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Beschreibung des Verlags
INTRODUCTION The tax on corporate source income tax has declined significantly in its importance as a source of revenue and in its marginal burden over the past half century, a trend that is continued in recent (albeit technically temporary) legislation enacted in 2002 and 2003. A new corporate tax proposal currently under consideration would slightly reduce corporate taxes further and alter many features of the tax. Economists have long been critical of imposing high corporate taxes on investment income for efficiency reasons (while recognizing that the tax is a source of revenue and may contribute to the progressivity of the tax system). This paper examines the path of past, present, and proposed changes to the corporate tax and considers the associated efficiency effects.