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Taxing Corporate Income in the 21st Century

Taxing Corporate Income in the 21st Century

$98.00

Raj Chetty, Joseph Rosenberg, Emmanuel Saez, Gustavo Grullon, Douglas J. Skinner, Stephen R. Bond, Michael P. Devereux, Alexander Klemm, Roger Gordon, James Poterba, Alan J. Auerbach, Kevin A. Hassett, William G. Gale, George R. Zodrow, Jonathan Gruber, Joshua Rauh, Jane Gravelle, Casey B. Mulligan, Michelle Hanlon, Lillian Mills, Joel Slemrod, Joseph Bankman, Brian Erard, Donald Bruce, John Deskins, William F. Fox, William M. Gentry, Charles E. McLure, Jr, James R. Hines Jr, Jack M. Mintz, John Douglas Wilson, Edward L. Maydew, Douglas A. Shackelford, Steven N. Kaplan, Richard Sansing, Mihir A. Desai, Dhammika Dharmapala, Winnie Fung, Jeffrey R. Brown, Jeff Strnad
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  • Date Published: April 2007
  • availability: In stock
  • format: Hardback
  • isbn: 9780521870221

$98.00
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About the Authors
  • This book was first published in 2007. Most countries levy taxes on corporations, but the impact - and therefore the wisdom - of such taxes is highly controversial among economists. Does the burden of these taxes fall on wealthy shareowners, or is it passed along to those who work for, or buy the products of, corporations? Can a country with high corporate taxes remain competitive in the global economy? This book features research by leading economists and accountants that sheds light on these and related questions, including how taxes affect corporate dividend policy, stock market value, avoidance, and evasion. The studies promise to inform both future tax policy and regulatory policy, especially in light of the Sarbanes-Oxley Act and other actions by the Securities and Exchange Commission that are having profound effects on the market for tax planning and auditing in the wake of the well-publicized accounting scandals in Enron and WorldCom.

    • Accessible collection on the advantages and disadvantages of taxing corporations on their income; US-focused
    • Contributors, including the co-editors, are internationally known
    • For audiences in law, political science, and business as well as finance and economics
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    Reviews & endorsements

    “In this book most of the top stars of public finance economics grapple with a series of issues surrounding the taxation of corporate income. These include, among others, the reactions of corporations to changes in the corporate tax rate, tha reactions of the market to changes in the tax on dividends, and the efforts of corporations ( by choosing their location, by their debt-finance decisions, and by other means) to reduce their tax liabilities. The authors do not reach a clear consensus, but expose the reader to the many facets (of theory, of hypothesis framing and testing, and of data analysis) that turn out to be important as one delves into this topic. These matters are profound, rich and challenging to professionals interested in public finance and corporate behavior.” -- Arnold C. Harberger, University of California, Los Angeles

    “The corporate income tax has a long history of analysis and consideration by economists, going back to Harberger's pathbreaking work in the 1960's. Yet questions of its efficiency costs and incidence remain controversial today – and crucial to U.S. policy discussions of capital formation, competitiveness, and wages and income distribution. This volume collects important new papers on the consequences of the double taxation of dividends, corporate taxation of multinational firms, and links between corporate taxation and corporate governance. The book should be read both by economists interested in capital income taxation and by policy analysts piecing together the role of corporate taxation in tax reform.” -- R. Glenn Hubbard, Dean, Columbia Business School

    “Understanding the effects of the corporate tax is one of the central and most difficult elements of tax policy. This book provides a comprehensive analysis of the issue. Auerbach, Hines, and Slemrod have brought together the leading researchers in the field, many of them using new or unique data sets to understand the effects of taxing corporations. The analyses will help further the debate on corporate tax compliance, international competition, the effects of dividend taxation, and many other issues of central importance to tax reform and to our economy.” -- David Weisbach, The University of Chicago

    “Anyone interested in the issues related to taxing corporate income will find this book well worth their time to read. As highlighted in many of the discussant comments, as many if not more questions are raised than answered in many of the papers and I believe the book will prove to be fertile ground for graduate students and others searching for important and timely research questions.” -- Terry Shevlin, University of Washington

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    Product details

    • Date Published: April 2007
    • format: Hardback
    • isbn: 9780521870221
    • length: 422 pages
    • dimensions: 235 x 160 x 30 mm
    • weight: 0.7kg
    • availability: In stock
  • Table of Contents

    Contributors
    Preface
    1. The effect of taxes on market responses to dividend announcements and payments: what can we learn from the 2003 dividend tax cut? Raj Chetty, Joseph Rosenberg and Emmanuel Saez
    Comments Gustavo Grullon
    Comments Douglas J. Skinner
    2. Dissecting dividend decisions: some clues about the effects of dividend taxation from recent UK reforms Stephen R. Bond, Michael P. Devereux and Alexander Klemm
    Comments Roger Gordon
    Comments James Poterba
    3. The 2003 dividend tax cuts and the value of the firm: an event study Alan J. Auerbach and Kevin A. Hassett
    Comments William G. Gale
    Comments George R. Zodrow
    4. How elastic is the corporate income tax base? Jonathan Gruber and Joshua Rauh
    Comments Jane Gravelle
    Comments Casey B. Mulligan
    5. An empirical examination of corporate tax noncompliance Michelle Hanlon, Lillian Mills and Joel Slemrod
    Comments Joseph Bankman
    Comments Brian Erard
    6. On the extent, growth, and efficiency consequences of state business tax planning Donald Bruce, John Deskins and William F. Fox
    Comments William M. Gentry
    Comments Charles E. McLure, Jr
    7. Corporate taxation and international competition James R. Hines Jr
    Comments Jack M. Mintz
    Comments John Douglas Wilson
    8. The changing role of auditors in corporate tax planning Edward L. Maydew and Douglas A. Shackelford
    Comments Steven N. Kaplan
    Comments Richard Sansing
    9. Taxation and the evolution of aggregate corporate ownership concentration Mihir A. Desai, Dhammika Dharmapala and Winnie Fung
    Comments Jeffrey R. Brown
    Comments Jeff Strnad
    Index.

  • Editors

    Alan J. Auerbach, University of California, Berkeley

    James R. Hines, Jr., University of Michigan, Ann Arbor

    Joel Slemrod, University of Michigan, Ann Arbor

    Contributors

    Raj Chetty, Joseph Rosenberg, Emmanuel Saez, Gustavo Grullon, Douglas J. Skinner, Stephen R. Bond, Michael P. Devereux, Alexander Klemm, Roger Gordon, James Poterba, Alan J. Auerbach, Kevin A. Hassett, William G. Gale, George R. Zodrow, Jonathan Gruber, Joshua Rauh, Jane Gravelle, Casey B. Mulligan, Michelle Hanlon, Lillian Mills, Joel Slemrod, Joseph Bankman, Brian Erard, Donald Bruce, John Deskins, William F. Fox, William M. Gentry, Charles E. McLure, Jr, James R. Hines Jr, Jack M. Mintz, John Douglas Wilson, Edward L. Maydew, Douglas A. Shackelford, Steven N. Kaplan, Richard Sansing, Mihir A. Desai, Dhammika Dharmapala, Winnie Fung, Jeffrey R. Brown, Jeff Strnad

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