Views
3 years ago

Taxes121514

Taxes121514

Comprehensive Tax Reformfor 2015 and BeyondByRepublican StaffCommittee on FinanceUnited States SenateDecember 2014

  • Page 3 and 4: Table of ContentsForeword (Senator
  • Page 5: ForewordWe live in very partisan ti
  • Page 9 and 10: List of TablesTable 2.1 Internal Re
  • Page 11 and 12: Table 5.4 Percentage Composition of
  • Page 13 and 14: Chapter 1: Introduction to Tax Refo
  • Page 16: Finally, we must simplify our tax s
  • Page 19 and 20: investment along with U.S. corporat
  • Page 21 and 22: Chapter 2: Where Have We Been? 25In
  • Page 23 and 24: on September 9, 1913, and signed in
  • Page 25 and 26: out of a population of roughly 106
  • Page 27 and 28: 89.5 percent. 63 By 1945, about 43
  • Page 29 and 30: introduction of accelerated depreci
  • Page 31 and 32: individual rate down from 70 percen
  • Page 33 and 34: embark on a major study of tax refo
  • Page 35 and 36: The Technical and Miscellaneous Rev
  • Page 37 and 38: ate from 28 percent to 20 percent;
  • Page 39 and 40: provisions, such as increasing the
  • Page 41 and 42: YearThe following table shows the i
  • Page 43 and 44: Figure 3.1Total Deficits or Surplus
  • Page 45 and 46: care programs (Medicare, Medicaid,
  • Page 47 and 48: Table 3.3Actual Revenues for 2007 t
  • Page 49 and 50: addition, and probably most importa
  • Page 51 and 52: individual taxpayer was $258 in 200
  • Page 53 and 54:

    more companies establishing or reta

  • Page 55 and 56:

    has a greater ability to pay than o

  • Page 57 and 58:

    seeing the one hath no more protect

  • Page 59 and 60:

    Our current income tax system also

  • Page 61 and 62:

    With a 10 percent VAT, the lumber m

  • Page 63 and 64:

    The retailer’s tax base would be

  • Page 65 and 66:

    Finally, a retail sales tax or VAT

  • Page 67 and 68:

    Although the United States is an ou

  • Page 69 and 70:

    individual had twice as much income

  • Page 71 and 72:

    Sam Nunn (D-GA) and Pete Domenici (

  • Page 73 and 74:

    Table 4.2Summary of Federal Income

  • Page 75 and 76:

    2002 100% 15.09 33.09 52.86 11.77 6

  • Page 77 and 78:

    ate faced by the top one percent (A

  • Page 79 and 80:

    Social Security benefits being the

  • Page 81 and 82:

    The Tax Policy Center estimated tha

  • Page 83 and 84:

    As the table shows, approximately h

  • Page 85 and 86:

    the earned income tax credit and th

  • Page 87 and 88:

    income tax burden while taxpayers e

  • Page 89 and 90:

    treatment for dividends - exactly e

  • Page 91 and 92:

    than lower-income taxpayers because

  • Page 93 and 94:

    Table 4.14Percent Change in Real GD

  • Page 95 and 96:

    Table 4.16Percent Change in Real Pr

  • Page 97 and 98:

    Table 4.18Change in Interest Rates

  • Page 99 and 100:

    decrease in effective marginal tax

  • Page 101 and 102:

    ase and reducing statutory tax rate

  • Page 103 and 104:

    udget window. More specifically, GD

  • Page 105 and 106:

    with tax-filing requirements with c

  • Page 107 and 108:

    itemized deduction (Pease), or the

  • Page 109 and 110:

    With respect to state and local sal

  • Page 111 and 112:

    e based on the value of the tax exp

  • Page 113 and 114:

    An IRS ruling in 1943 provided that

  • Page 115 and 116:

    also as a matter of taxpayer morale

  • Page 117 and 118:

    The 26 percent rate applies to taxa

  • Page 119 and 120:

    personal exemption amount was inten

  • Page 121 and 122:

    low-income taxpayers would be exemp

  • Page 123 and 124:

    The additional child tax credit is

  • Page 125 and 126:

    There are a number of retirement pl

  • Page 127 and 128:

    sponsor. There is even less potenti

  • Page 129 and 130:

    Table 4.23Education Tax Incentives

  • Page 131 and 132:

    In whatincome rangedo benefitsphase

  • Page 133 and 134:

    Bennett hypothesis apply to Federal

  • Page 135 and 136:

    Chapter 5: Business Tax ReformThere

  • Page 137 and 138:

    entities. 324 A dividing line based

  • Page 139 and 140:

    individual tax rate. Dividends coul

  • Page 141 and 142:

    stream of dividends. Simon noted th

  • Page 143 and 144:

    government that would be treated as

  • Page 145 and 146:

    In June 1989, the American Law Inst

  • Page 147 and 148:

    Bush’s proposal, a corporation wo

  • Page 149 and 150:

    On March 8, 2011, the Senate Financ

  • Page 151 and 152:

    economic and financial choices. 362

  • Page 153 and 154:

    percent withholding tax under eithe

  • Page 155 and 156:

    member of the consolidated group to

  • Page 157 and 158:

    The Code contains a number of limit

  • Page 159 and 160:

    or rent. 413 Control means, in the

  • Page 161 and 162:

    A foreign corporation that has effe

  • Page 163 and 164:

    Table 5.1Percentage Shares of Net I

  • Page 165 and 166:

    Table 5.2Marginal Effective Tax Rat

  • Page 167 and 168:

    subsidiary avoiding all U.S. income

  • Page 169 and 170:

    ise to basis recovery and capital g

  • Page 171 and 172:

    consumption taxes; other property t

  • Page 173 and 174:

    argue that non-corporate entities p

  • Page 175 and 176:

    selling the corporation, the shareh

  • Page 177 and 178:

    urden falls on individuals and not

  • Page 179 and 180:

    quantities in other markets. 488 Th

  • Page 181 and 182:

    extends the Harberger model to dete

  • Page 183 and 184:

    of 57 percent. 504 The balance of t

  • Page 185 and 186:

    Table 5.4Percentage Composition of

  • Page 187 and 188:

    Table 5.5Returns of Active Corporat

  • Page 189 and 190:

    As the table demonstrates the overw

  • Page 191 and 192:

    advocated a cash-flow business tax.

  • Page 193 and 194:

    Over $100,000 but not over $335,000

  • Page 195 and 196:

    discourages foreign companies from

  • Page 197 and 198:

    United22.3 18.8 28.0 22.3 23.2Kingd

  • Page 199 and 200:

    distributes part or all of that inc

  • Page 201 and 202:

    would be taxed at a maximum rate of

  • Page 203 and 204:

    corporation. The shareholder would

  • Page 205 and 206:

    denied to nonresident shareholders

  • Page 207 and 208:

    5. Business Enterprise Income TaxA

  • Page 209 and 210:

    $1,123.60. Assume that the investor

  • Page 211 and 212:

    corporation could pay deductible di

  • Page 213 and 214:

    system would be modeled on but supe

  • Page 215 and 216:

    is $100. If, under the dividends pa

  • Page 217 and 218:

    In addition, it is not uncommon for

  • Page 219 and 220:

    percent tax on certain contribution

  • Page 221 and 222:

    nonresident shareholders, as well a

  • Page 223 and 224:

    O. Financial Accounting TreatmentA

  • Page 225 and 226:

    dividends paid deduction would not

  • Page 227 and 228:

    GovtRetirementFundsOtherinsuranceco

  • Page 229 and 230:

    distributes the earnings to the par

  • Page 231 and 232:

    Under some methods of integration,

  • Page 233 and 234:

    Figure 5.2Percentage of Total Incom

  • Page 235 and 236:

    corporate recipient), then the divi

  • Page 237 and 238:

    Under current law, there are genera

  • Page 239 and 240:

    distribution-related integration sy

  • Page 241 and 242:

    unrealized appreciation in the valu

  • Page 243 and 244:

    taxed at all. 653 As a result of ta

  • Page 245 and 246:

    and special dividends rose and shar

  • Page 247 and 248:

    in 2001 and 2002) were the primary

  • Page 249 and 250:

    to self-employment tax on his distr

  • Page 251 and 252:

    Chapter 6: International Tax Reform

  • Page 253 and 254:

    Medtronic, Burger King, and Mylan,

  • Page 255 and 256:

    is not to say, of course, that even

  • Page 257 and 258:

    of the real problem, which is our a

  • Page 259 and 260:

    the residence of the investor. 695

  • Page 261 and 262:

    territoriality, similar to capital

  • Page 263 and 264:

    the funds were actually held in U.S

  • Page 265 and 266:

    system with the United Kingdom and

  • Page 267 and 268:

    subject to U.S. tax only if the ear

  • Page 269 and 270:

    Table 6.4Effective Tax Rate (%) Per

  • Page 271 and 272:

    market. Any interest paid by the su

  • Page 273 and 274:

    category for most U.S. multinationa

  • Page 275 and 276:

    SpainSwedenTurkeyUnited KingdomWhet

  • Page 277 and 278:

    ather than corporations in conducti

  • Page 279 and 280:

    foreign country. House Ways and Mea

  • Page 281 and 282:

    costs, the next three most importan

  • Page 283 and 284:

    If the United States adopts a terri

  • Page 285 and 286:

    Credit fortaxwithheldonqualifiedroy

  • Page 287 and 288:

    it. It would take much of the press

  • Page 289 and 290:

    outbidding the U.S. multinational w

  • Page 291 and 292:

    Some have proposed a minimum tax on

  • Page 293 and 294:

    and a foreign country reduces the r

  • Page 295 and 296:

    the requirement that the U.S. citiz

  • Page 297:

    oth serve to bring in greater reven

  • Page 300 and 301:

    Audit Analytics. Overseas Earnings

  • Page 302 and 303:

    Bryan, Justin. Individual Income Ta

  • Page 304 and 305:

    Desai, Mihir A. (and C. Fritz Foley

  • Page 306 and 307:

    Floyd, Eric (and Nan Li and Douglas

  • Page 308 and 309:

    Halperin, Daniel (with Eugene Steue

  • Page 310 and 311:

    Investment Company Institute. Resea

  • Page 312 and 313:

    Joint Committee on Taxation. Descri

  • Page 314 and 315:

    Luttrell, Scott. Foreign Recipients

  • Page 316 and 317:

    Office of the United States Trade R

  • Page 318 and 319:

    Randolph, William. Congressional Bu

  • Page 320 and 321:

    Stone, Joe A. (and Larry D. Singell

  • Page 322 and 323:

    United States Department of Commerc

  • Page 324 and 325:

    Viard, Alan D. (and Eric Toder). Ma

  • Page 327:

    AppendixExhibit 1 - Memorandum from

Empirical Evidence and Tax Reform: Lessons from the ... - UCL
The Business Income Bipartisan Tax Working Group Report
Services
The Single Income Tax - The 2020 Tax Commission
Law & Practice Corporate Tax Germany - P+P Pöllath + Partners
413103-The-Tax-Reform-That-Just-Won't-Die
Individual Tax Planning Guide - CBIZ
GUIDE TO TAXATION IN DENMARK JUNI 2010 - Kromann Reumert
Tax Planning in a Rising Tax Rate Environment - Plante Moran
Tax Planning in a Rising Tax Rate Environment - Plante Moran
MGE Energy Interim Report - December 15, 2005
Recommendations for President Obama's Task Force - Tax Analysts