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.
Why did the British and American corporate tax systems diverge early in the twentieth century and is convergence now likely?
The book focuses on differences between the Anglo-American view on accounting and various continental disclosure, tax and corporate accounting concepts.
G. L. Walters of the Illinois Manufacturing Association explained that “[b]usiness corporation management must decide, with reference to the particular situation of the particular business corporation at the particular time, ...
Making the Modern American Fiscal State chronicles the rise of the US system of direct and progressive taxation.
Appleton, Nathan, Introduction of the Power Loom and Origin of Lowell (Lowell, MA: B.H. Penhallow, 1858). Arbuckle, Robert, Pennsylvania Speculator and Patriot: The Entrepreneurial John Nicholson, 1757–1800 (University Park, ...
Against this background, this volume is the first to present a fully-fledged overview of the interdependence of tax and corporate governance.
A comprehensive and comparative analysis of corporate tax systems, focusing on structural defects and how they are addressed in practice.