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

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.

Assessing Finance Interaction of Chemical Industry Corporations with State

The article assessed interaction of state and chemical industry corporations by criteria of budget making, tax burden and managerial impact. The appraisal was made on the basis of methodological tools worked out by the author. Within the period from 2012 to 2020 earnings of corporations of chemical industry producing mineral fertilizers grew and exceeded tax revenues of regions of their location, which caused an increase in companies’ taxation potential. However, analysis of tax payments to the budget system by profit tax, property tax, income tax and VAT did not confirm the growth in this potential. A rise in dividends, payments for losses were typical for enterprises, as well as increasing amount of dividends surpassing net profit. The goal of the article is to identify the level of finance interaction efficiency between state and enterprises of chemical industry. The following enterprises of chemical industry producing mineral fertilizers acted as the object of the research: the public company ‘Apatit’ (Vologda region), the public company ‘Akron’ (Novgorod region) and the public company ‘Dorogobuzh’ (Smolensk region). This choice was stipulated by location of these enterprises in regions with weakly-diversified economic structure and serious dependence on the budget-forming enterprise. The information base of the research was formed by works by Russian and overseas authors dealing with chemical industry development, finance accounting of the companies, data of the Federal Taxation Service and the Treasury of Russia.

Diagnostics of Threats to Regional Fiscal Security

Nowadays, the influence of negative factors on the fiscal system has been strengthening at both the country and regional levels. In particular, income differentiation and fiscal capacity are increasing, inflation rate exceeds the target, negative trends of growing household debt and enterprise unprofitability are observed. Such factors are not fully considered by existing diagnostic methodologies for analysing fiscal and economic security indicators and threats. Thus, in order to adjust stabilisation decisions and implement relevant fiscal policies, it is necessary to update these approaches, especially in regions. The paper examines key definitions of threats and risks to regional fiscal security and presents the author’s classification of threats according to the incidence. Based on the analysed approaches to threat assessment and a proposed diagnostic mechanism, the research developed a method for diagnosing threats to regional fiscal security by bringing the actual values of indicators to standardised points. In addition, to determine the danger level of threats, indicator values were distributed by security zones. The suggested methodology, which includes 12 indicators, was used to analyse the fiscal security of the Komi Republic. As a result, significant threats to the regional fiscal security were identified in the economic, budget, tax, investment, innovation, price, banking, corporate and social spheres. Baseline data were obtained from Federal State Statistics Service, Federal Customs Service of Russia, Federal Taxation Service of Russia and the Bank of Russia. The proposed methodology is an effective diagnostic tool for analysing threats to fiscal security on the basis of important regional indicators. Federal and local authorities can use this particular method for monitoring regional fiscal systems.

ESTIMATION OF USE EFFICIENCY OF STATE-OWNED AND MUNICIPAL PROPERTY AND THE IMPACT OF LAND AND PROPERTY REGULATIONS’ MEASURES ON THE BUDGET TARGETS OF UDMURT REPUBLIC

The article discusses the performance results of the Ministry of Property Regulations of Udmurt Republic in land and property relations and the priority areas of its work in 2020. It also analyzes the results of property use and the earnings from property use. The article provides analysis of interactions of the Ministry of land and property regulations and other state authorities operating in this sector of economy, in particular, UR Department of Federal Taxation Service and Department of Roseestr. Problems of the department of management of state-owned and municipal unitary enterprises’ property are carefully scrutinized and the conclusions of RF Audit Chamber on analysis and assessment of property management of state-owned and municipal unitary enterprises of FSUE are submitted. The author investigates the issues of estimation of efficiency of property use, compares indicators of effect and efficiency, suggests estimation criteria. At the initial stage it is suggested to calculate budget efficiency by counting dynamics of earnings’ share from the use of property in total amount of own budgets income (without interbudgetary transfers). Besides, the author offers to apply goal-oriented method of calculation to compare different in content and goals indicators which is similar to the method used in program-oriented approach. One is accepted as standard i. e., 100 percent of target performance. Financial motivation is offered for the performance higher than one. The article analyzes the experience of indices calculations of effectiveness and efficiency of regional property use in Irkutsk region and its Ministry of property regulations performance area as tailor-made premises to parent company property. The author considers the issue of applying ABC and XYZ analysis to manage state-owned property.

Commerce, Labor, and Taxation

This chapter discusses the development of commerce, labor, and tax laws in the second half of the nineteenth century. It covers contracts, negotiable instruments, the law of sales, usury laws, insurance, bankruptcy, admiralty, labor and law, federal taxation, state and local tax, and death taxes. The law of contract occupies a special place in American law in the nineteenth century. The dominance of contract was one of the sovereign notions of the nineteenth century. By constitutional mandate, no state could “impair” the obligation of contracts. Contract law was also one of the basic building blocks of legal study.

Tax Confusion and Form 1040 Turmoil

ABSTRACT This case in the area of Individual Federal Taxation describes the dilemma faced by a young couple who were trying to file an accurate 1040. The couple had some major life events during the year and decided to have their return prepared by a national chain of walk-in tax return preparation services. They were disappointed in the result and didn't have a lot of faith in the person who worked on their return. The case picks up on the eve of April 15 with the couple trying to decide whether to file the questionable return or to try to prepare one themselves. Students review client-provided tax information and apply the tax law learned during the semester to identify the correct presentation of the items in the tax return, identify potential controversial issues that might be challenged by the IRS, and recognize where additional information is needed in order to prepare an accurate tax return.