Federal Revenue Legislation, 1943–1944

The Revenue Act of 1943 will be remembered not only as the first one in history to be vetoed by the President, but also as the cause of an outburst in Congress against the executive capable of affecting the fortunes of the Democratic party in the 1944 elections. The significance of this last act in the drama (to date) may be clarified if we review the fiscal situation of the United States at the time, the Administration's tax proposals, and the revenue legislation actually resulting.In January, 1943, the President's budget message estimated expenditures of $100 billion for the fiscal year ending June 30, 1944. Tax revenues for the same period were estimated at $35 billion. The President made three recommendations: (1) raise $16 billion in new tax revenue, or savings, or both, (2) simplify the income tax, and (3) put taxes on a pay-as-you-go basis. In the summer and fall of 1943, Congress enacted legislation to carry out certain parts of the last two proposals. Public discussion had forced on it some consideration of collecting taxes currently.

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Tax Expenditures and the Tax Reform Act of 1969 in the United States

Social Science History ◽

10.1017/ssh.2021.41 ◽

2022 ◽

pp. 1-26

Author(s):

Seiichiro Mozumi

Keyword(s):

United States ◽

Income Tax ◽

Public Perception ◽

Tax Reform ◽

The United States ◽

Tax Revenue ◽

Tax System ◽

Federal Income Tax ◽

Federal Taxation ◽

The Government

Abstract In the United States, tax favoritism—an approach that has weakened the extractive capacity of the federal government by providing tax loopholes and preferences for taxpayers—has remained since the 1930s. It has consumed the amount of tax revenue the government can spend and therefore weakened the possibility of the redistribution of fiscal resources. It has also made the federal tax system complicated and inequitable, resulting in undermining taxpayer consent. Therefore, since the 1930s, a tax reform to create a simple, fair, and equitable federal income tax system with the capacity to raise revenue has been long overdue. Many scholars have evaluated the Tax Reform Act of 1969 (TRA69), which Richard M. Nixon signed into law on December 30, 1969, as one of the most successful steps toward accomplishing this goal. This article demonstrates that TRA69 left tax favoritism in the United States. Furthermore, it points out that TRA69 turned taxpayers against the idea of federal taxation, a shift in public perception that greatly impacted tax reform in the years to follow.

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Corporate Inversions: The Migration Of Corporate Tax Revenue

Journal of Applied Business Research (JABR) ◽

10.19030/jabr.v32i4.9726 ◽

2016 ◽

Vol 32 (4) ◽

pp. 1137-1144

Author(s):

Joel Barker

Keyword(s):

United States ◽

Tax Reform ◽

Tax Incentives ◽

The United States ◽

Business Strategies ◽

Tax Revenue ◽

Corporate Tax ◽

Tax System ◽

Tax Revenues ◽

Corporate Profits

Estimates of over 20 billion of tax revenue are lost to our economy because of corporate inversions. Therefore, lawmakers are actively exploring ways to stop the hemorrhaging of corporate tax-revenues, tighten restrictions on corporate inversions, and to find ways to collect on defer tax revenues. From a business prospective, corporate inversions are nothing less than prudent, innovative, business strategies to enhance corporate profits. However, it’s undoubtedly having a significant impact on U.S. tax revenues and ultimately reducing domestic investments. Ireland is now the most popular new home to many U.S. Corporations, especially within the pharmaceutical industry. The advantageous tax incentives offered by Ireland is a “no-brainer,” when compared to the heavy taxes levied upon domestic business. Since the Tax Reform Act of 1986, there has been no major tax reform to the United States Tax System. Despite the various proposals and recommendations made to address this growing economic issue, all concern parties are in consensus that the United States Tax System needs reform.

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Bayesian Vector Auto-Regression Method as an Alternative Technique for Forecasting South African Tax Revenue

Southern African Business Review ◽

10.25159/1998-8125/4416 ◽

2019 ◽

Vol 23 ◽

Author(s):

Mojalefa Aubrey Molapo ◽

John Olutunji Olaomi ◽

Njoku Ola Ama

Keyword(s):

Income Tax ◽

Forecast Error ◽

Moving Average ◽

Value Added ◽

Good Method ◽

Fiscal Year ◽

Tax Revenue ◽

Tax Revenues ◽

Vector Auto Regression ◽

Auto Regression

Tax revenue forecasts are important for tax authorities as they contribute to the budget and strategic planning of any country. For this reason, various tax types need to be forecast for a specific fiscal year, using models that are statistically sound and have a smaller margin of error. This study models and forecasts South Africa’s major tax revenues, i.e. Corporate Income Tax (CIT), Personal Income Tax (PIT), Value-Added Tax (VAT) and Total Tax Revenue (TTR) using the Bayesian Vector Auto-regression (BVAR), Auto-regressive Moving Average (ARIMA), and State Space exponential smoothing (Error, Trend, Seasonal [ETS]) models with quarterly data from 1998 to 2012. The forecasts of the three models based on the Root mean square error (RMSE) were from the out-of-sample period 2012Q2 to 2015Q1. The results show the accuracy of the BVAR method for forecasting major tax revenues. The ETS appears to be a good method for TTR forecasting, as it outperformed the BVAR method. The paper recommends that the BVAR method may be added to existing techniques being used to forecast tax revenues in South Africa, as it gives a minimum forecast error.

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Opodatkowanie kryptowalut w wybranych krajach świata

10.18559/978-83-8211-083-8/3 ◽

2021 ◽

pp. 51-69

Author(s):

Maciej Szczepkowski

Keyword(s):

United States ◽

Current Literature ◽

Income Tax ◽

Legal Status ◽

Developed Countries ◽

The United States ◽

Fiscal Year ◽

Virtual Currency ◽

The World ◽

National Tax

Like any innovation, a virtual currency raises the question whether national tax systems are prepared for it. As a part of this study, the current areas of research that academics deal with in the context of the cryptocurrency market in Poland and in the world are presented. In addition, the issues of taxation of cryptocurrency transactions in developed countries, such as Germany, the United States and Japan according to the legal status for the fiscal year 2021, are discussed. The article also presents a summary of the most important solutions in force from 2019 regarding the taxation of cryptocurrencies in the field of income tax in Poland. The study is based on current literature and tax acts.

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Projected shortfall in personal income tax revenues of regional governments in Russia due to the COVID-19 pandemic

Journal of Tax Reform ◽

10.15826/jtr.2021.7.1.089 ◽

2021 ◽

Vol 7 (1) ◽

pp. 39-54

Author(s):

M. O. Kakaulina ◽

Keyword(s):

Income Tax ◽

Structural Changes ◽

Negative Impact ◽

Action Plan ◽

Personal Income ◽

Annual Reports ◽

Fiscal Year ◽

Tax Revenue ◽

Personal Income Tax ◽

Tax Revenues

The COVID-19 pandemic has put a great strain on the Russian economy and budget revenue. The study aims at furnishing an estimate of losses in personal income tax revenue in regional government budgets in 2020–2023 due to the COVID-19 pandemic. In order to investigate the shortfall in tax revenues, three factors were studied: the amount of damage caused by the COVID-19 outbreak to the whole economic system; the sensitivity of the state revenue base to the crisis; the sensitivity of regional tax revenue to the revenue base. The study was based on the annual reports of the Federal Tax Service of Russia, Rosstat data, Forecast of the Social and Economic Development of the Russian Federation, and data from the “National action plan to ensure the recovery of employment and incomes of population, economic growth and long-term structural changes in the economy”. It was found that recession will lead to a significant reduction in people’s income over the given period. As a result, personal income tax revenues will decrease. The budget losses will reach 416.6 billion rubles by the end of the 2020 fiscal year. This is equivalent to 0.4% of GDP and 9.7% of total income from personal income tax in an economic situation unmarred by the pandemic. The largest fall in public revenue is expected in the regions which stand out in regard to personal income tax revenues per capita. The research results confirm the initial hypothesis that the negative impact of the pandemic on personal income tax revenues depends on the share of income tax revenues of a particular region or municipality. The findings can be used by the regional and municipal financial authorities for developing draft budgets for 2022 and the planning period of 2023–2024.

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