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Capital Account Liberalization and Corporate Taxes
This paper studies whether exchange controls, particularly on the capital account, affect the choice of corporate tax rates, using a panel of 21 OECD countries over the period 1983-99. It builds on existing literature by (1) using a unique dataset with several different measures of the corporate tax rate calculated from the actual parameters of the tax systems, and (2i) allowing exchange controls to affect the intensity of strategic interaction between countries in setting taxes, as well as the levels of tax they choose. We find some evidence that (1) the level of a country’s tax, other things equal, is lowered by a unilateral liberalization of exchange controls; and (2) that strategic interaction in taxsetting between countries is increased by liberalization. These effects are stronger if the country is a high-tax one and if the tax is the statutory or effective average one. There is also evidence that countries’ own tax rates are reduced by liberalization of exchange controls in other countries.
Divide and Deal
Why are democracies so unequal? Despite the widespread expectation that democracy, via expansion of the franchise, would lead to redistribution in favor of the masses, in reality majorities regularly lose out in democracies. Taking a broad view of inequality as encompassing the distribution of wealth, risk, status, and well-being, this volume explores how institutions, individuals, and coalitions contribute to the often surprising twists and turns of distributive politics. The contributors hail from a range of disciplines and employ an array of methodologies to illuminate the central questions of democratic distributive politics: What explains the variety of welfare state systems, and what a...
Corporate Income Taxes under Pressure
The book describes the difficulties of the current international corporate income tax system. It starts by describing its origins and how changes, such as the development of multinational enterprises and digitalization have created fundamental problems, not foreseen at its inception. These include tax competition—as governments try to attract tax bases through low tax rates or incentives, and profit shifting, as companies avoid tax by reporting profits in jurisdictions with lower tax rates. The book then discusses solutions, including both evolutionary changes to the current system and fundamental reform options. It covers both reform efforts already under way, for example under the Inclusive Framework at the OECD, and potential radical reform ideas developed by academics.
Fundamental Tax Reform
Papers presented at a conference held at the James A. Baker III Institute for Public Policy at Rice University, in Apr. 2006.
