National Tax Journal articles from September 1996

National Tax Journal archives from September 1996

Portfolio shuffling and tax reform. (Fundamental Tax Reform: Possibilities and Problems)
September 1, 1996... Before enactment of the Tax Reform Act of 1986 (TRA 86), interest paid on all types of household debt was deductible from income before taxes were paid. TRA 86 phased out the deductibility of consumer interest over the period from 1987-91. The...

Tax-preferred assets and debt, and the Tax Reform Act of 1986: some implications for fundamental tax reform.(Fundamental Tax Reform: Possibilities and Problems)
September 1, 1996... INTRODUCTION The current debate on fundamental tax reform is often described as merely a choice between an income tax and a consumption tax.(1) This characterization can easily lead to the general conclusion that the effects of the Tax...

Country and multinational company responses to the Tax Reform Act of 1986.(Fundamental Tax Reform: Possibilities and Problems)
September 1, 1996... INTRODUCTION The Tax Reform Act of 1986 (TRA 86) made important changes in the way the United States taxes foreign-source income of U.S. corporations. Of most importance, the reform reduced the top corporate income tax rate from 46 to 34...

Monetary implications of tax reforms.(Fundamental Tax Reform: Possibilities and Problems)
September 1, 1996... Recently, several proposals for significant reform of the federal tax system have received serious political consideration, and many sound arguments for and against these proposals have been made.(1) Although we summarize some of the economic...

A new state VAT? Lessons from New Hampshire. (value-added tax)(Fundamental Tax Reform: Possibilities and Problems)
September 1, 1996... INTRODUCTION After over a decade of efforts to reform the state's business tax, major business tax reform legislation was enacted in New Hampshire in 1993. At the core of the tax reform package was a new business tax, unique in the...

Betting on casino revenues: lessons from state experiences.(Fundamental Tax Reform: Possibilities and Problems)
September 1, 1996... This discussion will focus on the issues and options with casino gaming as a state and local response to changed fiscal environments. Legalized gaming is widespread throughout the United States and is growing at a rapid pace. In 1994, total...

Compliance: a 21st century approach.(Fundamental Tax Reform: Possibilities and Problems)
September 1, 1996... INTRODUCTION There has been tremendous discussion over the past six months on the need for a new and simpler tax system. This plays out, in part, because of the current climate of concern about the size, scope, and cost of government....

Corporate tax compliance and financial reporting.(Fundamental Tax Reform: Possibilities and Problems)
September 1, 1996... OVERVIEW The tax law provides varying opportunities to firms for tax planning, and firms have competing incentives to consider in planning a tax reporting strategy, including financial reporting effects. In this paper, l first present...

Lessons from 1986: hot buttons and third rails.(Fundamental Tax Reform: Possibilities and Problems)
September 1, 1996... THE CONTEXT: DO WE REALLY WANT TO DO THIS? * First stirrings: Bradley-Gephardt introduced in 1982. * The two-year lonely crusade: Congress focused on the budget deficit (TEFRA (1982) and DEFRA (1984)) and on Social Security solvency...

The Tax Reform Act of 1986: did Congress love it or leave it?(Fundamental Tax Reform: Possibilities and Problems)
September 1, 1996... INTRODUCTION Taxes are never popular, and they are so complicated that people have a hard time communicating to politicians the actual source of their displeasure. Most people believe that taxes are too high, others believe there are too...

The thorny problem of implementing new consumption taxes.(Fundamental Tax Reform: Possibilities and Problems)
September 1, 1996... INTRODUCTION Recent discussion on the tax policy of the United States has centered around two primary forms of consumption taxes: the "flat expenditure tax" and the "value-added tax." A flat expenditure tax or FET can be roughly defined...

Fundamental tax reform and state and local governments.(Fundamental Tax Reform: Possibilities and Problems)
September 1, 1996... INTRODUCTION In recent years, there have been numerous calls for radical reform of the federal income tax, the large majority of which share the objective of shifting away from an income base in favor of comprehensive taxation of...

Cash-flow taxation of financial services.(Fundamental Tax Reform: Possibilities and Problems)
September 1, 1996... INTRODUCTION Several bills have been introduced to replace the federal income tax system with a consumption-based tax system, including the Flat tax, introduced by House Majority Leader Dick Armey; the Unlimited Savings Allowance (USA)...