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The Foundations of Public Finance presents the most important articles and papers tracing the development of public finance from the earliest tolls and customs duties levied on goods and land to more complex tax systems up to 1950. A signal contribution of this collection is that it allows the founding fathers to describe the development of different schools or doctrines in their own words. It is a fascinating story showing how economic analysis develops partly as a response to the need to gain a deeper insight into practical questions such as 'how progressive should a tax systems be?'. The volume is a companion to and complements Modern Public Finance edited by A.B. Atkinson (also in The International Library of Critical Writings in Economics series) which covers the recent developments in public finance from 1950.
The United States introduced the earned income tax credit (EITC) in 1975, where it remains the most significant earnings-based refundable credit in the Internal Revenue Code. While the United States was the first country to use its domestic revenue system to deliver and administer social welfare benefits to lower-income individuals or families, a number of other countries, including New Zealand and Canada, have experimented with or incorporated similar credits into their tax systems. In this work, Michelle Lyon Drumbl, drawing on her extensive advocacy experience representing low-income taxpayers in EITC audits, analyzes the effectiveness of the EITC in the United States and offers suggestions for how it can be improved. This timely book should be read by anyone interested in how the EITC can be reimagined to better serve the working poor and, more generally, whether the tax system can promote social justice.
The Question Bank provides all the knowledge required for the Business Tax unit. Question Banks allow students to test knowledge by putting theory into practice and refine exam technique. Features include: assessment standard practice questions and answers, guidance of revision technique, hints and tips. Our materials and online equivalents will help ensure you are ready for your assessments and prepared for your career in accounting.
Sovereign wealth funds (SWFs) can be effective tools for national resources revenue management. These state-owned investments, funded by commodity exports, foreign exchange reserves, or other national assets, are adaptable to the challenges posed by financial shocks and have been successfully employed in an increasing number of countries. The number of SWFs continues to grow, with the largest funds managing trillions of dollars in assets among them. However, given the significant variations among SWFs, it can be difficult to compare funds that differ in size, scope, and mandate. This book provides a sorely needed practical look at how these funds work-and how they should work. The New Frontiers of Sovereign Investment combines the insights and experience of academic economists and practitioners from several funds to survey a diverse financial landscape and establish the challenging topical questions facing a broad range of SWFs today: Should they serve both economic development and financial returns, and how? Will responsible investment enhance long-term returns? How can fiscal rules for SWFs be improved to meet emerging economic challenges? The book considers these questions as they apply to both long-established and newer SWFs. Featuring contributions from sovereign wealth practitioners from Alberta's AIMCo, the Nigerian Sovereign Investment Authority, and the New Zealand Superannuation Fund, as well as analysis by scholars at the forefront of sovereign investment, this volume provides timely and much-needed information on these rapidly evolving institutions.
Are you paying more taxes than you have to? The IRS is certainly not going to tell you about a deduction you failed to take, and your accountant is not likely to take the time to ask you about every deduction you're entitled to. As former IRS Commissioner Mark Everson admitted, "If you don't claim it, you don't get it. That's money down the drain for millions of Americans." This invaluable book, updated to reflect changes in tax law, not only lists the individual items that are deductible-from Internet domain name costs to theft losses-but also explains where to list them on your income tax form. "Tax law isn't easy," the author explains, "but this book is." The twelfth edition will be completely updated to include new changes in tax law, a chapter on home-based businesses, and include a special "jump out" highlights in the A-to-Z listings for any deduction that has special rules for home-based businesses.
We are well aware of the rise of the 1% as the rapid growth of economic inequality has put the majority of the world's wealth in the pockets of fewer and fewer. One much-discussed solution to this imbalance is to significantly increase the rate at which we tax the wealthy. But with an enormous amount of the world's wealth hidden in tax havens in countries like Switzerland, Luxembourg, and the Cayman Islands this wealth cannot be fully accounted for and taxed fairly. No one, from economists to bankers to politicians, has been able to quantify exactly how much of the world's assets are currently hidden until now. Gabriel Zucman is the first economist to offer reliable insight into the actual extent of the world's money held in tax havens. And it's staggering. In The Hidden Wealth of Nations, Zucman offers an inventive and sophisticated approach to quantifying how big the problem is, how tax havens work and are organized, and how we can begin to approach a solution. His research reveals that tax havens are a quickly growing danger to the world economy. In the past five years, the amount of wealth in tax havens has increased over 25% there has never been as much money held offshore as there is today. This hidden wealth accounts for at least $7.6 trillion, equivalent to 8% of the global financial assets of households. Fighting the notion that any attempts to vanquish tax havens are futile, since some countries will always offer more advantageous tax rates than others, as well the counter-argument that since the financial crisis tax havens have disappeared, Zucman shows how both sides are actually very wrong. In The Hidden Wealth of Nations he offers an ambitious agenda for reform, focused on ways in which countries can change the incentives of tax havens. Only by first understanding the enormity of the secret wealth can we begin to estimate the kind of actions that would force tax havens to give up their practices. Zucman's work has quickly become the gold standard for quantifying the amount of the world's assets held in havens. In this concise book, he lays out in approachable language how the international banking system works and the dangerous extent to which the large-scale evasion of taxes is undermining the global market as a whole. If we are to find a way to solve the problem of increasing inequality, The Hidden Wealth of Nations is essential reading.
Why tax law is not just a pocketbook issue but a reflection of what and whom we, as a society, value. Most of us think of tax as a pocketbook issue: how much we owe, how much we'll get back, how much we can deduct. In Our Selfish Tax Laws, Anthony Infanti takes a broader view, considering not just how taxes affect us individually but how the tax system reflects our culture and society. He finds that American tax laws validate and benefit those who already possess power and privilege while starkly reflecting the lines of difference and discrimination in American society based on race, ethnicity, socioeconomic class, gender, sexual orientation and gender identity, immigration status, and disability. Infanti argues that instead of focusing our tax reform discussions on which loopholes to close or which deductions to allow, we should consider how to make our tax system reflect American ideals of inclusivity rather than institutionalizing exclusion. After describing the theoretical and intellectual underpinnings of his argument, Infanti offers two comparative case studies, examining the treatment of housing tax expenditures and the unit of taxation in the United States, Canada, France, and Spain to show how tax law reflects its social and cultural context. Then, drawing on his own work and that of other critical tax scholars, Infanti explains how the discourse surrounding tax reform masks the many ways that the American tax system rewards and reifies privilege. To counter this, Infanti urges us to work together to create a society with a tax system that respects and values all Americans.
Learn the complexities of the U.S. income tax code and master the most important areas of tax law with Whittenburg/Gill's concise, practical INCOME TAX FUNDAMENTALS 2019. This market-leading introduction to tax preparation uses a unique, step-by-step workbook format that integrates actual tax forms. You have the option to use Intuit ProConnect 2018 tax preparation software that accompanies each new book. A clear, up-to-date presentation walks you through real, current examples using the most recent actual tax forms. A variety of end-of-chapter problems offer hands-on practice with tax return problems that use source documents identical to those of real clients. In addition, numerous study tools and powerful online resources, including MindTap digital support and the CengageNOWv2 online homework tool, help you further refine the knowledge and skills to become a successful tax preparer.
Everyone deserves to be able to retire with dignity, but this core feature of the social contract is in jeopardy. Companies have swerved away from pensions, and most of the workforce has woefully inadequate retirement savings. If we don't act to fix this broken system, rates of impoverishment for senior citizens threaten to skyrocket, and tens of millions of Americans reaching retirement age in the coming decades will be forced to delay retirement and will experience a dramatic drop in their standard of living. In Rescuing Retirement, Teresa Ghilarducci and Tony James offer a comprehensive yet simple plan to help workers save for retirement, increase retirement savings by earning higher returns, and guarantee lifelong income for everyone. Built on people's own money in individual Guaranteed Retirement Accounts, the plan requires no new taxes, no more bureaucracy, and no increase in the deficit. Speaking to Americans' growing anxiety about their ability to retire, Rescuing Retirement provides answers to anyone wanting to understand the growing movement to protect a period of life once considered a deserved time of rest and creativity and offers a practical guide to the future of secure retirement.
This volume presents five new studies on taxation and government transfer programs. Alexander Blocker, Laurence Kotlikoff, Stephen Ross, and Sergio Villar Vallenas show how asset pricing can be used to value implicit fiscal debts, which are currently rarely measured or adjusted for risk, while accounting for risk properties. They apply their methodology to study Social Security. Michelle Hanson, Jeffrey Hoopes, and Joel Slemrod examine the effects of the Tax Cuts and Jobs Act on corporation behavior and on firms' statements about their behavior. They focus on for four outcomes: bonuses, investment, share repurchases, and dividends. Scott Baker, Lorenz Kueng, Leslie McGranahan, and Brian Melzer explore whether "unconventional" fiscal policy in the form of pre-announced consumption tax changes can shift durables purchases intertemporally, how it such shifts are affected by consumer credit. Alan Auerbach discusses "tax equivalences," disparate sets of policies that have the same economic effects, and also illustrates when these equivalences break down. Jeffrey Liebman and Daniel Ramsey use data from NBER's TAXSIM model to investigate the equity implications of a switch from joint to independent taxation that could occur in conjunction with adoption of return-free tax filing.
The Question Bank provides all the knowledge required for the Personal Tax unit. Question Banks allow students to test knowledge by putting theory into practice and refine exam technique. Features include: assessment standard practice questions and answers, guidance of revision technique, hints and tips. Our materials and online equivalents will help ensure you are ready for your assessments and prepared for your career in accounting.
Take advantage of every tax deduction-and keep more of your income!. .
Contrary to popular opinion, the IRS is a small-business owner's best friend-but the agency is an expert at hiding that fact in complex tax codes. The truth is, there's a good chance you've been missing out on some real money-saving opportunities. Tax specialist David Meier puts you on the path to greater profitability by stripping away the complex language in which tax laws are cloaked and communicating your tax rights in plain, easy-to-understand terms.. . .
"Make Your Life Tax Deductible" provides: . . . Hundreds of money-saving tax deductions in an accessible format . A full range of categories, from travel expenses to retirement plans . Expert advice on how to build your profits into a retirement plan . . . . .
Have you been paying the IRS more than you have to? . . . Structuring your business as a sole proprietorship . (Chapter 1). Deducting the entire cost of your health insurance . (Chapter 3). Detecting IRS mistakes made in the its favor . (Chapter 15). Putting pre-tax money into an IRA . (Chapter 17). Deducting property depreciation from your taxable income (Chapter 12). Offsetting taxable income with business losses . (Chapter 4). Paying the lowest possible corporate income tax . (Chapter 7) . Using Guaranteed Payments to fund your retirement plan (Chapter 8). Deducting gas, repairs, and every other automobile expense (Chapter 11). . .
Discover these and hundreds of other write offs that can "Make Your Life Tax Deductible!,"
Hundreds of Deductions for eBay Sellers! . .
If youre an online seller, take note: now you can reduce--or even eliminate--the taxes you pay using the insider tips in "Tax Loopholes for eBay Sellers," Youll discover hundreds of little-known, completely legal tax deductions and reporting tips that are unique to eBay and designed to benefit small business owners. Learn what the IRS is looking for when sorting out a real business from a hobby and why it matters.
Youll get step-by-step advice on everything from setting up your business and getting a business license to creating a bookkeeping system. Use the power of eBay and the tax strategies in this book to increase your wealth, protect your assets--and lower your tax bill..
How much can you fit into your eBay tax loophole? . . Learn what the best tax-advantaged business structures are for your type of eBay business. Get the free The 9 Steps to Business Test to see if your business measures up against IRS guidelines. Identify and take advantage of hundreds of legal deductions for eBay business owners. Determine how often you will prepare a sales and use tax report based on volume. Set up a payroll system with the proper withholding deductions for all employees including yourself. Create an accounting system to pay bills, input transactions, record sales, keep track of PayPal fees, and balance your business checkbook. .
In a capitalist economy, taxes are the most important instrument by which the political system puts into practice a conception of economic and distributive justice. Taxes arouse strong passions, fueled not only by conflicts of economic self-interest, but by conflicting ideas of fairness. Taking as a guiding principle the conventional nature of private property, Murphy and Nagel show how taxes can only be evaluated as part of the overall system of property rights that they help to create. Justice or injustice in taxation, they argue, can only mean justice or injustice in the system of property rights and entitlements that result from a particular regime. Taking up ethical issues about individual liberty, interpersonal obligation, and both collective and personal responsibility, Murphy and Nagel force us to reconsider how our tax policy shapes our system of property rights.
If you have experience in option trading, or a strong understanding of the options markets, but want to better understand how to trade given certain market conditions, this is the book for you. Many people have some knowledge of trading strategies, but have no idea how to pull it all together. Mark Sebastian's latest book will teach trade evaluation, using Greeks, trading various spreads under different market conditions, portfolio-building, and risk management. Sebastian's approach will help traders understand how to find edge, what kind of trade under what conditions will capture edge, and how to create and successfully hedge to help you build your own personal Goldman Sachs or Merrill Lynch. The book demonstrates how to structure a portfolio of trades that makes more money with less risk. Click here to watch the author's interviews with Fox Business and Nasdaq: http://video.foxbusiness.com/v/5759956686001/ https://youtu.be/dOEJ118vMnA
Why are so many trapped in poverty, when others are grossly well-off? Why are house prices continuously rising faster than inflation? Why do people so often find themselves in jobs that give them little sense of fulfilment? Why is a multi-national coffee shop franchise not actually making its money from coffee. These questions have confronted the UK economy for decades without resolution by governments of the right or left. It is the failure of economics, the author argues. Economists have long asserted that three factors of production, land, labour and capital, lie at the root of their subject. Yet in the development of the subject into theories and practical applications there has been a thorough analysis of labour and capital but a grievous omission of the factor of land. This is reflected in the minimal place it holds in modern textbooks, in popular discussion and political debate. Much of the argument about major issues, like industrial policy, the distribution of wealth and income and government policy reverts to a polarised struggle between two antagonists, labour and capital. The third factor, land, hides in the background unacknowledged yet exerting a major influence on the outcome of the whole economic process. What needs to change, the author argues, are deeply embedded features, which have generally been established for a very long time. They are principally the taxation system, the land tenure system, and the banking system. Review copies and media publicity is being sought as the subject matter of the book is very topical - the general recognition that the system isn't working for all.
Simplicity in taxation has considerable potential advantages. However, attempts to simplify tax systems are only likely to be successful and enduring if they take account of the reasons why taxation is complex. There are strong pressures on tax systems to accommodate a range of important factors, as well as complex and changing national and international environments within which modern tax systems have to operate. This book explores the experiences of simplification in a range of countries and jurisdictions. The authors analyse a range of manifestations of simplification, including tax systems, tax law, taxpayer communications and tax administration. They also review the longer term or more fundamental approaches to simplification, suggesting that in order to strike the optimum balance between simplicity and the aims of a tax system in terms of efficiency and equity, a range of complex environmental factors must all be taken into account. With chapters reflecting on experiences from Australia, China, Canada, Malaysia, New Zealand, Russia, South Africa, Thailand, Turkey, the UK and the US, the authors illustrate differences between jurisdictions and the changing environment in which they operate. This book addresses the crucial balance between simplicity and the other objectives of tax design and reform, and suggests that reformers of the tax system should include simplicity as one of the key evaluators of any design or reform proposal.
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