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National Tax Journal articles from September 2004
Quarterly journal provides institutional, empirical and analytical research in government finance, taxation and public sector finance and policy.
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National Tax Journal archives from September 2004
Where did the revenues go? Or what goes up....
September 1, 2004... INTRODUCTION
Between fiscal year 2000 and fiscal year 2003, federal revenues fell by $243 billion. Revenues declined in nominal terms three years in a row, something that has not happened since 1923. In 2003, federal revenues were 16.5...
The persistence of individual and corporate capital gains and losses.
September 1, 2004... INTRODUCTION
During the period of the "internet bubble"--1996 to 2000--liability for individual capital gains transactions represented 11.8 percent of total individual and corporate liability. (1) While the collapse of the bubble creates...
Budget rules.
September 1, 2004... INTRODUCTION
People tend to expect both too much and too little of budget rules. Because they are more art (or perhaps, craft) than science, it is impossible to derive some ideal set of rules through theory. Because they involve many...
History and evaluation of the Unfunded Mandates Reform Act.
September 1, 2004... INTRODUCTION
The Unfunded Mandates Reform Act (UMRA)--passed in 1995 as one of the first actions of the 104th Congress--is intended to focus more attention on the costs of mandates imposed by the federal government on other levels of...
Is No Child Left Behind an un (or under) funded federal mandate? Evidence from Texas.
September 1, 2004... INTRODUCTION
The No Child Left Behind Act of 2001 (NCLB) requires that states establish academic performance goals for all students and for separate groups of students characterized by race, ethnicity, poverty, disability, and limited...
Jousting with rent seekers: Bruce Davie and tax-exempt bonds.
September 1, 2004... INTRODUCTION
There once was a man from L.A.
Who let nothing stand in the way
Of foiling those bent
On seeking out rent
So come. Let us praise him today
That little limerick summarizes the role Bruce played...
The costs of state-sponsored terrorism: the example of the Barbary pirates.
September 1, 2004... INTRODUCTION
Bruce Davie was known for his interest in U.S. economic history. He taught economic history, was especially knowledgeable about the history of technology, and had an encyclopedic knowledge of U.S. fiscal history. While the...
Searching for structure in the federal excise tax system: an excise tax expenditure budget.
September 1, 2004... INTRODUCTION
In 1994, Bruce Davie outlined a framework for identifying and estimating tax expenditures in the federal excise tax system. This was the first study to comprehensively address the structure of an excise tax expenditure budget....
Deferring income in employer-sponsored retirement plans: the dynamics of participant contributions.
September 1, 2004... INTRODUCTION
As defined contribution plans have come to dominate the pension landscape, retirement income security increasingly depends on the ability and willingness of families to defer current consumption and save for their old age. In...
Distributional effects of defined contribution plans and individual retirement arrangements.
September 1, 2004... INTRODUCTION
The federal government has subsidized retirement saving relative to other saving since the origins of the income tax in 1913. In 2003, the present value of the federal revenue loss from new contributions to employer pensions...
Pension reform and saving.
September 1, 2004... INTRODUCTION
Slowing economic growth and population aging in the major industrial countries have placed increased financial strain on pay-as-you-go (PAYGO) public pension systems. Governments have been forced to increase contribution rates...
Corporate tax avoidance and the properties of corporate earnings.
September 1, 2004... INTRODUCTION
Differences in the accounting rules for financial (book) and tax reporting purposes can lead to differences in the amount of income reported to shareholders and tax authorities. While book-tax reporting differences have...
Lost in translation: detecting tax shelter activity in financial statements.
September 1, 2004... INTRODUCTION
On July 8, 2002, Senator Charles E. Grassley, chairperson of the Senate Committee on Finance, wrote a letter to then Secretary of the Treasury O'Neill and then Commissioner of the SEC Pitt and posed the following question:
...
The evolving Schedule M-3: a new era of corporate show and tell?(corporate income disclosure tax form)
September 1, 2004... INTRODUCTION
On January 28, 2004, Treasury and Internal Revenue Service (IRS) jointly issued a draft proposed Schedule M-3 to replace Schedule M-1 for U.S. corporate income tax (Form 1120) book-tax reconciliation for corporations with...
Issues in international tax policy.
September 1, 2004... INTRODUCTION
The tax bill currently being considered by the House and Senate to repeal the export subsidy is the culmination of a whole series of challenges to the legality of a subsidy that was originally motivated by the imbalances...