 will walk you through the tax process for 2020 returns and tax planning for 2021 to optimize your tax savings and minimize your audit exposure.