Anglo-American Corporate Taxation: Tracing the Common Roots of Divergent Approaches

Steven A. Bank

doi:10.1017/CBO9781139013284

The UK and the USA have historically represented opposite ends of the spectrum in their approaches to taxing corporate income. Under the British approach, corporate and shareholder income taxes have been integrated under an imputation system, with tax paid at the corporate level imputed to shareholders through a full or partial credit against dividends received. Under the American approach, by contrast, corporate and shareholder income taxes have remained separate under what is called a 'classical' system in which shareholders receive little or no relief from a second layer of taxes on dividends. Steven A. Bank explores the evolution of the corporate income tax systems in each country during the nineteenth and twentieth centuries to understand the common legal, economic, political and cultural forces that produced such divergent approaches and explains why convergence may be likely in the future as each country grapples with corporate taxation in an era of globalization.

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Anglo-American Corporate Taxation

Tracing the Common Roots of Divergent Approaches

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Contents

Frontmatter
pp i-iv

Contents
pp v-vi

Introduction
pp 1-18

1 - A brief history of early Anglo-American corporate income taxation
pp 19-46

Part I - Twentieth century and the divergence in systems
pp 47-48

2 - The United Kingdom
pp 49-69

3 - The United States
pp 70-104

Part II - Explaining the divergence
pp 105-106

4 - Profits
pp 107-141

5 - Power
pp 142-187

6 - Politics
pp 188-220

Part III - Conclusion
pp 221-222

7 - 1970s to Present – A Time of Convergence?
pp 223-249

Index
pp 250-257

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Tracing the Common Roots of Divergent Approaches

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