What are the implications and likelihood of reform of the income tax system in the United States—specifically, the expansion and scope of the tax "expenditure" (loophole) system embedded in the income tax codes? This book details the tax system that now provides for more than 200 tax expenditures, highlighting the potential lost tax dollars. Income tax policy and politics is an inherently complex and potentially confusing topic. This book makes the tax loophole system understandable for those without in-depth knowledge about taxes. It explains what our tax system looks like, why it is set up as it is, and what effects it has on raising revenue (and thus deficits) and the furtherance of other policy goals. Additionally, it explains why, despite popular and political desires, a significant overhaul of the tax system is very unlikely to be enacted: because tax expenditures (otherwise known as loopholes) benefit all Americans in some way and are supported as policy by both political parties. Written by John F. Witte, an established expert in tax policy and policy analysis, the book provides a balanced viewpoint that discusses the implications of reform of the income tax system in the United States, demonstrates the range of individuals who are affected by various provisions, and identifies what effects loopholes have on policy goals. Readers will see how both political parties are responsible for the creation and expansion of various loopholes, understand why many of these provisions make sound policy sense, and grasp how the tax code is affected by political desires and policy goals.

Third countries are not bound by European law; however, saying that EU Member States are not bound by European law in their relations with third countries would be incorrect. The judicial developments of European tax law based on the application of fundamental freedoms by the European Court of Justice has turned relations with third countries into one of the most controversial areas of European tax law, giving rise to a significant degree of legal uncertainty. The first waves of direct tax cases decided by the ECJ on the relations with third countries have not entirely solved the main critical issues arising in such context, including the ones involving the external scope of fundamental freedoms. Consequently, the expert analysis contained in this book will be of significant interest to many international tax practitioners and academics throughout the world.
Among the vitally important areas this book addresses...
- The external scope of Article 56 EC Treaty and its impact on the relations with third countries
- The indirect impact of other fundamental freedoms on the relations with third countries
- The scope of fundamental freedoms in relations to EEA States under the EEA Agreement
- The relations with other third countries in the field of direct taxes (including, among other, EPAs countries)
- The impact of the EU agreements on the direct tax relations between Switzerland and the EU Member States
- The impact of secondary EC law on the relations with third countries in the field of direct taxes
- The scope of Article 307 EC Treaty and its application in the field of direct taxes
- The external treaty making powers of the European Union in the field ofdirect taxes.

This book serves as a foundational reference of U.S. land settlement and early agricultural policy, a comprehensive journey through the evolution of 20th century agricultural policy, and a detailed guide to the key agricultural policy issues of the early 21st century. This book integrates the legal, economic and political concepts and ideas that guided U.S. agricultural policy from colonial settlement to the 21st century, and it applies those concepts to the policy issues agriculture will face over the next generation. The book is organized into three sections. Section one introduces the main themes of the book, explores the pre-Columbian period and early European settlement, and traces the first 150 years of U.S. agricultural policy starting with the post revolution period and ending with the "golden age" of agriculture in the early 20th century. Section two outlines that grand bargain of the 1930s that initiated the modern era of government intervention into agricultural markets and traces this policy evolution to the early days of the 21st century. The third section provides an in-depth examination of six policy issues that dominate current policy discussions and will impact policy decisions for the next generation: trade, environment/conservation, commodity checkoff programs, crop insurance, biofuels, and domestic nutrition programs.

As financial positions expand, the economy becomes more vulnerable to adverse and unexpected developments taking place outside the six to seven year business cycle. Over 50 years ago Nikolai Kondratieff developed the theory of "The Long Waves in Economic Life", which incorporated an extended cycle of innovation and upward thrust, and changed our understanding of business cycles in financial settings. Financial Cycles concentrates on two areas that have thus far been omitted from mainstream economics. The first is the impact of the longer term financial cycle; the second is the beginning of de-globalization as the world enters an era of iron-glad economic blocks. Chorafas argues that to overcome the more narrow limits of the business cycle, we need to go beyond its traditional six to seven year focus and address the longer term. This includes the building-up and running-off of economic risks characterizing the financial cycle, as well as the appreciation of forces underwriting both its growth and its decay. An ever-increasing public debt and the behavior of the banking industry are two principal reasons why the structure of analysis characterizing the previous financial cycle no longer fits present-day realities. A new methodology starts getting in shape, even if it still has to acquire political legitimacy.

This book examines failure in the urbanisation of Northwest China as a result of government industrial policies that have impacted on the economic development of the region. By looking at the under-researched provinces of Gansu, Qinghai and Inner Mongolia, which make up a quarter of China's territory, Zheng and Deng challenge the common story of China's miracle growth and reveal the dark side of the country's pursuit of modernity. Severe weather conditions, chronic drought, permanent lack of oxygen and unforgiving terrain in the Northwest make farming, manufacture and services difficult simply because people tend not to stay. Yet, China's current political system forces growth to take place even though basic conditions and prerequisites for market-based growth are missing. This volume analyses 'ghost cities' and social tension in the process of 'forced urbanisation' in which huge amount of resources are wasted, the local environment is systematically damaged and ordinary people's basic rights are brutally violated in the name of higher GDP and greater government glory.

The 1980s and 1990s were a watershed in terms of both tax and monetary policy. The 1981 Reagan tax cut ushered in supply-side economics, while the 1986 Tax Reform Act produced a substantial cut in the marginal individual income tax rate. In terms of monetary policy, the Volcker-Greenspan chairmanships of the Federal Reserve initiated fundamental changes in monetary policies that lowered inflation. Jankowski examines both tax and monetary policies to determine their effects on profits. He shows that the pretax profit rate fell in the post-World War II year, but that the post-tax profit rate remained relatively constant. However, Jankowski argues that the tax policies adopted did not produce the observed constancy in the post-tax profit rate. He further argues that the elimination of the corporate income tax would have the effect of enhancing redistributive policies. Jankowski's analysis of tax and monetary policies leads to new theories of the state and classes, and he argues that the growth of the state has restructured classes. The state, and not the workplace, has become the locus of income for the majority of individuals in modern capitalist societies. This change requires a fundamental rethinking of the nature of classes and class politics. A controversial analysis that will be vital reading for economists, political scientists, and other scholars and policymakers dealing with tax and monetary issues.

This book is open access under a CC BY 4.0 license. This book takes a taxpayer's perspective on the relations taxation creates between people and their state. Bjoerklund Larsen proposes that in order to understand tax compliance and cheating, we have to look beyond law, psychological experiments and surveys to also include tax collectors and taxpayers' practices. The text explores the view of taxes seen as citizen's explicit economic relation to the state and implicit economic relation to all other compatriots. Bjoerklund Larsen directs our gaze onto the concept of reciprocity, which is often proposed as an explanation in tax compliance research, and explores its diverse meanings and implications ethnographically. The empirical cases are based on ethnography from two opposing tax practices in Sweden. Firstly, from a study of analysts, auditors, legal experts and managers at the Swedish Tax Agency and how they, quite successfully, strive for legitimacy in their tax collecting activities. Secondly, from fieldwork among a group of middle-aged Swedes and how they justify their purchasing work off the books - essentially tax-cheating practices. Sweden is a modern welfare society with citizens holding rational and secular values, yet trusting their government and fellow citizens. Sweden also has a high tax burden that is collected by one of its most revered governmental agencies - the Swedish Tax Agency - making it an interesting case studying tax compliance.

Provides descriptions, instructions, and exercises to help readers master government budgeting as it is actually practiced.

This book analyzes shifting international taxation strategies in pursuit of tax nomads, individuals and companies who minimize their tax obligations among multiple countries. Focusing on the efforts of the United States, the collective endeavours of the European Union and the global initiative of the OECD under G20 guidance, it investigates their attempts to understand and control the mechanisms employed by such nomads. The author directs particular attention to intellectual property, used by multinational corporations to move income from high-tax to low-tax locations. Contrary to claims that globalization hinders tax collection, Vlcek argues that state sovereignty and state power remain the defining characteristic of international taxation. The EU and OECD in turn, he concludes, are leveraging cooperation with the US to force other countries to share taxpayer information with them. This significant work will interest economists, political scientists and tax experts.

This volume describes how various types of taxes such as VATs, corporate income taxes, retail sales taxes, and excise taxes are being modified to achieve environmental goals. The author gives particular focus to situations in which taxes are imposed on imports and where rebates are granted when domestic products are exported. These taxes are evaluated with respect to exceptions to GATT and how these exceptions can be used to create powerful tax initiatives even though they might be considered "GATT-illegal". The book shows how to integrate economically effective environmental taxes and tax subsidies with the major international trade treaties. Tax initiatives can be an important tool to improve the free trade system while at the same time combating environmental depredation. Manufacturers, exporters, tax and environmental policy makers, international trade and tax attorneys, and academics working in the fields of environmental regulation, trade policy, and taxation should find this work a provocative treatise on this topic.

This book explores the economic and social development of the Western Balkan region, a group of six countries that are potential candidates for EU membership. It focuses on the key economic issues facing these countries, including the challenge of promoting economic growth, limiting public deficits and debt, and fostering international trade relations. Given the severe impact of the recent economic crisis on social welfare in the region, it also investigates the nature and extent of social exclusion, a factor likely to produce future political instabilities if not effectively addressed by a return to sustainable economic growth. The contributions explore these issues in light of the major influence of EU policy instruments and advice, which are currently guiding the economies along an accession trajectory to future EU membership.

This book offers a critical perspective on the issues related to women's empowerment, microfinance, and entrepreneurship in India. Written by distinguishing experts in this field, this book highlights women's empowerment, which is a process of entrusting power to an individual on the control over resources and decisions. However, these two factors are less effective in a society where religion and cultural dominance is high. The book sheds light on the social security measures undertaken by the government aiming to the right to work helped women who are bounded by social restrictions. Over time there is a shift in rural occupational structure towards non-farm activities, which is largely distress driven self-employment. Access to credit is a great source to provide self-employment that develops self-esteem among women and uplift their position. The book highlights the discrimination against women entrepreneurs in access to credit led to gender biased entrepreneurial society. Association with self-help groups (SHGs) has made women more socially empowered. SHG members help them to change their life in a positive manner through micro-entrepreneurial activities. The book has emphasized on the role of microfinance, which has served the poor to become financially self-reliant. It is observed that for second generation borrowers, the impact of microfinance seems to fizzle out, where MFIs who are gaining efficiency are diverting their objective of servicing poor, signalling a sign of mission drift.

This book is a quarterly forecast and analysis report on the Chinese economy. It is published twice a year and presents ongoing results from the "China Quarterly Macroeconomic Model (CQMM)," a research project at the Center for Macroeconomic Research (CMR) at Xiamen University. Based on the CQMM model, the research team forecast major macroeconomic indicators for the next 8 quarters, including the rate of GDP growth, the CPI, fixed-asset investment, resident consumption and foreign trade. At the same time it focuses on simulation of current macroeconomic policies in China. In addition to helping readers understand China's economic trend and policy guide, this book has three main goals: to help readers understand China's economic performance; to forecast the main macroeconomic indicators for the next 8 quarters; and to simulate the effectiveness of macroeconomic policies.

Although considerable information about China's tax policies on foreign investment have been made available in the West, this book is the first to provide a comprehensive treatment of China's domestic system of taxation. It offers an authoritative analysis of each type of taxation and the tax system as a whole, within the broader context of the nation's economic and fiscal structure. Written by one of the foremost authorities on the subject, it benefits from the author's access to important Chinese materials as well as personal contacts with Chinese government officials and Western lawyers and businessmen working in China.

Tracing the evolution of taxation in China from the early feudal period to the present, the author reviews the long history of various forms of taxation, some of which have been in existence for thousands of years. Jinyan Li next looks at the use of taxation as an instrument of the socialist economy in the years immediately following the Communist revolution, during the period of closed central planning, and in the recent movement toward an open market economy. Current tax policy is analyzed in six chapters, each dealing with a specific form of taxation. Throughout the book, the author explores the relationship of tax policy to other aspects of the Chinese economy, including economic planning, price and wage policies, the state budget and financial system, and government policies regarding property ownership and private enterprise. This book will be an important information source for scholars, students, and tax lawyers concerned with socialist fiscal policy and China's current economic reforms.

The overall objective of the book is to holistically assess the property tax systems in BRICS megacities. As megacities play a vital role within their respective countries - economically, administratively, and from a human development perspective - they experience the costs and benefits of urbanization simultaneously with major investment needs, rising poverty, and increasing congestion and pollution levels in the context of limited financial resources, raising the question for a suitable decentralized funding source. This book highlights the property tax as a means to help further improve the financial sustainability of megacities, the reliability and quality of their services, and megacities' contribution to supporting economic growth.

This book examines the effect of banking on the real economy and society, focusing on banking supervision as the decisive factor in steering banking activities and determining the social outcome of the game of finance. Banking is like a cardiovascular system for our society. If it functions correctly, it allows the economy to operate smoothly. On the other hand, if it malfunctions it becomes a doomsday device. This creates an asymmetry of risks - the asymmetry between the potential dire consequences and the modest rewards of accepting those risks. Banking was one of the critical technological factors enabling the transition from the middle ages and the creation of modern society. However, while today it contributes little to economic growth, its malfunction has a profound and lasting adverse impact. The book explains why, how and what. Why is it important to keep tight supervision of the banks? How can banking supervision improve stability, not only of the financial system but also of the whole human society? What went wrong with the regulation in the past?

This book provides a historical understanding of current debates over tax reform and offers a comparative framework for discussing the relationship between fiscal policy and the distribution of income and wealth. Topics covered include the evolution of income taxation since World War II; the turn toward value added taxation; the relationship between tax reform and the construction of welfare states; the impact of globalization on tax and fiscal policy; the social forces shaping tax consent; and the political economy of tax and fiscal reform. These topics are covered in case studies that focus on significant episodes in the fiscal history of Denmark, Sweden, France, Greece, the United Kingdom, Spain, Switzerland, the United States, and Japan.

This book explores the role of national fiscal policies in a selected group of Euro-area countries under the European Economic and Monetary Union (EMU). In particular, the authors characterize the response of output to fiscal consolidations and expansions in the small Euro-area open economies affected by high public and private debt. It is shown that the macroeconomic outcome of fiscal shocks is strongly related to debt levels. The Euro-area countries included in the investigation are Greece, Ireland, Italy, the Netherlands, Spain, and Portugal, over the sample period 1999-2016, i.e., the EMU period. The main econometric tools used in this research are structural vector autoregressive (VAR) models, including panel VAR models. The available literature relating to the subject is also fully reviewed. A further closely investigated topic is the potential spillover effects of German fiscal policies on the selected small Euro-area economies. Moreover, in the perspective of the evolution of the Euro Area towards a full Monetary and Fiscal Union, the authors study the effects of area-wide government spending shocks on aggregate output and other macroeconomic variables during the EMU period. The closing chapter of the book considers evidence on the consequences of austerity policies for European labour markets during recent years.

This book examines key issues and policy concerns relating to fiscal sustainability and competitiveness in European and Asian economies. In addition to estimating the extent of fiscal capacity or lack thereof for these economies, the authors supplement the empirical analysis with country case studies.

Examining the benefits achieved by deferring income or accelerating deductions, this text refers to the income tax systems of the United States and Japan. The United States has been at the forefront of recognizing the time value of money benefit of tax deferral and of devising methods to prevent tax deferral. Japan, on the other hand, is only gradually placing greater emphasis on tax deferral issues, in light of the activities of foreign companies, and the constant introduction of new financial products which take advantage of the tax deferral allowed under Japanese income tax rules. The book starts with a detailed discussion of the 1948 Cary Brown model and its various interpretations, an understanding of which is key to any analysis of tax deferral issues. The author goes on to provide a comparative analysis of the different tax deferral patterns that can arise under the United States and Japanese income tax systems, and of methods introduced by the United States to eliminate the tax deferral benefit. A history and overview of the Japanese income tax system is included in the appendix. Principles of tax deferral and time value of money are crucial in an era of globalization in commerce and finance. They cut across all areas of taxation and are particularly important in the context of taxation of derivatives and other financial instruments.

Public-Private Partnerships for Infrastructure and Business Funding is ideal for scholars and practitioners who work in the field of public policy design and implementation, finance and banking, and economic development.