Tax reform initiated by D. Trump: Economic and social aspects

2021 ◽  
Vol 27 (3) ◽  
pp. 693-720
Author(s):  
Elena Yu. MAKUSHINA ◽  
Dar'ya M. KARMANOVA ◽  
Aleksei S. KUCHER
Keyword(s):  
United States ◽  
Policy Development ◽  
Tax Reform ◽  
The United States ◽  
Subsequent Increase ◽  
Tax Revenues ◽  
Long Run ◽  
Macroeconomic Indicators ◽  
The Impact ◽  
The U.S

Subject. The article addresses the tax reform of 2017, initiated by D. Trump. Objectives. The aim is to determine the relationship between the total volume of tax revenues to the budget of the U.S. Government and the growth of U.S. GDP in the long run. Methods. To identify the impact of the tax reform on the investment climate in the country and the subsequent GDP growth, we formulate a hypothesis and propose a regression model. The quarterly data from 04.01.1960 to 07.01.2019 serve as a statistical sampling, published by financial departments of the U.S. Office of Management and Budget and the U.S. Bureau of Economic Analysis. The study rests on the econometric analysis enabling to identify the impact of the volume of tax revenues from the corporate income tax and individual income taxes on the level of the GDP of the United States. Results. In the short term, we observe a decrease in tax revenues and a subsequent increase in the budget deficit, in the long term – an increase in business activity of the country, a growth in foreign direct investment, and, consequently, an increase in the GDP. The paper offers a model for assessing the economic growth of the GDP of the United States, in which tax predictors were used in combination with macroeconomic indicators. Conclusions. The experience of the United States and the results of this study may be used by the governments of developing countries and experts in the field of taxation for tax policy development.

scholarly journals The Smoot-Hawley Tariff Act of the 1930 as the classic example of a near-sided economic policy of the U.S. government during the Great Depression

2021 ◽  
pp. 22-38
Author(s):  
Alexander Vasilyev
Keyword(s):  
United States ◽  
Great Depression ◽  
Tax Reform ◽  
The United States ◽  
Negative Consequences ◽  
Protection Measures ◽  
The Great Depression ◽  
History Of ◽  
The Impact ◽  
The U.S

The object of this research is the antirecession policy of the United States during the Great Depression. The subject of this research The Smoot-Hawley Tariff Act, process of its adoption, and consequences. Special attention is given to the history of increase of tariffs on imported goods. The legislative bill drafted by congressmen R. Smoot and W. Hawley is considered one of the unsuccessful economic reforms in the history of the United States. The tax reform was conceived before the recession and was called to protect local farmers from excess of cheap foreign agricultural products on American markets. However, there was no substantial benefit from the increased tariffs on imports. Most historians find that this measure worsened the position of the lower classes of the population. There is also an opposing opinion that the legislation did not play a serious role in deepening of the recession. The article analyzes the extent of the impact of this legislation in the U.S. during the 1930s. The scientific novelty of this research consists in utilization of the transcripts of addresses of the members of U.S. Congress as the sources for research of the process of passing the legislation, as well as press materials in order to examine opinions on the legislative bill and consequences of increased tariffs. It is established that the adoption of the Smoot-Hawley Tariff Act had negative consequences for the economy, although not as severe as commonly cited. The impact of the new law was not as substantial on the background of the ongoing Great Depression. Passing of the protection measures took place almost simultaneously with other countries, with some countries raising the tariffs before the United States. The tax reform greatly affected the political situation in the United States, playing its role in diminishing the ratings of the President and the Republican Party. 

The Impact of Monetary and Fiscal Policies on the Stock Market in the United States (U.S); Evidence from Linear ARDL Framework

2020 ◽  
Vol 11 (1) ◽  
pp. 132-132
Author(s):  
Aref Emamian
Keyword(s):  
United States ◽  
Stock Market ◽  
The United States ◽  
Real Effective Exchange Rate ◽  
Annual Data ◽  
Fiscal Policies ◽  
Long Run ◽  
The Us ◽  
Short Run ◽  
The Impact

This study examines the impact of monetary and fiscal policies on the stock market in the United States (US), were used. By employing the method of Autoregressive Distributed Lags (ARDL) developed by Pesaran et al. (2001). Annual data from the Federal Reserve, World Bank, and International Monetary Fund, from 1986 to 2017 pertaining to the American economy, the results show that both policies play a significant role in the stock market. We find a significant positive effect of real Gross Domestic Product and the interest rate on the US stock market in the long run and significant negative relationship effect of Consumer Price Index (CPI) and broad money on the US stock market both in the short run and long run. On the other hand, this study only could support the significant positive impact of tax revenue and significant negative impact of real effective exchange rate on the US stock market in the short run while in the long run are insignificant. Keywords: ARDL, monetary policy, fiscal policy, stock market, United States

THE INFLUENCE OF SCOTTISH ACCOUNTANTS IN THE UNITED STATES: THE EARLY CASE OF THE SOCIETY OF ACCOUNTANTS IN EDINBURGH

1997 ◽  
Vol 24 (1) ◽  
pp. 117-141 ◽  
Author(s):  
T. A. LEE
Keyword(s):  
United States ◽  
General Theory ◽  
Research Program ◽  
The United States ◽  
The World ◽  
Early Case ◽  
The Impact ◽  
Chartered Accountants ◽  
The U.S

This study represents part of a long-term research program to investigate the influence of U.K. accountants on the development of professional accountancy in other parts of the world. It examines the impact of a small group of Scottish chartered accountants who emigrated to the U.S. in the late 1800s and early 1900s. Set against a general theory of emigration, the study's main results reveal the significant involvement of this group in the founding and development of U.S. accountancy. The influence is predominantly with respect to public accountancy and its main institutional organizations. Several of the individuals achieved considerable eminence in U.S. public accountancy.

scholarly journals Language and translation practices of Spanish-language newspapers published in the U.S. borderlands between 1808 and 1930

2019 ◽  
Vol 14 (2) ◽  
pp. 218-242 ◽  
Author(s):  
Laura Gasca Jiménez ◽  
Maira E. Álvarez ◽  
Sylvia Fernández
Keyword(s):  
United States ◽  
Language Use ◽  
The United States ◽  
Spanish Language ◽  
Hispanic American ◽  
Language Policies ◽  
The Creation ◽  
The Impact ◽  
The U.S

Abstract This article examines the impact of the anglicizing language policies implemented after the annexation of the U.S. borderlands to the United States on language use by describing the language and translation practices of Spanish-language newspapers published in the U.S. borderlands across different sociohistorical periods from 1808 to 1930. Sixty Hispanic-American newspapers (374 issues) from 1808 to 1980 were selected for analysis. Despite aggressive anglicizing legislation that caused a societal shift of language use from Spanish into English in most borderland states after the annexation, the current study suggests that the newspapers resisted assimilation by adhering to the Spanish language in the creation of original content and in translation.

Innovation Drives the Economy—an Old Idea with New Implications

2012 ◽  
Author(s):  
Elizabeth Popp Berman
Keyword(s):  
United States ◽  
The United States ◽  
Technological Leadership ◽  
The 1950S ◽  
The Impact ◽  
The U.S

This chapter begins by introducing market-logic experiments undertaken in the mid-1970s. Like earlier efforts, these practices encountered limitations and did not, at the time, look poised to take off. But this time, things would be different, as a new idea started to gain influence in the policy realm. While economists had been looking seriously at the impact of innovation since the 1950s, policymakers' attention to the issue was limited before 1970. A spurt of interest in innovation in the early 1970s fizzled out when the economy rebounded briefly, but as the economy lost steam mid-decade, industry leaders, concerned with indicators suggesting that the United States was losing its technological leadership, began to push the idea that government needed to act to strengthen innovation. In the latter part of the decade, the innovation issue would become politically salient and influential, and would shape a variety of policies meant to strengthen the U.S. economy.

Credit Risk Measurement, Leverage Ratios, and Basel III

2017 ◽  
pp. 86-116
Keyword(s):  
United States ◽  
The United States ◽  
Basel Iii ◽  
Holding Companies ◽  
Leverage Ratio ◽  
Basel Committee ◽  
Legislative Changes ◽  
Credit Risk Measurement ◽  
The Impact ◽  
The U.S

The Basel III Leverage Ratio, as originally agreed upon in December 2010, has recently undergone revisions and updates – both in relation to those proposed by the Basel Committee on Banking Supervision – as well as proposals introduced in the United States. Whilst recent proposals have been introduced by the Basel Committee to improve, particularly, the denominator component of the Leverage Ratio, new requirements have been introduced in the U.S to upgrade and increase these ratios, and it is those updates which relate to the Basel III Supplementary Leverage Ratio that have primarily generated a lot of interests. This is attributed not only to concerns that many subsidiaries of US Bank Holding Companies (BHCs) will find it cumbersome to meet such requirements, but also to potential or possible increases in regulatory capital arbitrage: a phenomenon which plagued the era of the original 1988 Basel Capital Accord and which also partially provided impetus for the introduction of Basel II. This paper is aimed at providing an analysis of the recent updates which have taken place in respect of the Basel III Leverage Ratio and the Basel III Supplementary Leverage Ratio – both in respect of recent amendments introduced by the Basel Committee and proposals introduced in the United States. As well as highlighting and addressing gaps which exist in the literature relating to liquidity risks, corporate governance and information asymmetries, by way of reference to pre-dominant based dispersed ownership systems and structures, as well as concentrated ownership systems and structures, this paper will also consider the consequences – as well as the impact - which the U.S Leverage ratios could have on Basel III. There are ongoing debates in relation to revision by the Basel Committee, as well as the most recent U.S proposals to update Basel III Leverage ratios and whilst these revisions have been welcomed to a large extent, in view of the need to address Tier One capital requirements and exposure criteria, there is every likelihood, indication, as well as tendency that many global systemically important banks (GSIBS), and particularly their subsidiaries, will resort to capital arbitrage. What is likely to be the impact of the recent proposals in the U.S.? The recent U.S proposals are certainly very encouraging and should also serve as impetus for other jurisdictions to adopt a pro-active approach – particularly where existing ratios or standards appear to be inadequate. This paper also adopts the approach of evaluating the causes and consequences of the most recent updates by the Basel Committee, as well as those revisions which have taken place in the U.S, by attempting to balance the merits of the respective legislative updates and proposals. The value of adopting leverage ratios as a supplementary regulatory tool will also be illustrated by way of reference to the impact of the recent legislative changes on risk taking activities, as well as the need to also supplement capital adequacy requirements with the Basel Leverage ratios and the Basel liquidity standards.

scholarly journals The Impact of Subsidies, Storage, and Exchange Rates on Exports of Canadian Fresh Carrots to the United States

1987 ◽  
Vol 16 (2) ◽  
pp. 123-129
Author(s):  
Ralph E. Bierlen ◽  
David Blandford
Keyword(s):  
United States ◽  
Exchange Rates ◽  
Cold Storage ◽  
Storage Capacity ◽  
The United States ◽  
Canadian Dollar ◽  
Canadian Government ◽  
Government Aid ◽  
The Impact ◽  
The U.S

Canadian exports of fresh carrots to the United States have increased substantially in recent years. The depreciation of the Canadian dollar against the U.S. dollar has been a major factor. Canadian government subsidies also may have had an impact by accelerating the construction of cold storage facilities. These have permitted the marketing period to be extended. However, an analysis of costs and returns suggests that cold storage of carrots is commercially profitable. Storage capacity would probably have increased without government aid. The returns to storage and the change in exchange rates are the primary factors contributing to the expansion of Canadian exports.

D3. 9/11 COMMISSION REPORT, EXCERPTS TOUCHING ON THE ROLE OF U.S. POLICY TOWARD ISRAEL IN THE 9/11 ATTACKS, WASHINGTON, DC, 28 JULY 2004.

2004 ◽  
Vol 34 (1) ◽  
pp. 170-171
Keyword(s):  
United States ◽  
The United States ◽  
Global Strategy ◽  
Government Printing ◽  
Washington Dc ◽  
Commission Report ◽  
Islamist Terrorism ◽  
The Impact ◽  
The U.S

The bipartisan commission's 565-page report was issued after many months of investigating, reviewing documents, interviewing hundreds of individuals, and hearing testimony. Much of the material concerning the actual planning of the attacks comes from captured al-Qa‘‘ida operatives, and particularly from the man identified in the report as the ““principal architect of the 9/11 attacks,”” Khalid Shaykh Muhammad (KSM), a Kuwaiti national raised in Pakistan who earned a degree in mechanical engineering in the United States. The report notes (p. 147) that according ““to his own account, KSM's animus toward the United States stemmed not from his experiences there as a student, but rather from his violent disagreement with U.S. foreign policy favoring Israel.”” The following brief excerpts touch upon the importance attached to U.S. policy toward Israel in generating the attacks. The references are both in the narrative body of the report and in the more prescriptive chapter ““What to Do?? A Global Strategy,”” where the commission offers suggestions on how the United States can ““Prevent the Continued Growth of Islamist Terrorism””; the paragraph excerpted from this forty-page chapter is the only reference to the impact of U.S. policy with regard to Israel. The excerpts appear respectively on pp. 250, 362, and 376––77 of the report. The full report is available from the U.S. Government Printing Office online at www.gpoaccess.gov/911.

Britain, the Transatlantic Alliance, and the Arab-Israeli War of 1973

2008 ◽  
Vol 10 (2) ◽  
pp. 3-40 ◽  
Author(s):  
Geraint Hughes
Keyword(s):  
United States ◽  
Middle East ◽  
Middle Eastern ◽  
The United States ◽  
Institutional Factors ◽  
Special Relationship ◽  
British Policy ◽  
The Uk ◽  
The Impact ◽  
The U.S

This article analyzes the impact on transatlantic relations of the October 1973 Arab-Israeli war, focusing on the discrepancy between U.S. and British views of Middle Eastern security before and during the conflict. Despite the institutional factors shaping the U.S.-British “special relationship” and the much greater power of the United States compared to Britain, British policy during the 1973 war was sharply at odds with U.S. policy. This article shows that British policy toward the Middle East was shaped not only by economic concerns (namely the importance of Arab oil to the UK economy) but also by the strategic requirement to undermine Soviet influence in the region and strengthen ties between the Western powers and the Arab states.

scholarly journals Languages and the U.S. Federal Congress: Attitudes, Policies and Practices between 1789 and 1815

2020 ◽  
Vol 20 ◽  
pp. 91-107
Author(s):  
Sándor Czeglédi
Keyword(s):  
United States ◽  
Cultural Identity ◽  
Language Policy ◽  
Policy Development ◽  
The United States ◽  
War Of Independence ◽  
The U.S ◽  
Policies And Practices

The present paper examines the link between language and cultural identity by exploring the language-related attitudes, policies and ideologies as reflected in the written records of the U.S. Federal Congress from 1789 until roughly the end of the “Second War of Independence” in 1815. The results are compared and contrasted with the findings of a previous study which examined the founding documents of the United States from a similar perspective. The most salient language policy development of the post-1789 period is the overall shift from the symbolic, general language-related remarks towards the formulation of more substantive and general policies.

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