Corporate Tax Reform Taxing Profits in the 21st Century
Corporate tax reform is in the air. Competitive pressures from globalization, as well as skyrocketing budget deficits, are forcing lawmakers to rethink how America’s largest businesses are taxed. Some want to close “loopholes.” Others want to end all U.S.
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Martin A. Sullivan
Corporate Tax Reform: Taxing Profits in the 21st Century Copyright © 2011 by Martin A. Sullivan All rights reserved. No part of this work may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage or retrieval system, without the prior written permission of the copyright owner and the publisher. ISBN-13 (pbk): 978-1-4302-3927-7 ISBN-13 (electronic): 978-1-4302-3928-4 Trademarked names may appear in this book. Rather than use a trademark symbol with every occurrence of a trademarked name, we use the names only in an editorial fashion and to the benefit of the trademark owner, with no intention of infringement of the trademark. Lead Editor: Jeff Olson Technical Reviewer: George White Editorial Board: Steve Anglin, Mark Beckner, Ewan Buckingham, Gary Cornell, Morgan Engel, Jonathan Gennick, Jonathan Hassell, Robert Hutchinson, Michelle Lowman, James Markham, Matthew Moodie, Jeff Olson, Jeffrey Pepper, Douglas Pundick, Ben Renow-Clarke, Dominic Shakeshaft, Gwenan Spearing, Matt Wade, Tom Welsh Coordinating Editor: Adam Heath Copy Editor: Damon Larson Compositor: Mary Sudul Indexer: SPi Global Cover Designer: Anna Ishschenko Distributed to the book trade worldwide by Springer-Verlag New York, Inc., 233 Spring Street, 6th Floor, New York, NY 10013. Phone 1-800-SPRINGER, fax 201-3484505, e-mail [email protected], or visit www.springeronline.com. For information on translations, please contact us by e-mail at [email protected], or visit www.apress.com. Apress and friends of ED books may be purchased in bulk for academic, corporate, or promotional use. eBook versions and licenses are also available for most titles. For more information, reference our Special Bulk Sales–eBook Licensing web page at www.apress.com/bulk-sales. To place an order, email your request to [email protected] The information in this book is distributed on an “as is” basis, without warranty. Although every precaution has been taken in the preparation of this work, neither the author(s) nor Apress shall have any liability to any person or entity with respect to any loss or damage caused or alleged to be caused directly or indirectly by the information contained in this work.
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Contents About the Author .............................................................................................................vii About the Technical Reviewer ................................................................................viii Introduction .......................................................................................................................... ix Chapter 1:
Let the Debate Begin .................................................................................... 1
Chapter 2:
Profits and Profit Tax, by the Numbers ................................................. 11
Chapter 3:
The Overwhelming Case Against the Corporate Tax ........................ 25
Chapter 4:
Why the Corporate Tax Won’t Go Away .....
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