dunnettreader + taxes   85

Josiah Ober, Barry R. Weingast - Fortifications and Democracy in the Ancient Greek World :: SSRN - Oct 2017
In the modern world, access-limiting fortification walls are not typically regarded as promoting democracy. But in Greek antiquity, increased investment in fortifications was correlated with the prevalence and stability of democracy. This paper sketches the background conditions of the Greek city-state ecology, analyzes a passage in Aristotle’s Politics, and assesses the choices of Hellenistic kings, Greek citizens, and urban elites, as modeled in a simple game. The paper explains how city walls promoted democracy and helps to explain several other puzzles: why Hellenistic kings taxed Greek cities at lower than expected rates; why elites in Greek cities supported democracy; and why elites were not more heavily taxed by democratic majorities. The relationship between walls, democracy, and taxes promoted continued economic growth into the late classical and Hellenistic period (4th-2nd centuries BCE), and ultimately contributed to the survival of Greek culture into the Roman era, and thus modernity. We conclude with a consideration of whether the walls-democracy relationship holds in modernity.
Keywords: Democracy, Ancient Greece, Athens, Walls and Democracy, Taxation, War
elites-political_influence  Hellenistic_era  democracy  SSRN  taxes  paper  community  ancient_Greece  majoritarian  borders 
november 2017 by dunnettreader
Karaman
Theoretical work on taxation and state-building borrows heavily from early modern European experience. While a number of European states increased centralized tax revenues during this period, for others revenues stagnated or even declined and these variations have motivated alternative arguments for the determinants of fiscal and state capacity. This study reviews the arguments concerning the three determinants that have received most attention, namely warfare, economic structure, and political regime, and tests them by making use of a new and comprehensive tax revenue dataset. Our main finding is that these three determinants worked in interaction with each other. Specifically, when under pressure of war, it was representative regimes in more urbanized-commercial economies and authoritarian regimes in more rural-agrarian economies that tended to better aggregate domestic interests towards state-building. - Downloaded via iphone
tax_collection  taxes  state-building  nation-state  urban_politics  competition-interstate  political_culture  political_participation  agriculture-surplus  Absolutism  government_finance  fiscal-military_state  agriculture  Europe-Early_Modern  economic_history  article  bibliography  political_sociology  central_government  19thC  financial_instiutions  downloaded  18thC  15thC  urban_elites  military_history  political_economy  17thC  governing_class  constitutional_regime  local_government  fiscal_policy  16thC  government-forms  jstor  Crown_finance  financial_system 
july 2017 by dunnettreader
Flores-Maciss
What determines when states adopt war taxes to finance the cost of conflict? We address this question with a study of war taxes in the United States between 1789 and 2010. Using logit estimation of the determinants of war taxes, an analysis of roll-call votes on war tax legislation, and a historical case study of the Civil War, we provide evidence that partisan fiscal differences account whether the United States finances its conflicts through war taxes or opts for alternatives such as borrowing or expanding the money supply. Because the fiscal policies implemented to raise the revenues for war have considerable and often enduring redistributive impacts, war finance—in particular, war taxation—becomes a high-stakes political opportunity to advance the fiscal interests of core constituencies. Insofar as the alternatives to taxation shroud the actual costs of war, the findings have important implications for democratic accountability and the conduct of conflict. - Downloaded via iphone
US_history  downloaded  politics-and-money  US_military  deficit_finance  sovereign_debt  business_cycles  international_finance  fiscal_policy  Congress  US_foreign_policy  capital_markets  fiscal-military_state  political_history  article  political_economy  monetary_policy  taxes  US_politics  accountability  financial_system  redistribution  business-and-politics 
july 2017 by dunnettreader
Leonard E. Burman, William G. Gale, et al - Financial transaction taxes in theory and practice | Brookings Institution - June 30, 2015
By: Leonard E. Burman, William G. Gale, Sarah Gault, Bryan Kim, Jim Nunns and Steve Rosenthal -- In response to the financial market crisis and Great Recession, there has been a resurgence of interest in financial transaction taxes (FTTs) around the world. We estimate that a well-designed FTT could raise about $50 billion per year in the United States and would be quite progressive. We discuss the effects of an FTT on various dimensions of financial sector behavior and its ambiguous effects on economic efficiency. -- downloaded pdf to Note
paper  financial_system  capital_markets  markets-structure  HFT  taxes  financial_economics  financial_transaction_tax  liquidity  market_makers  tax_policy  tax_collection  downloaded 
july 2015 by dunnettreader
Steve Cecchetti and Kim Schoenholtz - Residential real estate in China: the delicate balance of supply and demand — Money, Banking and Financial Markets - April 2015
Some observers believe that demand for housing in China is price-insensitive for cultural reasons. Among other things, housing is viewed as a “status good” for those wishing to get married. Another favorable factor is the preparedness of Chinese policymakers to intervene and support housing markets should they soften. Then there is the possibility that central bank policy will be adjusted in a manner designed to further support real estate lending. Yet, there remain grounds for skepticism. The role of big-city home ownership as a status good in Japan did not prevent the massive and destructive land and housing price boom and bust in the 1980s. And, government actions to support China’s housing prices will be fighting an uphill battle if private expectations of capital gains weaken. Not only that, but the day may come when China sees the need to implement a tax on property, if only to provide a better underpinning for municipal finances. This would almost surely drive prices down quickly. Finally, the government’s other objectives of liberalizing the financial system (as a step toward internationalizing the renminbi) and increasing housing supply to meet the needs of a migrating population may prove incompatible with supporting high house price-to-rent ratios. -- really fine update on what's been happening in urbanization, local governments, policies re financial sector liberalization, GNP and personal income growth (and slow down) etc -- copied to Pocket
China  China-economy  financial_system  housing  asset_prices  bubbles  urbanization  economic_growth  financial_regulation  financial_sector_development  financial_stability  banking  NBFI  shadow_banking  regulation-enforcement  tax_reform  taxes  local_government  infrastructure  wages  economic_culture  municipal_finance  Pocket 
april 2015 by dunnettreader
Dan Bogart - "There Can Be No Partnership with the King": Regulatory Commitment and the Tortured Rise of England's East Indian Merchant Empire | via Brad DeLong - Equitablog
Dan Bogart, Department of Economics, UC Irvine - : “There Can Be No Partnership with the King”: Regulatory Commitment and the Tortured Rise of England’s East Indian Merchant Empire: “The English East India Company helped build Britain’s colonial empire, but the Company was not a leader in East Asian trade for nearly a century after its founding in 1600. This paper argues that its early performance was hindered by a problem of regulatory commitment. It gives a brief history of the torturous renegotiations over its monopoly trading privileges and the fiscal demands by the monarchy. It also analyzes the effects of political instability, warfare, and fiscal capacity on the Company’s investment in shipping tonnage. Regressions show the growth of shipping tonnage declined significantly when there were changes in government ministers, when Britain was at war in Europe and North America, and when shipping capacity exceeded central government tax revenues. The findings point to the significance of regulatory institutions in Britain’s development and its links with politics and war. They also provide an important case where regulatory uncertainty lowers investment.” paper dated Jan 2015 -- downloaded pdf to Note
paper  downloaded  economic_history  British_history  British_Empire  fiscal-military_state  state-building  UK_government-colonies  East_India_Company  trade-policy  trading_companies  trading_privileges  monopolies  British_Navy  17thC  institutional_capacity  regulation  monarchy-proprietary  James_I  Charles_I  Charles_II  James_II  English_Civil_War  Interregnum  taxes  political_culture  shipping  merchants  interlopers  military_history  Anglo-Dutch_wars  Glorious_Revolution  Nine_Years_War  War_of_Spanish_Succession  investment  uncertainty-regulation  uncertainty-political  British_politics  Restoration  colonialism  parties  faction  EF-add 
february 2015 by dunnettreader
JAMES LIVESEY, Review Essay - BERKELEY, IRELAND AND 18thC INTELLECTUAL HISTORY (Dec 2014) | Modern Intellectual History - Cambridge Journals Online
Department of History, School of Humanities, University of Dundee -- Books reviewed: (1) Marc A. Hight ed., The Correspondence of George Berkeley (Cambridge University Press, 2013), (2) Scott Breuninger , Recovering Bishop Berkeley: Virtue and Society in the Anglo-Irish Context (Palgrave, 2010), (3) Daniel Carey and Christopher J. Finlay , eds., The Empire of Credit: The Financial Revolution and the British Atlantic World, 1688–1815 (Dublin: Irish Academic Press, 2011) -- 18thC Irish intellectual history has enjoyed a revival in recent years. New scholarly resources, such as the Hoppen edition of the papers of the Dublin Philosophical Society and the recently published Berkeley correspondence, have been fundamental to that revival. Since 1986 the journal Eighteenth-Century Ireland: Iris an dá chultúr has sponsored a complex conversation on the meaning and legacy of the 18thC in Irish history. Work in the journal and beyond deploying “New British” and Atlantic histories, as well as continuing attention to Europe, has helped to enrich scholarly understanding of the environments in which Irish people thought and acted. The challenge facing historians of Ireland has been to find categories of analysis that could comprehend religious division and acknowledge the centrality of the confessional state without reducing all Irish experience to sectarian conflict. Clearly the thought of the Irish Catholic community could not be approached without an understanding of the life of the Continental Catholic Church. Archivium Hibernicum has been collecting and publishing the traces of that history for a hundred years and new digital resources such as the Irish in Europe database have extended that work in new directions. The Atlantic and “New British” contexts have been more proximately important for the Protestant intellectual tradition. -- paywall
articles  books  reviews  paywall  intellectual_history  18thC  Ireland  Protestants-Ireland  Catholics-Ireland  Berkeley  Anglo-Irish_constitution  British_politics  reform-social  reformation_of_manners  virtue_ethics  civic_virtue  Protestant_Ascendancy  Whigs-oligarchy  Church_of_England  Church_of_Ireland  patronage  networks-political  networks-social  networks-information  fiscal-military_state  public_finance  taxes  credit  financial_innovation  financial_sector_development  economic_history  political_economy  politics-and-religion  politics-and-money 
february 2015 by dunnettreader
Chuck Marr and Chye-Ching Huang - Obama’s Capital Gains Tax Proposals Would Make Tax Code More Efficient and Fair | Center on Budget and Policy Priorities -Jan 2015
The tax code strongly favors income from capital gains — increases in the value of assets, such as stocks — over income from wages and salaries. These preferences are economically inefficient: they promote tax schemes that convert ordinary income into capital gains and encourage people to hold assets just to escape tax, even if they have better investment opportunities. They are also highly regressive, since capital gains are heavily concentrated at the top of the income scale. The President has proposed to make the tax code more efficient and equitable by reducing one of the biggest subsidies for capital gains (a preferential rate compared to wage and salary income) and largely eliminating another (the ability to avoid capital gains tax completely by holding on to an asset until death). These changes would allow investments to flow to where they are most productive and reduce investment in creating tax avoidance schemes instead of in real economic activity, among other economic benefits. And, because the benefits of the current preferences for capital gains flow overwhelmingly to the top, fully 99 percent of the revenue from the President’s capital gains proposals would come from the top 1 percent of filers, the Treasury Department estimates. -- 7 page report downloaded as pdf to Note
US_economy  US_politics  Obama_administration  taxes  tax_policy  tax_reform  capital  investment  1-percent  inheritance  tax_collection  public_finance  public_policy  trickle-down  incentives  incentives-distortions  distribution-wealth  distribution-income  downloaded  EF-add 
january 2015 by dunnettreader
Mike Konczal - The 2003 Dividend Tax Cut Did Nothing to Help the Real Economy | Next New Deal January 2015
Pre Obama proposal to reverse part of Bush tax cuts - Berkeley economist Danny Yagan’s fantastic new paper, “Capital Tax Reform and the Real Economy: The Effects of the 2003 Dividend Tax Cut” -- He uses a large amount of IRS data on corporate tax returns to compare S-corporations with C-corporations. C-corps are publicly-traded, S-corps are closely held without institutional investors. But they are largely comparable in the range Yagan looks at (between $1 million and $1 billion dollars in size), as they are competing in the same industries and locations. -- S-corps don’t pay a dividend tax and thus didn’t benefit from the big 2003 dividend tax cut, while C-corps do pay them and did benefit. So that allows Yagan to set up S-corps as a control group and see what the effect of the massive dividend tax cut on C-corporations has been. -- [Yagan finds no difference in things we want to encourage] -- The one thing that does increase for C-corps of course, is the disgorgement of cash to shareholders -- an increase in dividends and share buybacks. This shows that these corps are responding to the tax cut; they just happen to be decisions that benefit, well, probably not you. If right now you are worried that too much cash is leaving firms to benefit a handful of investors while the real economy stagnates, suddenly Clinton-era levels of dividend taxation don’t look so bad. -- downloaded pdf to Note
paper  US_economy  US_politics  21stC  taxes  corporate_finance  corporate_tax  capital  dividends  investment  shareholders  investors  GOP  shareholder_value  tax_policy  tax_reform  supply-side  trickle-down  Obama_administration  Bush_administration  distribution-income  distribution-wealth  1-percent  downloaded  EF-add 
january 2015 by dunnettreader
Ronald B. Davies, Julien Martin, Mathieu Parenti, Farid Toubal - Multinational firms and transfer pricing: New evidence | VOX, CEPR’s Policy Portal - 05 January 2015
Allegations of tax-avoiding transfer pricing by multinational firms are common, but economic evidence is scarce. This column discusses detailed price data for intra-firm and arm’s length transactions that reveals tax-driven transfer pricing, and suggests that it may be reduced by focusing on a small number of large firms in a small number of tax havens.
US_govetnment  global_economy  taxes  tax_havens  MNCs  transfer_pricing 
january 2015 by dunnettreader
Maarten van ’t Riet, Arjan Lejour - Tax inversion remains (huge) | VOX, CEPR’s Policy Portal - 05 January 2015 -
The recent actions of the US Treasury to rein in corporate tax inversions leave their rationale largely intact. This column discusses new evidence suggesting that the potential tax benefits of inversions are still huge. The recent Treasury measures raised legal obstacles, but the heart of the problem remains unaddressed. At some point a new technique is likely to be found to circumvent the new measures – just as happened with earlier measures. This is a worldwide problem.
US_economy  US_govetnment  MNCs  taxes  tax_havens  M&A 
january 2015 by dunnettreader
Thorsten Beck, W Wagner, PR Lane, D Schoenmaker, E Carletti, F Allen - CEPR Report summary: Cross-border banking in Europe | VOX, CEPR’s Policy Portal - 20 June 2011
...a new CEPR report analysing key aspects of cross-border European banking. (..) policy reforms in micro- and macro-prudential regulation and macroeconomic policies are urgently needed for Europe to improve its efficiency and reduce its risk. -- compared to previous experiences, cross-border banking itself played a relatively positive role during the crisis – especially for countries in C & E Europe that rely heavily on foreign banks. Rather, the crisis has been exacerbated by an inadequate response of regulators (..)a misalignment of regulatory incentives and a lack of an appropriate resolution framework on both national and supra-national level. -- we study whether cross-border banking flows in the EU create risk concentrations that may amplify financial vulnerabilities. ... it is key to evaluate this issue not only at the level of the individual countries, but also at the EU-level. (..) we find that the structure of the large banking centres in the EU tends to be well balanced. C & E European countries are highly dependent on a few W European banks, and the Nordic and Baltic (is) interwoven without much diversification. At the system-level, the EU – in contrast to other regions – is poorly diversified (plus) overexposure to the US. (..) [given need to manage systemic risks in setting macro policy] requires a partial reversal from strict inflation targeting (..) even though financial stability is an important prerequisite for effective monetary policy. (..) One such risk [that cross-border banks are prone to is] that in times of crisis, the prices of assets may no longer reflect fundamental values (especially under) mark-to-market accounting. (..) (our recommendations focus) on solutions at the European – rather than the national – level. (..)the only real alternative to this is to require cross-border banks to organise themselves as a string of national stand-alone subsidiaries, which foregoes the significant benefits of having a single market in the EU. -- downloaded pdf to Note
report  EU  Eurozone  financial_system  financial_regulation  financial_crisis  risk-systemic  banking  cross-border  regulation-harmonization  macroprudential_policies  macroprudential_regulation  macroeconomics  fiscal_policy  taxes  corporate_tax  shadow_banking  downloaded  EF-add 
november 2014 by dunnettreader
Thorsten Beck, W Wagner, PR Lane, D Schoenmaker, E Carletti, F Allen - CEPR Report: Cross-Border Banking in Europe: Implications for Financial Stability and Macroeconomic Policies (June 2011) | VOX, CEPR’s Policy Portal
This CEPR report argues that policy reforms in micro- and macro-prudential regulation and macroeconomic policies are needed for Europe to reap the important diversification and efficiency benefits from cross-border banking, while reducing the risks stemming from large cross-border banks. Among the wishlist is removing tax preferences for debt over equity. -- see related VoxEU bookmark to executive summary as a VoxEU article -- downloaded pdf to Note
report  EU  Eurozone  financial_system  financial_regulation  financial_crisis  risk-systemic  banking  cross-border  regulation-harmonization  macroprudential_policies  macroprudential_regulation  macroeconomics  fiscal_policy  taxes  corporate_tax  shadow_banking  downloaded  EF-add 
november 2014 by dunnettreader
Sept 2014 - BEPS 2014 Deliverables Explanatory Statement‌ | Tax - OECD
The BEPS Project aims to provide governments with clear international solutions for fighting corporate tax planning strategies that exploit gaps and loopholes of the current system to artificially shift profits to locations where they are subject to more favourable tax treatment. The OECD work is based on a BEPS Action Plan endorsed by the G20 in July 2013, which identified 15 key areas to be addressed by 2015; with 7 actions to be delivered in September 2014. This Explanatory Statement provides an overview of the seven BEPS reports delivered in 2014, which were arrived at through consensus of 44 countries on an equal footing (including all OECD members, OECD accession countries, and G20 countries) and extensive consultation of developing countries, business, NGOs and other stakeholders. It describes the context for the BEPS project and outlines the process for the work to date. It also describes the status of the 2014 reports in the context of the overall BEPS project, including remaining technical issues and potential interaction with the remaining BEPS work. Finally, it outlines the next steps for the BEPS work. -- downloaded pdf to Note
report  OECD  G20  BEPS  taxes  tax_havens  tax_collection  OECD_economies  MNCs  transfer_pricing  corporate_tax  cross-border  accounting  IP  international_political_economy  global_governance  downloaded  EF-add 
november 2014 by dunnettreader
Fiscal federalism network - OECD
The OECD Network on Fiscal Relations across Levels of Government provides analysis and statistical underpinnings on the relationship between central and subcentral government, and its impact on efficiency, equity and macroeconomic stability. -- Main page for reports, white papers, guides, articles, links to OECD databases
OECD  website  OECD_economies  taxes  tax_collection  fiscal_policy  state_government  cities  federalism  sovereign_debt  public_finance  statistics  databases  report  links  accountability  reform-economic  reform-finance  reform-legal  comparative_economics  centralization  central_government  center-periphery  local_government  decentralization 
november 2014 by dunnettreader
Alain Charlet and Jeffrey Owens - An International Perspective on VAT - Tax Notes International, Sept 2010
An International Perspective on VAT -- by Alain Charlet and Jeffrey Owens -- Tax Notes International, Vol 59, No. 12, pp 943-54 -- September 20, 2010 -- Downloaded pdf from OECD > Centre for Tax Polic...
article  OECD  OECD_economies  taxes  tax_collection  consumers  fiscal_policy  economic_growth  political_economy  political_culture  government_finance  redistribution  sovereign_debt  inequality  downloaded  EF-add  from notes
november 2014 by dunnettreader
OECD's Committee on Fiscal Affairs - Consultation Papers and Comments Received (regularly updated) | Tax - OECD
The OECD's Committee on Fiscal Affairs consults with business and other interested parties through a variety of means to inform its work in the tax area. One important way of obtaining such input is through the release of papers or discussion drafts for public comment. Below is a list of past discussion drafts for comments: -- list with links to papers and comments regularly updated
OECD  OECD_economies  international_political_economy  global_governance  taxes  tax_havens  tax_collection  governments-information_sharing  fiscal_policy  sovereign_debt  public_finance  regulation-harmonization  regulation-enforcement  regulation-costs  transparency  cross-border  MNCs  international_organizations  international_finance  website  links  report 
november 2014 by dunnettreader
Oct 2014 - OECD - Heads of Tax Administration agree global actions | Tax administration - OECD
24/10/2014 - The OECD/G20 Base Erosion and Profit Shifting (BEPS) Project and the move to automatic exchange of financial account information took centre stage when Heads of Tax Administration met on 23-24 October in Dublin, Ireland. Nearly forty delegations, including international and regional tax organisations, participated in the Ninth Meeting of the OECD Forum on Tax Administration (FTA) and agreed that ever greater co-operation will be necessary to implement the results of the BEPS project and automatic exchange of information. Specifically they agreed: ** A strategy for systematic and enhanced co-operation between tax administrations; ** To invest the resources needed to implement the new standard on automatic exchange of information; and ** To improve the practical operation of the mutual agreement process. The communiqué contains links to the following publications that have just been released by the FTA: ** Increasing Taxpayers’ Use of Self-service Channels ** Working Smarter in Tax Debt Management ** Tax Compliance by Design – Achieving improved SME Tax Compliance by Adopting a System Perspective ** Measures of Tax Compliance Outcomes – A Practical Guide -- The FTA is the leading international body concerned with tax administration, bringing together the heads of tax administrations from the OECD, members of the G20 and large emerging economies.
OECD_economies  emerging_markets  OECD  G20  BEPS  international_political_economy  global_governance  taxes  tax_havens  tax_collection  MNCs  SMEs  fiscal_policy  sovereign_debt  public_finance  regulation-harmonization  regulation-enforcement  regulation-costs  transparency  cross-border  governments-information_sharing  government_finance  government_agencies  administrative_law 
november 2014 by dunnettreader
Oct 2014 - Tax Compliance by Design: Achieving Improved SME Tax Compliance by Adopting a System Perspective Tax administration - OECD
This study introduces the concept of “Tax Compliance by design”. It describes how revenue bodies can exploit developments in technology and the ways in which modern SMEs organise themselves to incorporate tax compliance into the systems businesses use to manage their financial affairs. - Report can be read online or downloaded for $
OECD  OECD_economies  taxes  tax_collection  SMEs  business_processes  accounting  regulation-costs  regulation-enforcement 
november 2014 by dunnettreader
Addressing the Tax Challenges of the Digital Economy (Sept 2014) - OECD/G20 Base Erosion and Profit Shifting Project Tax | OECD
The spread of the digital economy poses challenges for international taxation. This report sets out an analysis of these tax challenges. It notes that because the digital economy is increasingly becoming the economy itself, it would not be feasible to ring-fence the digital economy from the rest of the economy for tax purposes. The report notes, however, that certain business models and key features of the digital economy may exacerbate BEPS risks. These BEPS risks will be addressed by the work on the other Actions in the BEPS Action Plan, which will take the relevant features of the digital economy into account. The report also analyses a number of broader tax challenges raised by the digital economy, and discusses potential options to address them, noting the need for further work during 2015 to evaluate these broader challenges and potential option. - Report can be read online or $ for download
report  OECD  G20  BEPS  21stC  international_political_economy  global_governance  MNCs  taxes  tax_havens  tax_collection  OECD_economies  transfer_pricing  transaction_costs  digital_economy  accounting  firms-structure  IP  profit  arms-length_transactions  treaties  corporate_citizenship  corporate_law  corporate_tax  reform-legal  fiscal_policy 
november 2014 by dunnettreader
Oct 2014 - Release of discussion draft on Action 7 of the BEPS Action Plan (Artificial Avoidance of Permanent Establishment Status) | Tax treaties - OECD
The OECD Action Plan on Base Erosion and Profit Shifting, July 2013, identifies 15 actions to address BEPS in a comprehensive manner and sets deadlines to implement these actions. Action 7 – Prevent the Artificial Avoidance of PE (permanent establishment) Status -- including through the use of commissionnaire arrangements and the specific activity exemptions. Work on these issues will also address related profit attribution issues. -- Public comments are invited on a discussion draft which ... includes proposals for changes to the definition of PE in the OECD Model Tax Convention. -- The Action Plan also notes that MNCs may artificially fragment their operations among multiple group entities to qualify for the exceptions to PE status for preparatory and auxiliary activities. -- Further, the Report Addressing the Tax Challenges of the Digital Economy has identified issues in the digital economy that need to be taken into account in the course of the work on Action 7, namely ensuring that core activities cannot inappropriately benefit from the exception from PE status and that artificial arrangements relating to sales of goods and services cannot be used to avoid PE status.
OECD  OECD_economies  international_political_economy  global_governance  MNCs  taxes  tax_havens  tax_collection  transfer_pricing  treaties  BEPS  accounting  corporate_tax  corporate_citizenship  corporate_law  reform-legal  digital_economy  G20  profit  arms-length_transactions  transaction_costs  firms-structure 
november 2014 by dunnettreader
Kash Mansouri - What Is This ‘BEPS’ Thing, and Should I Care? | Transfer Pricing Economics - Oct 2014
From OECD - "The debate over base erosion and profit shifting (‘BEPS’) has reached the highest political level and has become an issue on the agenda of several OECD and non-OECD countries… The G20 leaders’ meeting in Los Cabos on 18-19 June 2012 explicitly referred to “the need to prevent base erosion and profit shifting” in their final declaration. G20 finance ministers, triggered by a joint statement of UK Chancellor Osborne and German Finance Minister Shaüble, have asked the OECD to report on this issue by their meeting in February 2013. Such a concern was also voiced by US President Obama in his Framework for Business Tax Reform, where it is stated that “the empirical evidence suggests that income-shifting behaviour by multinational corporations is a significant concern that should be addressed through tax reform”." -- The BEPS project is essentially a bunch of working groups, composed of officials from the world’s largest economies, that are tasked with the job of trying to figure out how the international tax landscape for corporations should be changed. They are focusing on a few specific areas, including but not limited to: ** Tax avoidance by digital companies: Do different rules need to be created to specifically address the digital economy? ** Financial loopholes: What changes need to be made to prevent companies from using financial instruments like intercompany loans to avoid paying tax on some of their income? ** Intangibles: Should international transfer pricing norms be revised to make it harder for companies to reduce their taxes simply by moving their intangibles to low-tax jurisdictions? ** Documentation: What sort of international reporting standards could be imposed to make it harder for global companies to shift their income into low-tax jurisdictions?
21stC  international_political_economy  global_governance  MNCs  taxes  tax_havens  tax_collection  OECD_economies  OECD  G20  BEPS  fiscal_policy  reform-legal  reform-economic  profit  transfer_pricing  transnational_elites  IP 
november 2014 by dunnettreader
Dave Johnson - The Cost To Our Economy From Republican Obstruction And Sabotage | Campaign for America's Future - September 2014
After listing key filibusters -- What would it have meant for the economy and jobs to launch a post-stimulus effort to maintain and modernize our infrastructure? How about reversing the tax structure that pays companies to move jobs out of the country? How about equal pay for women? How about a minimum wage increase? How about hundreds of thousands of teachers and first responders going back to work? How about being able to organize into unions to fight for wages, benefits and safer working conditions? How about relief from crushing student loan debt? -- In the House GOP leadership has been following the “Hastert Rule” to obstruct bills that would win with a majority vote. -- So instead of looking at what has been blocked in the House, we should look at what has passed. What has passed is a record of economic sabotage. Noteworthy is the GOP “Path to Prosperity Budget” (“Ryan budget”), described as “Cuts spending & implements pro-growth reforms that boost job creation.” It dramatically cuts taxes on the rich. It privatizes Medicare. It cuts spending on infrastructure, health care for the poor, education, research, public-safety, and low-income programs. It turns Medicaid, food stamps, and other poverty programs into state block grants. And lo and behold, this GOP budget that passed the House cuts taxes and cuts funding for even maintaining – never mind modernizing – our vital infrastructure needs. This is a budget of economic sabotage. Other GOP House “jobs” bills, listed at Boehner’s “jobs” page include: -- horrifyingly awful policies with Orwellian titles or red meat specials -- special attention to keeping oil & gas subsidies flowing and eviserating regulation, especially EPA -- Johnson stresses, the voters are unaware of all this thanks in part to the MSM which is ballanced re political parties, pro business & anti labor, and guilty of mindlessly peddling what Wren-Lewis calls mediamacro. Good links
US_economy  US_politics  Congress  Great_Recession  GOP  unemployment  public_finance  public_goods  state_government  welfare  social_insurance  poverty  infrastructure  Obama_administration  health_care  women-rights  women-work  wages  fiscal_policy  fiscal_drag  taxes  1-percent  energy  climate  regulation-environment  R&D  Senate  House_of_Representatives  polarization  student_debt  education-finance  education-privatization  corporate_tax  labor_law  unions  trickle-down 
october 2014 by dunnettreader
Jean-Philippe Genet - La genèse de l'État moderne: Culture et société politique en Angleterre (2003) | Livres -- Amazon.fr
La genèse de l'État moderne est le fruit d'une lente évolution à partir de la seconde moitié du XIIIe siècle, qui a d'abord affecté les monarchies féodales d'Occident : il y a quelques années, elle a fait l'objet d'études systématiques de nombreux historiens en Europe, grâce au CNRS et à la Fondation européenne de la Science. Le présent ouvrage est une étude de cas, consacrée à l'Angleterre, à bien des égards la plus précoce et la plus cohérente des constructions politiques médiévales qui, paradoxalement, est peu étudiée par les historiens français. On y retrouve le primat de la guerre et de la fiscalité dans la dynamique de la genèse de l'État moderne, ainsi que la mise en place d'un système judiciaire garantissant la reproduction de la classe dominante dans des conditions satisfaisantes. Mais l'ouvrage permet surtout de relever et d'articuler la corrélation entre le développement et la vitalité de la société politique, dont l'existence est une condition sine qua non pour l'État moderne, et la mutation de la culture et du système de communication médiéval, tant au niveau des médias et de la langue qu'à celui des types de textes produits. Par l'analyse de plus de 2200 bio-bibliographies d'" auteurs " actifs dans les domaines de l'histoire et du politique, et au moyen d'une théorie des champs de production textuelle, se dégage ce qu'a été l'idéologie spécifique du féodalisme d'État. Alors naissent progressivement les catégories modernes du politique, ainsi que la notion d'une société politique " nationale " -- Recommended in Penguin history of England bibliographies
books  amazon.fr  British_history  British_politics  medieval_history  13thC  14thC  15thC  nation-state  national_ID  political_culture  feudalism  legal_system  legal_culture  common_law  judiciary  historiography  political_sociology  military_history  state-building  political_economy  elites  elite_culture  monarchy  taxes  fiscal-military_state  nobility 
september 2014 by dunnettreader
Tax Analysts -- Ajay Gupta - Renouncing the Dogma of Surrey’s Infallibility - September 2014
The arm’s-length standard assumes that related entities are unrelated and seeks to find the price at which they would have bought and sold in the marketplace. A MNE, however, exists as an integrated firm precisely to avoid marketplace transactions. Disregarding that irreconcilable conflict may not have mattered in avoiding double taxation a half-century ago. But today the fiction of unrelated parties and market transactions not just obfuscates reality but can also compound the double nontaxation problem. This is especially true of intangibles that by definition have no physical situs and can therefore be deemed to have been created almost anywhere. Increasingly, an MNE’s profits are derived from intangibles and reinvested in research that develops and refines these virtual assets. As long as the OECD retains the blinkers of the arm’s-length standard, it is unlikely to see most cross-border research endeavors for what they truly are—cynical attempts at gaming the international tax regime. Treasury’s export of Surrey’s arm’s-length standard was perhaps the most successful case of ideological conversion in the arena of international tax policy. But the United States itself has been inching away from that construct. In 1986 Congress amended section 482 to require a "commensurate with income” standard for transfers of intangibles. Treasury proposed the profit-split method in 1988 and more recently finalized the cost-sharing regulations. Each of those attempts at reform rejects the simple-minded notion of market transactions between unrelated parties. The OECD, however, clings to the gospel of the arm’s-length standard with a zeal befitting a convert. It seems that Treasury will have to renounce the dogma of Surrey’s infallibility before a true reformation in transfer pricing can finally get underway.
global_governance  global_economy  MNCs  taxes  corporate_tax  cross-border  tax_havens  tax_collection  OECD  international_political_economy  international_organizations 
september 2014 by dunnettreader
Chart of the day | occasional links & commentary -September 2014
Standard & Poor’s [pdf] finds a strong correlation between growing income inequality and the fiscal crisis of the states. The argument is pretty straightforward: rising income inequality since the late 1970s has been accompanied by two trends in the tax revenues received by the various states: a slowing in the rate of growth of tax revenues (from 1980 to 2011, average annual state tax revenue growth fell to 5 percent from 10 percent) and by a growing volatility in state tax revenues (from a standard deviation of 3.55 during 1950-1979 and 1.04 during 1990-1999 to 5.78 from 2000 to 2009). And the explanation for this relationship? - " the higher savings rates of those with high incomes causes aggregate consumer spending to suffer. And since one person’s spending is another person’s income, the result is slower overall personal income growth despite continued strong income gains at the top." On top of that, "Those at the top obtain more of their income from capital gains, which on the whole, fluctuate much more than income from wages. Tax revenues reflect this — both as a consequence of higher top-end tax rates and because the top end is where the income growth has occurred –- and are, therefore, more volatile." Thus, we should understand the following: when Standard & Poor’s downgrades the credit rating of one or another state, it’s actually downgrading the rise of income inequality within and across the states.
US_economy  US_government  state_government  taxes  tax_collection  fiscal_policy  public_finance  rating_agencies  inequality  1-percent  capital_gains  economic_growth  wages  savings 
september 2014 by dunnettreader
Taxes and Growth | The Growth Economics Blog
William Gale and Andy Samwick have a new Brookings paper [link] out on the relationship of tax rates and economic growth in the U.S. Short answer, there is no relationship. They do not identify any change in the trend growth rate of real GDP per capita with changes in marginal income tax rates, capital gains tax rates, or any changes in federal tax rules. -- didn't download
US_economy  economic_history  taxes  economic_growth  trickle-down  paper 
september 2014 by dunnettreader
OECD (2013), Action Plan on Base Erosion and Profit Shifting,
OECD (2013), Action Plan on Base Erosion and Profit Shifting, Paris: OECD Publishing. Downloaded pdf to Note
OECD_economies  taxes  international_political_economy  global_governance  downloaded  from notes
september 2014 by dunnettreader
Ruud de Mooij, Michael Keen, Victoria Perry - Fixing international corporate taxation | vox 14 September 2014
IMF experience in developing countries points to some distinctive policy issues. Over the past 2 decades, developing countries have signed a huge number of tax treaties. But the evidence on whether they actually affect FDI (plagued by endogeneity issues) is mixed at best. What we do see in our country work are sometimes significant revenue losses, reinforced by the ability of MNCs to route and structure their intra-group payments to exploit treaty arrangements. This has for some while led IMF staff to (cautiously) urge caution in signing treaties – a view... included in the G20-OECD Action Plan of the Base Erosion and Profit Shifting project. [A less prominent but important issue] is the tax treatment of capital gains on the transfer of interest in assets, such as telecoms or mineral licenses – it may be possible to avoid tax in the country where these assets are inherently located by holding them through a chain of offshore companies, and then selling the claim to a low-tax jurisdiction. This has emerged as a macro-relevant concern in several low-income countries (such as Mauritania and Uganda). *-* The underlying policy issue is one of spillovers in international taxation – the effects that, through the ways in which business reacts, one country’s tax decisions have an impact on others. A low or zero tax rate on income arising in a country is only the most obvious route. Network externalities also arise from the signing of treaties (if A, which has a treaty with B, signs another with C, in effect creating a treaty between B and C without consent from B); and countries can compete over tax bases by special regimes for types of income or activities. *-* one has to start by looking at the basic architecture of international taxation. -- closer to where the world may be heading, is moving toward a combination of arm’s-length pricing on transactions where this is relatively easy (such as for most tangibles) and a formulaic profit split where it is not (such as for most intangibles). And there are other suggestions for fundamentally different international tax policies, such as that for destination-based corporate tax, which mimics a VAT but with a deduction for the cost of labour.
international_political_economy  global_economy  global_governance  taxes  tax_havens  MNCs  transfer_pricing  trade-agreements  treaties  international_law  international_economics  law-and-economics  law-and-finance  corporate_citizenship  emerging_markets  G20  OECD_economies  OECD  IMF  FDI  investment-bilateral_treaties  externalities  bibliography  EF-add 
september 2014 by dunnettreader
Raphaele Chappe - Policy Debates In A Post-Piketty World | Schwartz Center for Economic Policy Research - New School
As the ratio of capital to income (which Piketty terms "beta") increases, Piketty argues there is no natural mechanism that would lead r (the rate of return on capital) to adjust downwards so as to perfectly compensate the impact on the distribution, placing emphasis on policies that might reduce r. Taxation is one way to reduce r and Piketty's proposal is a progressive world-wide tax on wealth although many agree that this may prove politically unfeasible, especially in the absence of international legal cooperation. Other tax possibilities for fighting inequality include increasing tax rates on capital gains and dividends (which have been getting favorable treatment in the tax code as compared with labor income), or simply combating tax evasion for the wealthy (see The Price of Offshore Revisited). [Downloaded] In my own research, I plan to run simulations to test the effectiveness of such tax proposals, and their impact on the wealth distribution. -- According to a study written for the Tax Justice Network by a former chief economist at the consultancy firm McKinsey, a global super-rich elite has accumulated an astronomical amount of financial investments hidden in tax havens, at least $21 trillion and as much as $32 trillion of private offshore wealth (as of the end of 2010).
economic_theory  economic_growth  Piketty  inequality  wealth  taxes  tax_havens  1-percent  labor  wages  profit 
september 2014 by dunnettreader
Edward D. Kleinbard - 'Competitiveness' Has Nothing to Do With It (Tax Notes, Forthcoming) :: SSRN August 27, 2014
USC Gould School of Law -- USC CLASS Research Papers Series No. CLASS 14-26 - USC Legal Studies Research Papers Series No. 14-34 -- The recent wave of corporate tax inversions has triggered interest in what motivates these tax-driven transactions now. Corporate executives have argued that inversions are explained by an "anti-competitive" U.S. tax environment, as evidenced by the federal corporate tax statutory rate, which is high by international standards, and by its "worldwide" tax base. This paper explains why this competitiveness narrative is largely fact-free, in part by using one recent articulation of that narrative (by Emerson Electric Co.’s former vice-chairman) as a case study. The recent surge in interest in inversion transactions is explained primarily by U.S. based multinational firms’ increasingly desperate efforts to find a use for their stockpiles of offshore cash (now totaling around $1 trillion), and by a desire to "strip" income from the U.S. domestic tax base through intragroup interest payments to a new parent company located in a lower-taxed foreign jurisdiction. These motives play out against a backdrop of corporate existential despair over the political prospects for tax reform, or for a second "repatriation tax holiday" of the sort offered by Congress in 2004. '- Number of Pages in PDF File: 32 -- didn't download
paper  SSRN  US_economy  taxes  tax_havens  tax_collection  Congress  US_politics  globalization  global_economy  business-and-politics  corporate_finance  corporate_governance  corporate_citizenship 
september 2014 by dunnettreader
PHILIP LOFT -- POLITICAL ARITHMETIC AND THE ENGLISH LAND TAX IN THE REIGN OF WILLIAM III. (2013). | The Historical Journal, 56, pp 321-343. - Cambridge Journals Online - Abstract
PHILIP LOFT - University College London -- This article explores the role of the method of political arithmetic and political arithmeticians in the changing methods of raising finance during the Nine Years War. It discusses the actions of parliament-men in committees and their interaction with reports containing data, and the influence of projectors on the decision to introduce, and later abandon, the pound rate. Throughout this period, political arithmeticians were active participants, providing data, advice, and schemes to the treasury and parliament, and when they were not, ‘country’ MPs, in particular, were active in calling for data and leading its cross-examination. This article suggests that debates on public finance did not occur along party lines, with ‘county communities’ given fresh presence by the quantification of the inequality of the land tax burden. Political arithmetic is shown to have played an important role in the processes and negotiations that occurred over the setting of taxation policy in the ‘long eighteenth century’. -* I thank Julian Hoppit for his generous encouragement and comments on this article. Thanks also to Clare Jackson, Andrew Preston and the anonymous reviewers. - available for download - to Note
article  17thC  18thC  British_history  British_politics  economic_history  political_economy  Glorious_Revolution  William_III  Nine_Years_War  taxes  landed_interest  land_tax  fiscal_policy  fiscal-military_state  political_arithmetick  Parliament  House_of_Commons  Parliamentary_supremacy  Country_Party  oversight-legislature  public_finance  public_policy  partisanship  Whig_Junto  Tories  Whigs-opposition  sovereign_debt  downloaded  EF-add 
august 2014 by dunnettreader
PATRICK A. WALSH -- THE FISCAL STATE IN IRELAND, 1691–1769 (2013).| The Historical Journal, 56, pp 629-656 Cambridge Journals Online - Abstract
PATRICK A. WALSH - University College, Dublin (& UCL post doc fellowship) -- This article examines the Irish fiscal-military state in the eighteenth century. It locates the Irish state within a broader imperial context showing how Ireland contributed to the wider British imperial project. In particular, this article looks at the development of an efficient tax-gathering apparatus, showing how the revenue board, the most pervasive agency of the eighteenth-century Irish state, extracted increasing levels of taxation from a sometimes hostile population. Drawing extensively on the records of the Irish revenue commissioners, a very rich if under utilized source, it demonstrates for the first time the levels of taxation raised in Ireland, while also exploring how these taxes were collected. It concludes that this period saw the expansion of an increasingly professional bureaucracy, challenging existing interpretations that have focused predominantly on politicization. The final section looks at issues of evasion and compliance, showing the difficulties faced by the Irish state in this period, as it expanded deeper into Irish society. -* I would like to thank Stephen Conway, Niamh Cullen, Julian Hoppit, Eoin Magennis, and Ivar McGrath, as well as the two anonymous readers, for their comments on earlier drafts.
article  paywall  find  17thC  18thC  British_history  Ireland  Ireland-English_exploitation  taxes  fiscal-military_state  tax_collection  bureaucracy  state-building  British_Empire  British_Empire-constitutional_structure  UK_Government  UK_government-colonies  primary_sources  EF-add 
august 2014 by dunnettreader
The Roots of Liberty: Magna Carta, Ancient Constitution, and the Anglo-American Tradition of Rule of Law, ed. Ellis Sandoz, - Online Library of Liberty
Ellis Sandoz, The Roots of Liberty: Magna Carta, Ancient Constitution, and the Anglo-American Tradition of Rule of Law, edited and with an Introduction by Ellis Sandoz (Indianapolis: Liberty Fund, 2008). 07/12/2014. <http://oll.libertyfund.org/titles/2180> -- This is a critical collection of essays on the origin and nature of the idea of liberty. The authors explore the development of English ideas of liberty and the relationship those ideas hold to modern conceptions of rule of law. The essays address early medieval developments, encompassing such seminal issues as the common-law mind of the sixteenth century under the Tudor monarchs, the struggle for power and authority between the Stuart kings and Parliament in the seventeenth century, and the role of the ancient constitution in the momentous legal and constitutional debate that occurred between the Glorious Revolution and the American Declaration of Independence. Authors -- Corinne Comstock Weston - John Phillip Reid - Paul Christianson - Christopher W. Brooks - James Clarke Holt - Editor: Ellis Sandoz -- a lot of historiography discussion of legal history, politics and political philosophy - interesting to see their take on Pocock - original publication date 1993, so bibliography will be a bit dated and the articles won't reflect all the waves of revisionism but important place to start -- downloaded pdf to Note
books  etexts  legal_history  legal_theory  political_philosophy  Anglo-American  16thC  17thC  18thC  English_constitution  ancient_constitution  Anglo-Saxons  Norman_Conquest  Magna_Carta  Tudor  Elizabeth  James_I  Charles_I  Charles_II  James_II  William_III  Hanoverian_Succession  common_law  lawyers  judiciary  rule_of_law  British_history  British_politics  Atlantic  American_colonies  government-forms  mixed_government  Absolutism  republicanism  limited_monarchy  Parliament  Parliamentary_supremacy  citizens  legitimacy  authority  resistance_theory  Patriot_King  civil_liberties  civic_humanism  liberty  taxes  property  petitions  Petition_of_Right  House_of_Commons  House_of_Lords  checks-and-balances  separation-of-powers  franchise  bibliography  downloaded  EF-add 
july 2014 by dunnettreader
Lord Kames, Sketches of the History of Man, 3 vols., ed. James A. Harris - Online Library of Liberty
Henry Home, Lord Kames, Sketches of the History of Man Considerably enlarged by the last additions and corrections of the author, edited and with an Introduction by James A. Harris (Indianapolis: Liberty Fund, 2007). 3 Vols. 07/11/2014. <http://oll.libertyfund.org/titles/2031> -- Written late in his life, this 3 volume work deals with the idea of human progress. Vol. 1 deals with progress in property law, commerce, the treatment of women, and luxury. Vol. 2 deals with the development of states, government, and taxation. Vol. 3 deals with the progress of science.
books  etexts  18thC  intellectual_history  Enlightenment  Scottish_Enlightenment  Kames  historiography-18thC  stadial_theories  progress  civil_society  political_philosophy  human_nature  luxury  property  property_rights  legal_history  legal_culture  commerce  taxes  nation-state  state-building  Scientific_Revolution  Newtonian  EF-add 
july 2014 by dunnettreader
Sir Edward Coke, The Selected Writings and Speeches of Sir Edward Coke, ed. Steve Sheppard - 3 vols. set (2003) - Online Library of Liberty
Sir Edward Coke, The Selected Writings and Speeches of Sir Edward Coke, ed. Steve Sheppard (Indianapolis: Liberty Fund, 2003). 3 vols. 07/11/2014. <http://oll.libertyfund.org/titles/1884> -- A 3 vol. set of The Selected Writings. Vol. 1 contains a long introduction by the editor and 13 parts of the Reports [downloaded to Note]. Vol. 2 contains Coke’s Speech at Norwich, exerpts from the small treatises, and exerpts from the 4 parts of the Institutes. Vol. 3 contains Coke’s speech in Parliament (inlcuding the Petiton of Right), a number of official acts related to Coke’s career, and other matters.
books  etexts  17thC  British_history  British_politics  English_Civil_War  James_I  Charles_I  Parliament  prerogative  common_law  commonwealth  taxes  ancient_constitution  lawyers  judiciary  legal_history  legal_system  legal_theory  legal_culture  EF-add 
july 2014 by dunnettreader
Sir Edward Coke, The Selected Writings and Speeches of Sir Edward Coke, ed. Steve Sheppard (2003) Vol. I of 3 - Online Library of Liberty
Sir Edward Coke, The Selected Writings and Speeches of Sir Edward Coke, ed. Steve Sheppard (Indianapolis: Liberty Fund, 2003). Vol. 1. 07/11/2014. <http://oll.libertyfund.org/titles/911> -- Vol. 1 of a 3 vol. set of The Selected Writings. This volume contains a long introduction by the editor and 13 parts of the Reports. -- downloaded pdf to Note
books  etexts  Medieval  14thC  15thC  16thC  17thC  English_constitution  legal_history  legal_system  legal_culture  common_law  ancient_constitution  Parliament  monarchy  commonwealth  legislation  judiciary  civil_liberties  property  property_rights  James_I  Charles_I  taxes  prerogative  Magna_Carta  lawyers  equity  downloaded  EF-add 
july 2014 by dunnettreader
L. J. Reeve - The Legal Status of the Petition of Right | JSTOR: The Historical Journal, Vol. 29, No. 2 (Jun., 1986), pp. 257-277
Useful for bibliography and overview of century of revisionism and counter revisionism since Gardiner. See Kishlansky for further counter-counter revisionism on Petition of Right that places more blame on the radical enemies of Buckingham including Selden-- downloaded pdf to Note
article  jstor  17thC  British_history  historiography  revisionism  British_politics  legal_history  judiciary  legislation  Petition_of_Right  petitions  Charles_I  Parliament  prerogative  civil_liberties  public_finance  taxes  common_law  bibliography  downloaded  EF-add 
june 2014 by dunnettreader
Mark Kishlansky - Tyranny Denied: Charles I, Attorney General Heath, and the Five Knights' Case | JSTOR: The Historical Journal, Vol. 42, No. 1 (Mar., 1999), pp. 53-83
This article exonerates Charles I and Attorney General Sir Robert Heath from charges that they tampered with the records of the court of King's Bench in the Five Knights' Case. It refutes allegations made by John Selden in the parliament of 1628 and repeated by modern historians. Selden's attack on Heath and the king's government was based on a fundamental misunderstanding of the nature of King's Bench enrolments and a radical view of the crown's intentions in imprisoning loan resisters. The view that Charles was attempting to establish the prerogative right to imprison opponents without remedy at common law has no basis in either the arguments presented during the Five Knights' Case or the king's behaviour both before and during the parliament. By accepting the most radical critique of Caroline government at face value, historians have concluded that Charles was attempting to establish a `legal tyranny'. This article rejects these views. -- among other criticisms, notes that historians following Pocock have elevated a "common law mentality" to the heart of 17thC political culture, thereby underestimating the radicalism of Selden, Coke et al in forcing the confrontation that converted the Petition of Right into a non-negotiable statue that was subsequently used in proceedings against the king's actions during Personal Rule -- didn't download
article  jstor  17thC  British_history  British_politics  Charles_I  Parliament  taxes  counselors  Selden  common_law  prerogative  Pocock  ancient_constitution  Coke  political_culture  judiciary  habeas_corpus  sovereign_debt  public_finance  British_foreign_policy  Petition_of_Right  legislation  bibliography  revisionism  EF-add 
june 2014 by dunnettreader
Jonathan D Ostry, Andrew Berg, Charalambos Tsangarides (IMF) - Redistribution, inequality, and sustainable growth | vox , 6 March 2014
New IMF study - Inequality has the potential to undermine growth. However, greater redistribution requires higher tax rates, which reduce incentives to work and save. Moreover, the evidence that inequality is bad for growth might simply reflect the fact that more unequal societies choose to redistribute more, and those efforts are antithetical to growth. This column presents evidence from a new dataset on pre- and post-tax inequality. The authors find that income equality is protective of growth, and that redistributive transfers on average have little if any direct adverse impact on growth.
paper  IMF  economic_history  economic_growth  inequality  redistribution  taxes  incentives  econometrics  economic_sociology  economic_reform  EF-add 
june 2014 by dunnettreader
Suresh Naidu - Capital Eats the World | Jacobin May 2014
A first step could be a multisector model with both a productive sector and an extractive, rent-seeking outlet for investment, so that the rate of return on capital has the potential to be unanchored from the growth of the economy. This model could potentially do a better job of explaining r > g in a world where capital has highly profitable opportunities in rent-seeking ....More fundamentally, a model that started with the financial and firm-level institutions underneath the supply and demand curves for capital, rather than blackboxing them in production and utility functions, could illuminate complementarities among the host of other political demands that would claw back the share taken by capital and lower the amount paid out as profits before the fiscal system gets its take. This is putting meat on what Brad Delong calls the “wedge” between the actual and warranted rate of profit. -- We need even more and even better economics to figure out which of these may get undone via market responses and which won’t, and to think about them jointly with the politics that make each feasible or not. While Piketty’s book diagnoses the problem of capital’s voracious appetite, it would require a different kind of model to take our focus off the nominal quantities registered by state fiscal systems, and instead onto the broader distribution of political power in the world economy.
books  reviews  kindle-available  Piketty  political_economy  economic_theory  heterodox_economics  neoclassical_economics  economic_models  economic_growth  wealth  capital  finance_capital  capitalism  labor  Labor_markets  unemployment  markets_in_everything  tax_havens  investment  investors  savings  inheritance  profit  corporate_governance  corporate_citizenship  inequality  technology  1-percent  rent-seeking  rentiers  class_conflict  oligarchy  taxes  productivity  corporate_finance  property  property_rights  neoliberalism 
june 2014 by dunnettreader
Guy Chet - The Ocean Is a Wilderness: Atlantic Piracy and the Limits of State Authority, 1688-1856 | University of Massachusetts Press
Historians have long maintained that the rise of the British empire brought an end to the great age of piracy, turning the once violent Atlantic frontier into a locus of orderly commerce by 1730. Guy Chet documents the persistence of piracy, smuggling, and other forms of illegal trade throughout the 18thC despite ongoing governmental campaigns to stamp it out. The failure of the Royal Navy to police oceanic trade reflected the state’s limited authority and legitimacy at port, in the courts, and in the hearts and minds of Anglo-American constituents. Chet shows how the traditional focus on the growth of the modern state overlooks the extent to which old attitudes and cultural practices continued to hold sway. Even as the British government extended its naval, legal, and bureaucratic reach, in many parts of the Atlantic world illegal trade was not only tolerated but encouraged. In part this was because Britain’s constabulary command of the region remained more tenuous than some have suggested, and in part because maritime insurance and wartime tax policies ensured that piracy and smuggling remained profitable. When Atlantic piracy eventually waned in the early 19thC, it had more to do with a reduction in its profitability at port than with forceful confrontation at sea. -- Jack Greene gives it high marks
books  17thC  18thC  19thC  British_history  British_Empire  British_Navy  UK_Government  UK_government-colonies  Atlantic  piracy  risk  taxes  insurance  financial_system  smuggling  profit  ports  judiciary  American_colonies  West_Indies 
may 2014 by dunnettreader
James Galbraith - review of Thomas Piketty - Kapital for the Twenty-First Century? | Dissent Magazine
Very useful critique of notion of "capital" used by Piketty. Doesn't quarrel with the accumulation dynamics but the attempt to tie rates of return on "capital" and growth rates (presumably reflecting capital labor ratio). What Piketty is really measuring isn't capital in the production function (which in any event Galbraith dings per the Cambridge capital theorists), but financial wealth, which varies with asset prices. The historical pattern of the ratio of wealth to GDP is accurate, but not the causal story.
books  reviews  capital  capitalism  inequality  economic_growth  economic_history  economic_theory  taxes  interest_rates  rentiers  plutocracy  financialization  finance_capital  EF-add 
april 2014 by dunnettreader
Deborah Boucoyannis - The Equalizing Hand: Why Adam Smith Thought the Market Should Produce Wealth Without Steep Inequality | Cambridge Journals Online - Perspectives on Politics - Dec 2013
For long overview of the article, see her post from the LSE blog -- Perspectives on Politics, 11, pp 1051-1070. doi:10.1017/S153759271300282X. - That the market economy inevitably leads to inequality is widely accepted today, with disagreement confined to the desirability of redistributive action, its extent, and the role of government in the process. The canonical text of liberal political economy, Adam Smith's Wealth of Nations, is assumed even in the most progressive interpretations to accept inequality, rationalized as the inevitable trade-off for increasing prosperity compared to less developed but more equal economies. I argue instead that Smith's system, if fully implemented, would not allow steep inequalities to arise. In Smith, profits should be low and labor wages high, legislation in favor of the worker is “always just and equitable,” land should be distributed widely and evenly, inheritance laws liberalized, taxation can be high if it is equitable, and the science of the legislator is necessary to put the system in motion and keep it aligned. Market economies are made in Smith's system. Political theorists and economists have highlighted some of these points, but the counterfactual “what would the distribution of wealth be if all the building blocks were ever in place?” has not been posed. Doing so encourages us to question why steep inequality is accepted as a fact, instead of a pathology that the market economy was not supposed to generate in the first place. --Deborah Boucoyannis is Assistant Professor at the University of Virginia (dab5fw@virginia.edu). Her interests lie in the historical preconditions for the emergence of the liberal order and of constitutionalism.
paper  paywall  political_economy  intellectual_history  economic_theory  Smith  18thC  British_history  Scottish_Enlightenment  inequality  wages  taxes  landowners  monopolies  rent-seeking  luxury  consumer_demand  competition  profit  regulation  power  investment  capital  neoliberalism  Labor_markets  EF-add 
april 2014 by dunnettreader
Deborah Boucoyannis - For Adam Smith, inequality was contrary to the Wealth of Nations | British Politics and Policy at LSE – Feb 2014
Overview of her article in Perspectives on Politics - see Cambridge Journals bookmark - The assumption that Adam Smith accepted inequality as the necessary trade-off for a more prosperous economy is wrong, writes Deborah Boucoyannis. In reality, Smith’s system precluded steep inequalities not out of a normative concern with equality but by virtue of the design that aimed to maximise the wealth of nations. Much like many progressive critics of current inequality, Smith targets rentier practices by the rich and powerful as distorting economic outcomes.
paper  political_economy  intellectual_history  economic_theory  Smith  18thC  British_history  Scottish_Enlightenment  inequality  wages  taxes  landowners  monopolies  rent-seeking  luxury  consumer_demand  competition  profit  regulation  power  investment  capital  neoliberalism  Labor_markets  EF-add 
april 2014 by dunnettreader
Johan van der Zande - Statistik and History in the German Enlightenment | JSTOR: Journal of the History of Ideas, Vol. 71, No. 3 (July 2010), pp. 411-432
Not statistics but the collection and study of information about the states of Europe - connected to cameralism and focus on political economy rather than military -though clearly how to survive and thrive as an independent state in the European system a major impetus. Van der Zande uses analogy of Venetian ambassadors. Gets launched in a big way in 1750s and has ceased to be a separate important discipline by the early 19thC, the apparent victim of Germany's historical age. Interesting view of motives, academic and bureaucratic resources German states within and without the HRE, the European system, alternative philosophies of human nature, happiness, commerce and the roles of the state. -- downloaded pdf to Note
article  jstor  intellectual_history  18thC  Germany  Enlightenment  Austria  historiography-18thC  political_arithmetick  governance  enlightened_absolutism  cameralism  commerce  agriculture  trade  manufacturing  trading_companies  taxes  social_sciences  nation-state  bureaucracy  public_health  demography  downloaded  EF-add 
february 2014 by dunnettreader
Heterodox Economics - Readings | HMiRN
Extensive list of books, chapters, journal articles, periodically updated since 2011 -- Contents --
1. History and Methodology of Heterodox Microeconomics
2. Critiques of Mainstream Microeconomics
3. Principles of Heterodox Microeconomic Theory
4. Theory of the Business Enterprise
5. Structure of Production and Costs of the Business Enterprise
6. Costing, Pricing, and Prices
7. Investment, Finance, and Employment
8. Households, Consumption, and Market Demand
9. Industry and Market
10. Competition
11. Corporate Governance, Market Governance, and Market Regulation
12. Social Welfare
13. Heterodox Microfoundations and Modeling the Economy
bibliography  economic_theory  economic_history  economic_models  economic_sociology  firms-theory  Labor_markets  capital  corporate_governance  corporate_finance  M&A  regulation  consumers  consumer_demand  monopolies  finance_capital  taxes  competition  investment  prices  wages  heterodox_economics  microeconomics  macroeconomics  neoclassical_economics  EF-add 
february 2014 by dunnettreader
Frances Coppola - Experiment with Basic Income: The Speenhamland System |Pieria Jan 2014
In 1795, the parish of Speen, in Berkshire, England, embarked on a radical new system of poor relief. Due to the ruinous French wars and a series of poor harvests, grain prices were rising sharply. As bread was the staple food of the poor, rising grain prices increased poverty and caused unrest. Concerned by the possibility of riots, the parish decided to provide subsistence-level income support to the working poor. -- Discusses Poor Laws pre 1832, Bentham attitude to work, Ricardo concern with labor supply, Malthus contrihution to debate - and Deidre McCloskey studies - and post 1834 workhouse system
18thC  19thC  British_history  British_politics  social_history  economic_history  political_economy  Poor_Laws  poverty  Bentham  Ricardo  Malthus  agriculture  taxes  landowners  wages  Labor_markets  Industrial_Revolution  prices  Napoleonic_Wars  Victorian  market_integration  EF-add 
january 2014 by dunnettreader
Nathan Sussman and Yishay Yafeh - Institutional Reforms, Financial Development and Sovereign Debt: Britain 1690-1790 | JSTOR: The Journal of Economic History, Vol. 66, No. 4 (Dec., 2006), pp. 906-935
We revisit the evidence on the relations between institutions, the cost of government debt, and financial development in Britain (1690-1790) and find that interest rates remained high and volatile for four decades after the Glorious Revolution, partly due to wars and instability; British interest rates co-moved with those in Holland; Debt per capita remained lower in Britain than in Holland until around 1780; and Britain did not borrow at lower rates than European countries with more limited protection of property rights. We conclude that, in the short run, institutional reforms are not rewarded by financial markets. -- reasonably up to date bibliography on institutional_economics, behavioral_economics, financial markets (Shleifer et al), emerging markets, economic history of 17thC 18thC 19thC re industrial revolution, crowding_out and public finance -- downloaded pdf to Note
article  jstor  economic_history  political_history  finance_capital  capital_markets  capital_flows  sovereign_debt  17thC  18thC  British_history  Dutch  France  public_finance  taxes  interest_rates  institutional_economics  institutional_change  North-Weingast  constitutionalism  Absolutism  behavioral_economics  emerging_markets  international_finance  bibliography  downloaded  EF-add 
january 2014 by dunnettreader
Michael J. Braddick - Popular Politics and Public Policy: The Excise Riot at Smithfield in February 1647 and Its Aftermath | JSTOR: The Historical Journal, Vol. 34, No. 3 (Sep., 1991), pp. 597-626
Historiographical split between those who see excise protests as political instability and economic historians who love excise taxes for all the revenue it brings in - need a better approach to linking public protest and policies -- part of Braddick program on public finance and where policies actually played out so useful historiography and bibliography-- didn't download
article  jstor  political_history  social_history  economic_history  political_culture  public_finance  public_disorder  popular_politics  political_economy  17thC  British_politics  excise  taxes  riots  Charles_I  English_Civil_War  crowds  protests  bibliography  EF-add 
january 2014 by dunnettreader
Jonathan White - The “Slow but Sure Poyson”: The Representation of Gin and Its Drinkers, 1736–1751 | JSTOR: Journal of British Studies, Vol. 42, No. 1 (January 2003), pp. 35-64
It can often seem that William Hogarth's famous Gin Lane (1751) says all that would ever need to be said about the “gin craze” of the early eighteenth century. The engraving has come to be virtually identified with its subject, revealing and circumscribing possible histories within its familiar lines. Yet, Gin Lane appeared at a determinate moment, chronologically marking the end of the gin craze and the culmination of one phase in the history of proletarian drinking. During this phase, as I will argue, there were significant changes in both the social conditions and relations that shaped laboring-class drinking and the ideas through which the propertied classes attempted to understand and control it. That this has not been argued before suggests how many historians have approached this phenomenon as a distinct social problem with fairly simple, basic features. -- downloaded pdf to Note
article  jstor  social_history  cultural_history  political_history  18thC  British_history  British_politics  lower_orders  popular_culture  popular_politics  gin_craze  public_disorder  crime  violence  riots  public_opinion  Parliament  taxes  Whigs-oligarchy  1730s  1740s  Hogarth  bibliography  downloaded  EF-add 
january 2014 by dunnettreader
Julian Hoppit - Political Arithmetic in Eighteenth-Century England | JSTOR: The Economic History Review, New Series, Vol. 49, No. 3 (Aug., 1996), pp. 516-540
With regard to public policy, in late seventeenth-century Britain there was a remarkable development of social statistics, what Petty called 'political arithmetic'. The general view, however, is that this new approach ended early in the eighteenth century only to be rediscovered by the early Victorian statistical movement. In fact, through the eighteenth century public policy continued to be considered partly in quantitative terms. This article explores some of the dimensions and peculiarities of this varied and extensive political arithmetic. -- downloaded pdf to Note
article  jstor  economic_history  political_history  18thC  British_politics  political_arithmetick  UK_economy  UK_Government  Parliament  public_policy  public_opinion  political_press  economic_growth  wages  prices  trade  fiscal_policy  sovereign_debt  fiscal-military_state  taxes  Excise_Crisis  luxury  UK_government-colonies  downloaded  EF-add 
january 2014 by dunnettreader
E. A. J. Johnson: Unemployment and Consumption: The Mercantilist View - JSTOR: The Quarterly Journal of Economics, Vol. 46, No. 4 (Aug., 1932), pp. 698-719
I. Mercantilists not desirous of mere numbers, 698.--Importance of employment, 700.--Remedies for idleness: provision of employment, 702; corrective and punitive legislation, 705.--II. Condemnation of luxury, 708.--Means of curbing it: sumptuary laws, 712; taxation, 713; moral suasion, 713.--Defense of luxury, 714.--Hume's views, 716.--Conclusions, 718.
article  jstor  economic_history  economic_theory  political_economy  trade-theory  trade-policy  mercantilism  commerce  luxury  unemployment  wages  taxes  economic_culture  17thC  18thC  British_history  downloaded  EF-add 
december 2013 by dunnettreader
On the Origin of States: Stationary Bandits and Taxation in Eastern Congo by Raul Sanchez de la Sierra :: SSRN
Can see something to tax as it moves vs things that can be hidden (evade taxes) -- recommended by Chris Blattman -- The state is among the greatest developments in human history and a precursor of economic growth. Why do states arise, and when do they fail to arise? A dominant view across disciplines is that states arise when violent actors impose a "monopoly of violence" in order to extract taxes. One key fact underlies all existing studies: no census exists prior to the state. In this paper, I provide the first econometric evidence on the determinants of state formation. As a foundation for this study, I conducted fieldwork in stateless areas of Eastern Congo, managing a team that collected village-level panel data on current armed groups. I develop a model that introduces optimal taxation theory to the decision of armed groups to form states, and argue that the returns to such decision hinge on their ability to tax the local population. A sharp, exogenous rise in the price of a bulky commodity used in the video-game industry, coltan, leads armed groups to impose a "monopoly of violence" in coltan villages. A later increase in the price of gold, easier to conceal and hence more difficult to tax, does not. Results based on two alternative identification strategies are also consistent with the model. The findings support the hypothesis that the expected revenue from taxation, in particular tax base elasticity, is a determinant of state formation.
paper  SSRN  political_economy  fiscal-military_state  taxes  development  EF-add 
december 2013 by dunnettreader
Daniel Little - Understanding Society: Making institutions Dec 2013
Looks at range of institutional work (Thelen, Pierson etc) - mostly praise for recent work that's a comparative combination of historical sociology, political science, political economy, with implications for work in Tilly's tradition of fiscal-military_state -- Wenkai HE's Paths toward the Modern Fiscal State: England, Japan, and China is a timely and interesting contribution. HE undertakes a comparative study of the emergence of what he calls the "modern fiscal state" in Britain, China, and Japan. He has undertaken to learn enough about these three cases in detail to be able to tell a reasonably detailed story of the emergence of this set of state tax and revenue institutions in the three settings, and he is thereby poised to consider some important institutional-causal questions about the innovations he observes. The book is a "cross-over" work, with political science methods and historical research content. The book combines new institutionalism, comparative historical sociology, and first-rate historical scholarship to make a compelling historical argument.. .... One thing that I particularly appreciate about HE's work is his ability to combine structure and agency into a single coherent analysis and explanation.
books  kindle-available  reviews  social_theory  historical_sociology  fiscal-military_state  political_economy  political_culture  institutions  bureaucracy  taxes  17thC  18thC  19thC  British_history  James_I  China  Japan  modernization  nation-state  governance  government_officials  governmentality  economic_history  Great_Divergence  EF-add 
december 2013 by dunnettreader
The ideal welfare system is a basic income | Adam Smith Institute Nov 2013
Now showing up in the quasi-libertarian Right -- Like the current benefits system, this would provide a safety net. But ‘benefits traps’, where people lose as much in benefits as they earn from work, would be eliminated. A basic income system like this would be at least as clear as the PAYE income tax system is, and substantially clearer than the current benefits system. The dog’s breakfast of welfare schemes that currently exist – all to address the symptoms of poverty, rather than the root – would be abolished, and with it the jumble of unanticipated and often undiscernable interactions between schemes that lead to perverse outcomes.

Best of all, a basic income is the least paternalistic welfare scheme possible. Instead of pushing would-be computer programmers into work as Poundland assistants, a scheme like this would leave decisions entirely up to the individuals involved. The discovery process that each of us is engaged in would continue, and now without mass decision-making by a central state authority.
21stC  public_policy  welfare  poverty  taxes  safety_net  unemployment  health_care 
december 2013 by dunnettreader
Who Rules America: An Investment Manager's View on the Top 1% | G. William Domhoff - Who Rules America
Letter from an investment adviser re breakdown of top 1% - it's the upper reaches that depend on the financial sector and capital gains for the outsized wealth, and the political system (structure of financial system, tax policy etc) caters to their sources of income and wealth
US_economy  US_politics  inequality  1-percent  taxes  financial_system  elites  pensions  investment  EF-add 
november 2013 by dunnettreader
Why the 1% should pay tax at 80% | Emmanuel Saez and Thomas Piketty - The Guardian - Oct 24 2013
The Reagan-Thatcher revolution changed society's beliefs about taxes. If we want economic growth shared fairly, we must rethink

In the end, the future of top tax rates depends on what the public believes about whether top pay fairly reflects productivity or whether top pay, rather unfairly, arises from rent-seeking. With higher income concentration, top earners have more economic resources to influence both social beliefs (through thinktanks and media) and policies (through lobbying), thereby creating some "reverse causality" between income inequality, perceptions, and policies.

The job of economists should be to make a top rate tax level of 80% at least "thinkable" again.

• This is an updated version of an article originally published by VoxEU
20thC  21stC  economic_history  economic_growth  neoliberalism  taxes  1-percent  inequality  US_politics  US_economy  UK_economy  UK_politics  EF-add 
october 2013 by dunnettreader
Matias Vernengo: Crowding out and the Industrial Revolution July 2013 | NAKED KEYNESIANISM
Charts from Dickson re interest rates on UK bonds through 18thC and the interest rates spikes during War of Spanish Succession -- links to classic studies (JSTOR) estimating slower growth during 18thC and speculating on crowding out. Link to McColloch paper disputing that Bubble Act reduced industrial investment in 18thC. Vernengo doesn't mention either usury controls or, more important for his speculation that finance for investment grew only as demand grew, that Britain was most heavily taxed and relied increasingly on consumption taxes that would have an impact on growth of demand. Temin and Voth theory that focuses on banking, and less on capital markets (do they think Bubble Act was important? ), other than relations between banking system and sovereign debt market. Vernengo cites papers (including from 1950s) that see Bank of England providing liquidity to the whole system especially in 2nd half of 18thC through the expansion of the revenue collection and government spending process -- new country banks also collecting taxes and the government was spending large amounts on war. Vernengo mentions that in earlier post on same topic and McColloch paper. JSTOR papers are downloaded to Note
paper  article  jstor  links  political_economy  economic_history  18thC  Britain  public_finance  sovereign_debt  fiscal-military_state  fiscal_policy  taxes  interest_rates  Bubble_Act  Bank_of_England  economic_growth  investment  financial_regulation  banking  War_of_Spanish_Succession  Industrial_Revolution  crowding_out  financial_repression  EF-add 
september 2013 by dunnettreader
Noel D. Johnson: Banking on the King: The Evolution of the Royal Revenue Farms in Old Regime France (2006)
JSTOR: The Journal of Economic History, Vol. 66, No. 4 (Dec., 2006), pp. 963-991-- downloaded pdf to Note -- The writing and allocation of French tax farm contracts changed dramatically after the Fronde (1648-1653): they were gradually transformed from small, competitively auctioned, units into a large cartel known as the Company of General Farms. Surprisingly, the crown's revenues increased. I present a transaction cost argument to explain the behavior of tax farm lease prices as tax farming changed during the seventeenth century. Cartelization of tax farms lowered costs faced by the crown. The tax farm system's evolution offers insights into how organizations evolve to protect their property rights in the absence of well functioning representative institutions.
article  jstor  economic_history  political_history  institutional_economics  economic_sociology  17thC  18thC  France  state-building  public_finance  taxes  property_rights  firms-theory  institutions  Absolutism  downloaded  EF-add 
september 2013 by dunnettreader
Michael Braddick: State Formation and Social Change in Early Modern England: A Problem Stated and Approaches Suggested (1991)
JSTOR: Social History, Vol. 16, No. 1 (Jan., 1991), pp. 1-17 -- downloaded pdf to Note -- the theoretical background to Braddick work on local government, taxation, authority and challenges in Three Kingdoms etc -- focus on state building process not on state as entity
article  jstor  historiography  historical_sociology  17thC  British_history  UK_Government  British_politics  social_history  local_government  taxes  fiscal-military_state  state-building  nation-state  English_Civil_War  political_culture  Ireland  Scotland 
september 2013 by dunnettreader
Edgar Kiser and April Linton: Determinants of the Growth of the State: War and Taxation in Early Modern France and England (2001)
JSTOR: Social Forces, Vol. 80, No. 2 (Dec., 2001), pp. 411-448 -- downloaded pdf to Note -'- Although the causal impact of war on state-making in the early modern era is now widely accepted, there is less consensus about the way in which war affects levels of taxation, and the factors that might strengthen or weaken the relationship. Two questions can be posed: Do individual wars produce immediate effects on taxes, or is the cumulative effect of long periods of warfare more important? How do variations in administrative capacity and the strength of representative institutions affect the extent to which war pushes the growth of the state? This article attempts to answer these questions with a quantitative analysis of the effects of war on taxation in early modern England and France. We find that the cumulative effect of war is strong in both cases, suggesting that war made states via a "ratchet effect," and that this effect is much stronger when the administrative capacity of states is improved by centralization and bureaucratization. Strong representative assemblies decrease the effect of war on state growth in France but increase it in England, due to the very different characteristics of these institutions in the two countries.
article  jstor  social_theory  historical_sociology  state-building  Weber  Tilly  fiscal-military_state  representative_institutions  Parliament  institutional_economics  taxes  war  16thC  17thC  18thC  Britain  British_politics  France  fiscal_policy  French_politics  downloaded  EF-add 
august 2013 by dunnettreader
Heather Welland: Taxes are Evil | The 18th - Century Common
1740s and 1750s Patriots fights with establisment Whigs against national debt and taxes - fight over Glorious Revolution legacy- "austerity" has a long history. Also anti imperialism re control of foreign dominions - an empire only of trade. A bit confused re 1st few decades after 1688 and rise of fiscal-military state but lots of links.
British_history  British_politics  18thC  Patriots  fiscal-military_state  taxes  Bolingbroke  Hume  sovereign_debt  institutional_economics  North-Weingast  EF-add 
august 2013 by dunnettreader
Charles F Mansk: Removing deadweight loss from economic discourse on income taxation and public spending | vox
Economists usually think of taxation as inefficient. This column argues that the anti-tax rhetoric evident in much lay discussion of public policy draws considerable support from the prevalent negative language of professional economic discourse. Optimal income taxation doesn’t have to employ the pejorative concepts of inefficiency, deadweight loss and distortion; and this column argues that it is high time for economists to discard them and make analysis of taxation and public spending distortion-free.
economic_models  fiscal_policy  taxes  infrastructure  EF-add 
august 2013 by dunnettreader
Vickrey, William. 1996. 15 Fatal Fallacies of Financial Fundamentalism
Much of the conventional economic wisdom prevailing in financial circles, largely subscribed to as a basis for governmental policy, and widely accepted by the media and the public, is based on incomplete analysis, contrafactual assumptions, and false analogy. For instance, encouragement to saving is advocated without attention to the fact that for most people encouraging saving is equivalent to discouraging consumption and reducing market demand, and a purchase by a consumer or a government is also income to vendors and suppliers, and government debt is also an asset.
?......
Analytical reality: This "Ricardian equivalence" thesis, while referred to by Ricardo, may not in the end have been subscribed to by him. In any case its validity depends crucially on the system of taxation expected to be used to finance the debt service.At one extreme, in a Georgist economy making exclusive use of a "single tax" on land values, and where land values are expected to evolve proportionally over time, any debt becomes in effect a collective mortgage on the land parcels. Any increase in government debt to offset current tax reduction depresses the market value of land by an equal amount, aggregate wealth of individual is unaffected, Ricardian equivalence is complete and pure fiscal policy is impotent. A larger debt may still be desirable in terms of taking advantage of possibly lower interest rates available on government debt than on individual mortgages, and in effectively endowing property with a built-in assumable mortgage that facilitates the financing of transfers. And there may still be a possibility for stimulating the economy by tax-financed expenditures that redistribute income towards those with a higher propensity to spend.
economic_history  20thC  economic_models  economic_growth  sovereign_debt  investment  central_banks  fiscal_policy  monetary_policy  capital_markets  FX  18thC  taxes  Bolingbroke  EF-add 
august 2013 by dunnettreader
JEP (27,3) p. 3 - The Top 1 Percent in International and Historical Perspective
Alvaredo, Facundo, Anthony B. Atkinson, Thomas Piketty, and Emmanuel Saez. 2013. "The Top 1 Percent in International and Historical Perspective." Journal of Economic Perspectives, 27(3): 3-20.
The top 1 percent income share has more than doubled in the United States over the last 30 years, drawing much public attention in recent years. While other English-speaking countries have also experienced sharp increases in the top 1 percent income share, many high-income countries such as Japan, France, or Germany have seen much less increase in top income shares. Hence, the explanation cannot rely solely on forces common to advanced countries, such as the impact of new technologies and globalization on the supply and demand for skills. Moreover, the explanations have to accommodate the falls in top income shares earlier in the twentieth century experienced in virtually all high-income countries. We highlight four main factors. The first is the impact of tax policy, which has varied over time and differs across countries. Top tax rates have moved in the opposite direction from top income shares. The effects of top rate cuts can operate in conjunction with other mechanisms. The second factor is a richer view of the labor market, where we contrast the standard supply-side model with one where pay is determined by bargaining and the reactions to top rate cuts may lead simply to a redistribution of surplus. Indeed, top rate cuts may lead managerial energies to be diverted to increasing their remuneration at the expense of enterprise growth and employment. The third factor is capital income. Overall, private wealth (relative to income) has followed a U-shaped path over time, particularly in Europe, where inherited wealth is, in Europe if not in the United States, making a return. The fourth, little investigated, element is the correlation between earned income and capital income, which has substantially increased in recent decades in the United States.
Downloaded pdf to Note
economic_history  20thC  21stC  US_economy  OECD_economies  inequality  plutocracy  taxes  Labor_markets  downloaded  EF-add 
august 2013 by dunnettreader
One Nation, Incentivized and Disincentivized - Justin Fox - Harvard Business Review
Compared with other OECD economies, we don't want our citizens to have children, we want them to drive a lot, we want them to get fat etc
Very clever and depressing
OECD_economies  taxes  incentives  US_economy  US_politics  political_economy  EF-add 
july 2013 by dunnettreader
Josh Barro : What's The Best Way To Tax A Superstar? - Business Insider 6-24-13
the traditional way in which economists estimate the economic effects of taxes does not look apt.Normally, economists model labor as something that employees sell to employers. Raise income taxes and you cut the price received by the employee, so he works less. Cut taxes and he works more.A cardiologist might behave exactly like that, doing more procedures if his taxes are cut. But Lady Gaga can't very easily decide to produce twice as many hit songs. She might only have so many good ideas.
US_economy  macroeconomics  microeconomics  taxes  incentives 
june 2013 by dunnettreader
The Distributional Effects of Fiscal Consolidation | IMF Working Paper June 2013
Summary: This paper examines the distributional effects of fiscal consolidation. Using episodes of fiscal consolidation for a sample of 17 OECD countries over the period 1978–2009, we find that fiscal consolidation has typically had significant distributional effects by raising inequality, decreasing wage income shares and increasing long-term unemployment. The evidence also suggests that spending-based adjustments have had, on average, larger distributional effects than tax-based adjustments.
downloaded  macroeconomics  fiscal_policy  austerity  OECD_economies  inequality  Labor_markets  unemployment  taxes 
june 2013 by dunnettreader
300 Million Engines of Growth - June 2013 economic growth policies report | Center for American Progress
Introduction and summary downloaded in Docs/Policy
This report lays out a wide-ranging plan for economic progress. It is a plan that encompasses investment and reform. It is a plan that proposes doing more of some things but, importantly, it is a plan to do more things well.
downloaded  EF-add  US_economy  political_economy  economic_growth  inequality  US_politics  fiscal_policy  taxes  infrastructure  climate 
june 2013 by dunnettreader
America's Ever-Expanding Tax-Exempt Pool | Inequality.org
The fourth in an Inequality.Org series on the giant pools of assets in America that produce income not currently subject to taxation.

Read the first article in this series: Retirement Vehicle or Giveaway to the Rich?
The second article in this series: Looting the Treasury to Benefit Big Insurance
The third article in this series: Tax-Free Municipals: An Unnecessary Giveaway
US_economy  political_economy  US_politics  Congress  taxes  plutocracy  inequality 
june 2013 by dunnettreader
Andrew Fieldhouse: Rising Income Inequality and the Role of Shifting Market-Income Distribution, Tax Burdens, and Tax Rates | EPI Briefing Paper June 2013
Pdf available
This paper reviews empirical trends in pre- and post-tax income inequality since 1979 and summarizes recent empirical and theoretical research on the role of tax policy in exacerbating market-based income inequality. It finds that increasing top marginal tax rates could yield potentially large results in slowing the growth of income inequality, and as shown in Fieldhouse (2013a), do so without substantially reducing productive economic activity:
US_economy  taxes  capital  Labor_markets  inequality 
june 2013 by dunnettreader
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