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Okay, more on the general sessions at this year’s National Tax Association Annual Meeting. The Day 2 luncheon speaker was Mark Masur, Assistant Secretary of the Treasury for Tax Policy. He mainly talked about the leads for business taxes reform in the next Congress. Toder, along with Alan Viard, has suggested repealing the entity-level corporate and business tax, which would be changed with an individual-level taxes on the accrual of gain and reduction (without respect to realization) on stocks of publicly traded corporate and business stock.

In other words, shareholders of publicly traded companies would be taxed on a mark-to-market basis. This proposal would solve a lot of problems with the existing regime clearly. As I attempt to explain in a few length in my own books Decoding the U.S. Corporate and business Tax and Fixing U.S. The big concern is about its non-application to non-publicly traded businesses. Suppose, for example, that regime have been set up before Facebook proceeded to go public.

Would it still have done so? And how effectively would we be taxing Mark Zuckerberg if it didn’t? The pass-through regimes we’ve under existing law (collaboration taxation and subpart S) have their own set of very serious issues that are not easily mitigated. Kleinbard has suggested a business enterprise tax (BEIT) instead of current guidelines for both corporate and business and non-corporate businesses.

Businesses would get interest on basis with a cost of capital allowance (COCA). The BEIT as envisioned by Kleinbard would involve worldwide taxation for all U also.S. Quite simply, full global loan consolidation. He would allow a international tax credit, which I of course don’t like (I’ve argued thoroughly elsewhere and only lowering the US taxes rate on international source income instead of providing foreign taxes credits).

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One of the primary challenges you can increase to Kleinbard’s proposal is that taxing U.S. He argues that significant corporate residence guidelines, based on such factors as where the managers are rather than just where the company near the top of the string is incorporated, would make it hard for existing U extremely.S. The existing inversion problem shows that our corporate and business home rules are so formalistic and porous. But even if existing U.S.

’t easily expatriate under a BEIT with much tougher corporate and business residence rules – which is very plausible – there are serious issues about the long-term sustainability and impact of a worldwide regime for U.S. One point of general agreement was that all three proposals might offer tremendous improvement over current laws if they could really be enacted without being wrecked by political considerations.

But none of them seems apt to be imminent, which of course is no debate against making sure that people hear about them. The final general session as of this year’s NTA Annual Meeting honored Jim Poterba, this year’s Holland Award winner for life time efforts to the field of general public fund. Once I’m back NYC, I will post here the slides for my talk on my behavioral economics / pension conserving paper, Multiple Myopias, Multiple Selves, and the Under-Saving Problem.

I will also probably post my remarks on an extremely nice paper for which I used to be the discussant, offered there by USC economist Mark Philips. I had planned to post here remarks that I wrote out beforehand simply. But as I was thinking about my remarks at the actual session, that i had time for you to do as Mark went third, I decided I wasn’t completely pleased with what I had in hand, and spoke extemporaneously instead. EASILY get a chance to write that up briefly, I shall do so and post it.