Anglo-American Corporate Taxation: Tracing the Common Roots of Divergent ApproachesThe UK and the USA have historically represented opposite ends of the spectrum in their approaches to taxing corporate income. Under the British approach, corporate and shareholder income taxes have been integrated under an imputation system, with tax paid at the corporate level imputed to shareholders through a full or partial credit against dividends received. Under the American approach, by contrast, corporate and shareholder income taxes have remained separate under what is called a 'classical' system in which shareholders receive little or no relief from a second layer of taxes on dividends. Steven A. Bank explores the evolution of the corporate income tax systems in each country during the nineteenth and twentieth centuries to understand the common legal, economic, political and cultural forces that produced such divergent approaches and explains why convergence may be likely in the future as each country grapples with corporate taxation in an era of globalization. |
Contents
1 | |
1 A brief history of early AngloAmerican corporate income taxation | 19 |
Part I Twentieth century and the divergence in systems | 47 |
2 The United Kingdom | 49 |
3 The United States | 70 |
Part II Explaining the divergence | 105 |
4 Profits | 107 |
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Anglo-American Corporate Taxation: Tracing the Common Roots of Divergent ... Steven A. Bank No preview available - 2011 |
Common terms and phrases
According adopted American bill Britain British Industries Budget Cheffins classical corporate income Committee companies company’s concern Cong Congress corporate income tax Corporate Ownership corporate tax corporate tax rate corporate tax reform corporate tax systems Corporation Profits Tax corporation’s countries Daunton differential profits tax distributed divergence dividend policy dividend tax double taxation Economic entity entity-level equity excess profits tax exemption Federal Income Tax Hansard History Ibid imposed imputation system income tax rate Income Taxation increase individual income tax integration investment investors Labour Party levy London London Stock Exchange managers National normal tax Ownership and Control paid percent political provision railroads repeal Report retained earnings Revenue Act Royal Commission Senate share shareholders Stat statement Stock Exchange stockholders super-tax surtax surtax rates t]he Tax Law Tax Policy taxation of corporate trade Treasury undistributed profits tax United Kingdom University Press Wall Street Journal York