Dis-Incorporation of the American Business Model

2015 ◽  
Vol 14 (1) ◽  
pp. 1-19
Author(s):  
Stewart S. Karlinsky ◽  
Hughlene A. Burton
Keyword(s):  
Income Tax ◽  
The United States ◽  
Income Taxes ◽  
Policy Implications ◽  
American Business ◽  
Payroll Tax ◽  
Individual Income ◽  
Federal Revenue ◽  
Business Entities ◽  
New Strategies

ABSTRACT The U.S. federal government raises most of its revenue from three sources: individual income tax, payroll tax, and corporate income tax. The corporate tax share of total federal revenue has declined dramatically over the last three decades, while tax from individual income has been consistent during the same period. There may be a number of reasons for the decrease in the contribution corporate income taxes make to federal revenues. One of those reasons may be that there has been a dramatic change in how businesses are being organized and operated in the United States. For many years, business entities could choose to operate as either a corporation or a partnership. However, currently, businesses can choose from a variety of entities in which to operate. This article will examine the changes in capital business formations and their impact on the federal revenue collected. In addition, the article will explore the tax policy implications of these new strategies.

Federal Revenue Legislation, 1943–1944

1944 ◽  
Vol 38 (2) ◽  
pp. 325-330
Author(s):  
Roy G. Blakey ◽  
Gladys C. Blakey
Keyword(s):  
United States ◽  
Income Tax ◽  
Democratic Party ◽  
The United States ◽  
Fiscal Year ◽  
Tax Revenue ◽  
Public Discussion ◽  
Tax Revenues ◽  
Federal Revenue

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.

scholarly journals Hostile take-overs: A review of defensive techniques currently used by target companies

1984 ◽  
Vol 15 (1) ◽  
pp. 53-56
Author(s):  
N. Bhana
Keyword(s):  
South Africa ◽  
Stock Exchange ◽  
The United States ◽  
Policy Implications ◽  
Business Managers ◽  
New Techniques ◽  
Golden Parachute ◽  
Johannesburg Stock Exchange ◽  
Business Concentration ◽  
New Strategies

Take-overs of companies are being increasingly used as a means of business growth. Take-over candidates are decreasing and acquiring companies are becoming more aggressive in pursuing take-overs. The target companies have retaliated by using several new techniques to avoid hostile take-overs. Anti-take-over amendments to the company's Memorandum and Articles of association, 'golden parachute' arrangements, and the simultaneous bid for the acquiring company are being extensively used to defend hostile take-overs. The controversial nature of these new strategies has provoked heated academic debate as well as emotional arguments between business managers and shareholders. The high cost of implementing the new strategies to defend take-overs has generated much adverse publicity in the United States. By contrast these new techniques have not found widespread use in South Africa. It can be expected that at some stage in the future these techniques will be implemented by the target companies in South Africa. The public policy implications of using these techniques are discussed in this article. The need to provide guide-lines on the use of new strategies to defend hostile take-overs is recommended. The listed companies in South Africa are instrumental in undertaking major take-overs resulting in increased business concentration. It is recommended that the Johannesburg Stock Exchange should provide guidelines on acceptable methods to defend hostile take-overs.

Individual Income Tax Erosion: By Income Class in Japan

1979 ◽  
Vol 7 (3) ◽  
pp. 303-322
Author(s):  
Hiromitsu Ishi
Keyword(s):  
United States ◽  
Income Tax ◽  
The United States ◽  
Tax Law ◽  
Major Conclusion ◽  
Tax Base ◽  
Tax System ◽  
Distributional Effects ◽  
Individual Income ◽  
Income Class

In Japan, as well as in the United States, the introduction of special provisions of the tax law has resulted in erosion of the tax base and tax yield. It is expected that tax erosion tends to destroy the equity of the existing income tax system. In this article, estimates of income tax erosion by income class for 1972 and 1975 are made from Japanese tax data. The major conclusion of this study is that the distributional effects of erosion of the Japanese income tax are quite similar to those in the United States.

scholarly journals The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States

2013 ◽  
Vol 103 (4) ◽  
pp. 1212-1247 ◽  
Author(s):  
Karel Mertens ◽  
Morten O Ravn
Keyword(s):  
United States ◽  
Income Tax ◽  
The United States ◽  
Income Taxes ◽  
Dynamic Effects ◽  
Different Types ◽  
Short Run ◽  
Tax Shocks ◽  
Tax Changes ◽  
Narrative Account

This paper estimates the dynamic effects of changes in taxes in the United States. We distinguish between changes in personal and corporate income taxes and develop a new narrative account of federal tax liability changes in these two tax components. We develop an estimator which uses narratively identified tax changes as proxies for structural tax shocks and apply it to quarterly post-WWII data. We find that short run output effects of tax shocks are large and that it is important to distinguish between different types of taxes when considering their impact on the labor market and on expenditure components. (JEL E23, E62, H24, H25, H31, H32)

THE NINETEENTH CENTURY INCOME TAX IN THE SOUTH

1985 ◽  
Vol 12 (1) ◽  
pp. 37-52 ◽  
Author(s):  
William D. Samson
Keyword(s):  
United States ◽  
Nineteenth Century ◽  
Income Tax ◽  
Common Factors ◽  
The United States ◽  
Income Taxes ◽  
The South ◽  
Southern States ◽  
State Income ◽  
The Common

In this paper, an author discovers his heritage: the income taxes which evolved in the South of the United States during the nineteenth century. These taxes are of interest because many tax concepts which are now taken for granted were developed during this time. Of particular interest are the common factors and events which led most southern states and the Confederacy to experiment with an income tax. These experiments influenced the structure of the United States federal and state income taxes in the next century.

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