Taxation And The Financial Crisis
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📒Taxation And The Financial Crisis ✍ Julian S. Alworth
✏Taxation and the Financial Crisis Book Summary : This book examines how tax policies contributed to the financial crisis; whether taxation can play a role in the reform efforts to establish a sounder and safer financial system; and the pros and cons of various tax initiatives.
📒Taxation And The Financial Crisis ✍ Julian S. Alworth
✏Taxation and the Financial Crisis Book Summary : This is an open access title available under the terms of a CC BY-NC-ND 3.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. The financial crisis triggered a global debate on the taxation of the financial sector. A number of international policy initiatives, most notably by the G-20, have called for major changes to the tax treatment of financial institutions and transactions, as well as to working practice within the financial sector. This book examines how tax policies contributed to the financial crisis and whether taxation can play a role in the reform efforts to establish a sounder and safer financial system. It looks at the pros and cons of various tax initiatives including limiting the tax advantages to debt financing; special taxes on the financial sector; and financial transactions taxes. It examines policy concerns such as: the manner in which the financial sector should "pay" for its bailout and the role of accumulated tax losses on financial institutions' behaviour; the role that taxes may play in correcting the systemic externalities associated with "too big to fail"; the types of tax that are most appropriate for financial institutions and markets ("excess profits" versus "financial transactions taxes"); the interaction between taxes and the regulation of the financial sector; and the role of taxation in countercyclical and macroeconomic policies.
📒Taxation Bank Leverage And Financial Crises ✍ Ruud A. de Mooij
✏Taxation Bank Leverage and Financial Crises Book Summary : That most corporate tax systems favor debt over equity finance is now widely recognized as, potentially, amplifying risks to financial stability. This paper makes a first attempt to explore, empirically, the link between this tax bias and the probability of financial crisis. It finds that greater tax bias is associated with significantly higher aggregate bank leverage, and that this in turn is associated with a significantly greater chance of crisis. The implication is that tax bias makes crises much more likely, and, conversely, that the welfare gains from policies to alleviate it can be substantial—far greater than previous studies, which have ignored financial stability considerations, suggest.
📒Of Banks And Budgets ✍ Julian Limberg
✏Of Banks and Budgets Book Summary : Have financial crises left their imprint on the modern tax state? This dissertation shows that financial meltdowns have indeed shaped tax policies. It differentiates between three mechanisms. First, financial crises are expensive. Crisis-hit countries face fiscal distress and are direly in need for additional revenues. Second, financial crises can increase demand for tax progressivity. As citizens’ fiscal fairness principles become violated, claims to compensate for these violations via progressive taxation arise. Third, crisis-induced tax policy changes are locked in via ratchet effects. As a results, financial crises can lead to long term transformations of the tax system. The thesis consists of three articles which empirically test these arguments. The first article looks at the origins of the tax state. In particular, it investigates whether financial crises have facilitated the rise of the “queen of taxation” (Popitz 1926) – namely the income tax. Using new, worldwide data on fiscal innovations, it shows that financial crises have facilitated the introduction of progressive income taxation. A case study of the US reveals that both revenue needs and fiscal fairness claims pushed for the introduction of the income tax. The second article looks at demands for progressive taxation in the wake of the financial crisis of 2008. Analysing survey data from the 2009 ISSP round, it finds that demand for tax progressivity has been higher in countries that have faced a stronger economic downturn. Intensified fiscal fairness perceptions in crisis countries can account for this effect. Finally, the third article investigates whether renewed demand for progressive income taxation has been supplied politically. The results show that countries with a financial crisis have increased top income tax rates by 4 percentage points. In sum, the dissertation shows that financial crises are crucial, yet largely overlooked events for progressive taxation. By doing so, it contributes to the broader debate on politics of inequality and redistribution in the 21st century.
📒Collecting Taxes During An Economic Crisis ✍ John Brondolo
✏Collecting Taxes During an Economic Crisis Book Summary : The global financial and economic crisis presents major challenges for tax agencies. With the economic downturn, tax agencies are encountering emerging compliance problems and greater demands for taxpayer support in the face of prospective budget cuts. To help address these challenges, this paper encourages tax agencies to develop a tax compliance strategy for the crisis by (1) expanding assistance to taxpayers, (2) refocusing enforcement on emerging compliance risks, (3) enacting legislative reforms that facilitate tax administration, and (4) improving communication programs. In each of these areas, the paper identifies specific measures to underpin the strategy, drawing on practices from leading tax agencies and experiences from IMF technical assistance. The paper also highlights emerging tax compliance issues in the financial sector.
📒Taxation And Gender Equity ✍ Caren Grown
✏Taxation and Gender Equity Book Summary : Equity issues are again attracting attention from academics and policy analysts concerned with taxation. This book makes a substantial contribution to this new awareness by emphasizing the important role that gender, like other social stratifications such as race and income, often plays in determining the impact of taxation on well-being. Richard Bird, University of Toronto, Canada This groundbreaking volume examines the gender dimensions of tax systems in seven developing and one developed country and is the first systematic treatment of its kind. The conceptual framework that it poses should.
📒Taxation In The New State Routledge Revivals ✍ J A Hobson
✏Taxation in the New State Routledge Revivals Book Summary : First published in 1919, Taxation in the New State explores the practical application of tax policy to the financial situation of post-World War I Britain. Hobson assesses policy according to the tax payer’s ability to bear the burden and draws a distinction between ‘cost’ and ‘surplus’. He proposes a number of reforms and considers the pitfalls of attempting the find required revenue using ordinary taxation in a post-war financial crisis.
📒Legal Challenges In The Global Financial Crisis ✍ Wolf-Georg Ringe
✏Legal Challenges in the Global Financial Crisis Book Summary : The global financial and economic crisis which started in 2008 has had devastating effects around the globe. It has caused a rethinking in different areas of law, and posed new challenges to regulators and private actors alike. One of the emerging issues is the apparent eclipse of boundaries between different legal disciplines: financial and corporate lawyers have to learn how public law instruments can complement their traditional governance tools; conversely, public lawyers have had to come to understand the specificities of the financial markets they intend to regulate.While commentary on financial regulation and the global financial crisis abounds, it tends to remain within disciplinary boundaries. This volume not only brings together scholarship from different areas of law (constitutional and administrative law, EU law, financial law and regulation), but also from a variety of backgrounds (academia, practice, policy-making) and a number of different jurisdictions.The volume illustrates how interdisciplinary scholarship belongs at the centre of any discussion of the economic crisis, and indeed regulation theory more generally. This is a timely exploration of cutting-edge issues of financial regulation.
📒The Economic Crisis In Social And Institutional Context ✍ Sebastiano Fadda
✏The Economic Crisis in Social and Institutional Context Book Summary : This book explores the foundations of the current economic crisis. Offering a heterodox approach to interpretation it examines the policies implemented before and during the crisis, and the main institutions that shaped the model of advanced economies, particularly in the last two decades. The first part of the book provides a theoretical analysis of the crisis. The roots of the ‘great recession’ are divided into fundamentals with origins in financial liberalisation, financial innovation and income distribution, and complementary or contributory factors such as the international imbalances, the monetary policy,and the role of credit rating agencies. Part II suggests various paths to recovery while emphasising that it will be necessary to develop alternative strategies for sustainable economic recovery and growth. These strategies will require genuine political support and a new 'great European vision' to address major issues concerning the EU such as unemployment, structural regional differences and federalism. Drawing on various schools of thought, this book explains the complexities of the crisis through a wider evolutionary-institutional and heterodox framework.
📒The 2008 Financial Crisis And Taxation Policy ✍ Thomas Hemmelgarn
✏The 2008 Financial Crisis and Taxation Policy Book Summary :