This classic book tells the story of the development of Income Tax from its beginning in 1799 to the present day and relates it to the social, economic and political history of the period.
There have been studies of Income Tax at various stages in its growth; studies of finance and taxation in general in which Income Tax has been closely concerned; studies too of some of the Chancellors of the Exchequer who have made significant contributions to the Income Tax system; but this is the first time an attempt has been made to encompass the whole 160 years or so of its life in one volume.
And a fascinating story it is too when set in perspective. The author shows how Income Tax was introduced to finance the Napoleonic Wars, how it was revived by Peel to pay for Free Trade, and how it underwrote Victorian prosperity and confidence. He then describes its immense expansion through two World Wars to its present position as a dominant feature of British finance. This book was first published in 1966.

Local governments are hard-pressed to balance their budgets in the 1990s. Part of any budget-balancing effort is accurate forecasting. In this new work, Howard Frank introduces time-tested forecasting techniques from the private sector and military in a local forecasting environment. In a lucid, user-friendly treatment, Frank shows how simple and complex methods can be put to use in the contemporary local government setting. Through examples--many of them from his own research--the author delineates the strengths and weaknesses of quantitative and non-quantitative forecasting methods. Frank also shows how these techniques can be used to monitor changes in public programs--an increasingly important part of contemporary budget execution.

Frank does not assume an extensive mathematical or statistical background on the part of the reader--indeed, a forecast neophyte will have no difficulty understanding the text. Questions at the end of each chapter focus the reader on the major concepts and provide insights on practical applications within the urban setting. A cornerstone of the work is that local forecasters must be intelligent experimenters with the new tools--there is no canned advice that applies to all cities and forecast situations. But with application of forecasting approaches treated in this unique work, local budgeters--and those in training to become budgeters--will be able to adopt forecasting approaches that have been underutilized in local government.

During recessions state government fiscal crises are widespread, as states find their revenues inadequate to meet their expenditure demands. This volume shows that state fiscal crises have only one significant cause: revenue downturns associated with recessions. Other analysts have argued that fiscal crises are the result of an interaction of many complex causes, including inadequate tax bases, increasing expenditure demands, and limits placed on state governments by voters. This analysis examines these other factors and shows that while they present significant challenges to state policymakers, they are not the cause of fiscal crises. The book presents an improved methodology for measuring cyclical variability of revenues and uses this methodology to show that there is no way to restructure state tax systems in order to appreciably reduce the fiscal stress associated with recessions. Fiscal stress can be lessened by setting aside revenues during prosperous years in a rainy day fund, but current rainy day funds are not large enough to eliminate the fiscal stress caused by recessions.

This monograph evaluates public policy responses to the Covid-19 pandemic through a public choice lens. The book compares two prominent, albeit mutually exclusive, theories in social sciences-public interest theory and public choice theory-and explores how their predictions perform within the framework of the Covid-19 pandemic. The chapters present different pandemic policies alongside empirical data in order to draw conclusions about their efficacy, and, in turn, draw conclusions about the veracity of each theory. By the end of the volume, the reader will be able to draw their own conclusions about whether the pandemic policy responses served the public interest, as public interest theory suggests, or the personal interests of the politicians who implemented them, as public choice theory holds.

Recently, a research program on the compliance costs and the economic effects of taxation in New Zealand was undertaken within the Inland Revenue Department. Taxation and the Limits of Government is an edited volume which presents the best of the papers that emerged from that research program. Topical coverage includes a brief history of reform in New Zealand, the effect of taxation on economic growth, the marginal cost of taxation, the employment effects of taxation, income distribution, the hidden economy and taxation, tax compliance, taxation and bankruptcy, and estimates of effective tax rates.

Classical liberalism has typically sought to maintain as much room as possible for the exercise of personal initiative in the face of the encroachment of states. This book explores these questions of coercion and authority in the context of the size and scope of the state and argues that the state and its agents should be held to the same moral rules as are the individuals it rules over. The book considers how a distinct feature of the state is its police or coercive power, about which one may ask how the state acquires it and what if anything would justify its use. It considers the implication that there is nothing inherent about state agents that entitles one to behave in ways that we would not accept from a private actor, and how once that argument is made, the state's claim to authority is weakened. The author also discusses the extent to which democracy has been thought to provide any sort of justification for coercion or authority. This book will be of interest to academics and students of political philosophy, especially classical liberalism, and legal philosophy.

This volume is the first book-length treatment of state-level business tax issues. It addresses three broad questions: (1) How should businesses be taxed? (2) How does present practice compare with and depart from this prescription? and (3) How can present practice be improved? The contributors to the volume analyze these issues from a variety of perspectives, presenting a cross section of current thinking about states' business tax policies.

The work provides a conceptual framework for defining business taxes, measuring their levels and consequences, comparing interstate differences in business tax practices, and evaluating alternative business tax policies. It presents data showing current levels, trends, and interstate differences in business taxation. And it examines the political and economic rationales for taxing business and the implications of those rationales for tax policy. This analysis will be of interest to scholars and practitioners in taxation, public economics, and business finance.

The current state of research in the international public finance field is elucidated in the fifteen papers collected in this volume, selected from among the more than 200 that were presented at the 53rd Congress of the International Institute of Public Finance held in Kyoto, Japan, in August 1997. The collection assembled here is not intended to comprise a proceedings of the Congress but, rather, presents the ideas of eminent scholars in seven areas of current research in the international public finance field: The Welfare State, Public Investment and Economic Growth, Inter-Governmental Relations, Tax Competition and Foreign Direct Investment, Foreign Investment in Transitional Economies-Russia and China, and Equalization Transfer Systems in Japan and Australia. The highlight of the Congress was the brilliant debate between two of the greatest authorities in the area of public finance, James M. Buchanan and Richard A. Musgrave, whose papers form the opening section of the volume.

This book brings together important essays by Richard F. Kahn, Keynes's pupil and literary executor and one of the most influential economists in the Cambridge tradition. The essays address issues, including imperfect competition, pricing mechanisms, inflation, unemployment, and the regulation of international trade and finance, that are highly relevant and topical They are addressed from a Keynesian perspective, with the interface between economic theory and policy explored. With the inclusion of a new introduction, the essays are placed in their own context and offer the key to understand their relevance for the present. Richard F. Kahn: Collected Economic Essays is a fitting companion to the 1972 collection of essays, edited by Kahn himself. It will be of interest to scholars and students as a key to an outstanding economist and a great figure in the Keynesian tradition.

This book explores the issue of private sector over-indebtedness following the recent financial crisis. It addresses the various challenges for policymakers, investors and economic agents affected by applied remedial policies as the private non-financial sector in Europe continues to face increased challenges in servicing its debt, with the problem mainly concentrated in several countries in the EU periphery and Eastern Europe. Chapters from expert contributors address reduced investment as firms concentrate on deleveraging and repairing their balance sheets, curtailed consumer spending, depressed collateral values and weak credit creation. They examine effective policies to facilitate private sector debt restructuring which may involve significant upfront costs in terms of time to implement and committed budgetary resources, as well as necessary reforms required to improve the broader institutional framework and judicial capacity. The book also explores the issue of over indebtedness in the household sector, contributing to the literature in establishing best practice principles for household debt.

This book provides innovative solutions to fundamental problems in finance, such as the valuation of bond and equity, the pricing of debt, equity and total asset, the determination of optimal capital structure, etc., which are unsolved or poor-solved so far. The solutions in this book all have the following features: Based on essential assumptions in line with reality, the final solutions are analytical solutions with closed-form models, the forms and variables of the models are determined by strict and objective logic processes rather than chosen or presumed subjectively, such as the new growth model for stock valuation, the new CAPM accounting for total risk rather than only systematic risk, the real solution to optimal capital structure based on the trade-off between tax shield and bankruptcy cost. In addition, these basic solutions or models are adjusted easily to various application scenarios.

The contributions to this volume try to overcome the traditional approach of the judicature of the European Court of Justice regarding the application of the fundamental freedoms in direct taxation that is largely built on a non-discrimination test. In this volume, outstanding authors cover various aspects of the national and international tax order when European law meets domestic taxation. This includes testing traditional pillars of income taxation ability-to-pay, source and residence, abuse of law, arm s length standard with respect to their place in the emerging European tax order as well as substantial matters of co-existence between different tax systems that are not covered by the non-discrimination approach such as mutual recognition, cross-border loss compensation or avoidance of double taxation.

The overarching goal is to flesh out the extent to which a substantive allocation of taxing powers within the European Union is on its way to a convincing overall framework and to stretch the discussion beyond discrimination .

Highlighting recent revolutionary changes, this volume deals with the transformation from central planning towards more efficient economic structures in Eastern and Central Europe and the (former) Soviet Union. Political democracy and the creation of market economies have now become realistic aims; but the process of reform is only just beginning and is likely to take many years. The papers and discussion in this book deal with systematic changes, deregulation, abolition of price controls and macroeconomic fiscal and monetary policies needed to stablize the economies and to implement appropriate structural changes.

This book provides quantitative evidence on the issues in fiscal and monetary policies in Mongolia and presents necessary policy recommendations for policymakers and academic circles. Mongolia belongs to a natural resource-based, transition economy and thus has faced the risk of the so-called resource curse-including the "Dutch Disease" and immaturity in market-based systems, particularly in financial markets. Consequently, reformations of resource allocation and policy governance in fiscal and monetary fields have been required. So far, however, there have been only a very limited number of quantitative studies in the Mongolian economy among the vast literature of Asian studies. This book applies scientific approaches to address fiscal and monetary issues, such as data-oriented and econometric methods (a structural vector auto-regression model, a spatial econometric model, and panel estimation with fixed effects, among others). In this manner, the book enriches empirical evidence in academic literature and also contributes to evidence-based policymaking. All the authors are young leaders of government officials in the Ministry of Finance, Financial Regulatory Commission, and National Statistics Office in Mongolia, who have been trained in academic research methodologies at Saitama University, Japan, on JICA-JDS scholarships. Thus, academic researchers and policymakers will be prominent members of the target audience for this work.

The period between 1767 and 1873 shaped public finance in Britain (and, by extension, many other countries) as we know it today, with the major economists of the time providing influential contributions. Until now, no book has examined and compared the thought of these 'classical economists' from the perspective of public finance rather than that of pure theory.

This groundbreaking volume critically analyzes and compares the writings on government expenditure, taxation and public debt of thinkers such as Adam Smith, Jeremy Bentham, David Ricardo and Thomas Malthus. These key figures are united by their struggles with fiscal theory - an important feature in the formation and development of political economy.

An original and intriguing read, this book breathes fresh life into the history of economic thought. Dome's clear and exciting arguments will make for essential reading for historians of economic thought, economic historians and those with an interest in public finance.

This innovative book offers an original and radical tax policy proposal which can be used to promote growth and stability without affecting income equality. Immediately following the publication of Keynes's General Theory, Kalecki recognized that the theory of tax had to be re-thought, as aggregate income could no longer be thought of as fixed with respect to tax-induced changes in aggregate demand. To this day, orthodox tax policy analysis continues to ignore aggregate demand effects. The authors consider this orthodox approach to be deficient, and show how tax policies can promote growth without having a negative impact on equity. They incorporate Kalecki's theory of tax incidence into an analysis of income determination, income distribution, investment, business cycles, and growth. In addition, they examine the incidence of the corporate profits tax and the macroeconomic and regional incidence, and effects of local taxation. A Dynamic Theory of Taxation will be a welcome addition to the literature and will be of interest to tax policy analysts and government policy advisors, as well as scholars working in the fields of public finance, post Keynesian and Kaleckian economics.

In light of demographic change and the growing problems of traditional old-age security systems, this book discusses two essential instruments in connection with privately providing for old-age security: (1) savings in private pension schemes and (2) building up equity for home-ownership. Further, it assesses the relationship between the two instruments and offers a unique overview of the latest market developments. In order to represent the profound differences between the individual member states of the EU, this book features six country-specific studies - covering Germany, Hungary, Ireland, Italy, the Netherlands and the United Kingdom - that provide detailed insights into the complexity of local private pension schemes, mortgage markets, and housing markets. Lastly, the book discusses public policies and fiscal incentives intended to better integrate residential property with private pensions. It will appeal to both, private households seeking to build up old-age security, as well as policy makers interested in providing secure pension schemes.

Providing the poor with access to financial services is one of many ways to help increase their incomes and productivity. In many countries, however, traditional financial institutions have failed to provide this service. Microcredit and co-operative programmes have been developed to fill this gap. Their purpose is to help the poor become self-employed and thus escape poverty. Many of these programmes provide credit using social mechanisms, such as group-based lending, to reach the poor and other clients, including women, who lack access to formal financial institutions. With increasing assistance from the World Bank and other donors, microfinance is emerging as an instrument for reducing poverty and improving the poor's access to financial services in low-income countries. This book examines the experiences of the Grameen Bank and two other major microcredit programs in Bangladesh in order to quantify the potential and limitations of microcredit programmes as an instrument for reducing poverty and delivering financial sevices to the poor.

Written during the Second World War against the background of the economic and political futility of the 1930s, this book deals with the changing role of government, and particularly fiscal policy as an instrument for regulating the national income and its distribution. Arguing that the war had an economic basis - the inability of the great industrial nations to provide full employment at rising standards of real income - the book discusses how the failure to achieve a world order in the political sphere must be sought in the facts of economic frustration.

This textbook includes material on the general survey on the theory of taxation, other forms of public revenue, public expenditure and public debts. There are chapters on modern theories of budgetary policy and the controversial cheap money policy, pursued by the author when he was in charge of the British Treasury from 1945-1947.

Taxation and Development highlights the importance of better understanding the ways in which taxes and expenditure are linked. Focusing on developing countries, the book argues for a broader approach to the topic, with a secondary focus on developing and applying new modeling techniques to country-specific data.The contributors demonstrate the critical importance of considering tax issues within the specific context of each country, taking into account not only the level and structure of its economic development but also its history, regional location, and political institutions. Individual chapters cover a range of issues both past and present, and offer insightful recommendations for future research and policy implementation. While a great deal of work has been done on the subject in recent decades, this comprehensive book reveals just how much more we have to learn. Taxation and Development will be of great interest to scholars and researchers of economics in general and in particular, taxation, development and public sector economics. Contributors: R. Bahl, R.M. Bird, M.R. Cyan, A. Feltenstein, W.F. Fox, R. Kelly, L. Lopes, Y.N. Madhoo, J. Martinez-Vazquez, T. Matheson, C.E. McLure, Jr., M.N. Murray, S. Nath, V. Perry, J. Porras-Mendoza, P. Smoke, C. Veung, V. Vulovic, S. Wallace, E.M. Zolt

State and Local Public Finance provides a comprehensive and sophisticated analysis of state and local government public finance practices and issues, using the basic tools of economics. This fifth edition maintains its focus on key local services such as education, health care, and transportation and brings in new coverage of land use and housing, applications from behavioral economics, and more international comparisons. This textbook provides an examination and analysis of public finance practices and problems in a federal fiscal system, focusing on the fiscal behavior and policies of state and local governments. Modern economic theory is applied to examine the way key institutions are used to produce and finance services and to provide evaluation of alternative policies. This stalwart text will continue to be invaluable reading for those who study public finance, local government finance, urban economics, public policy, and public administration.

This book deals with the role of the State in pension provision as an employer, regulator and provider. Part I deals with problems and reforms of public sector pension systems in OECD countries. The countries covered are Denmark, Finland, Germany, The Netherlands, Norway, and the USA. Part II considers the regulation of occupational pension schemes in The Netherlands and the United Kingdom, and whether there is still a role for the State in providing earnings-related pensions in the United Kingdom. Part III presents demographic projections for the next half-century, using Ireland as an example, looks at some of the options which have been used in Finland, and proposed in the United States, to cope with population ageing, and examines issues of intergenerational equity which are posed by these options. All the chapters deal with recent reforms. The chapters are written by acknowledged experts in their field who are independent of both the pensions industry and Government. Hence the chapters provide an informed critical account of current developments in relation to the reform of occupational pension schemes in the public sector and of the debate about the State's role as a regulator of private pension schemes and a provider of pensions based on the social insurance principal. The book is important as a source of information about pension schemes in OECD countries. It shows that there is not a unique model of occupational pension provision for public sector employees and that the pension benefits which are provided in different countries are quite variable. It also shows that public sector occupational pension systems have changed and are in the process of considerable further change in a number of OECD countries.