U.S. Corporate Income Tax Reform and its Spillovers

Released on by Kimberly Clausing
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  • U.S. Corporate Income Tax Reform and its Spillovers Book Detail

  • Author : Kimberly Clausing
  • Release Date : 2016-09-07
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 47
  • ISBN 13 : 1475533799
  • File Size : 15,15 MB
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U.S. Corporate Income Tax Reform and its Spillovers by Kimberly Clausing PDF Summary

Book Description: This paper examines the main distortions of the U.S. corporate income tax (CIT), focusing on its international aspects, and proposes a set of reforms to alleviate them. A bold reform to replace the CIT with a corporate-level rent tax could induce efficiency-enhancing reform of the international tax system. Since fundamental reform is politically difficult, this paper also proposes an incremental reform that would reduce tax expenditures, reduce the CIT rate to 25-28 percent, and impose a minimum rent tax on foreign earnings. Finally, this paper analyzes empirically the likely impact of the incremental on corporate revenues outside the U.S.: Though a U.S. rate cut would likely lower revenues elsewhere, implementation of a strong minimum tax could more than offset that effect for most countries with effective tax rates above 15 percent.

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US Corporate Tax Rate Cuts

US Corporate Tax Rate Cuts

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We examine spillovers to the Irish economy from US corporate income tax rate cuts and find they lead to a small but persistent increase in Irish economic output