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Taxing Corporate Income in the 21st Century

Taxing Corporate Income in the 21st Century

Author: Alan J. Auerbach; James R. Hines, Jr.; Joel Slemrod
Publisher: Cambridge University Press
ISBN: 9781107411517
Published In: November 2012
Format: Paperback , 422 pages
Jurisdiction: U.S. ? Disclaimer:
Countri(es) stated herein are used as reference only

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This book was first published in 2007. Most countries levy taxes on corporations, but the impact - and therefore the wisdom - of such taxes is highly controversial among economists. Does the burden of these taxes fall on wealthy shareowners, or is it passed along to those who work for, or buy the products of, corporations? Can a country with high corporate taxes remain competitive in the global economy? This book features research by leading economists and accountants that sheds light on these and related questions, including how taxes affect corporate dividend policy, stock market value, avoidance, and evasion. The studies promise to inform both future tax policy and regulatory policy, especially in light of the Sarbanes-Oxley Act and other actions by the Securities and Exchange Commission that are having profound effects on the market for tax planning and auditing in the wake of the well-publicized accounting scandals in Enron and WorldCom.

• Accessible collection on the advantages and disadvantages of taxing corporations on their income; US-focused

• Contributors, including the co-editors, are internationally known

• For audiences in law, political science, and business as well as finance and economics

Contributors		page vii
Preface		xi
1.	The Effects of Taxes on Market Responses to Dividend Announcements and Payments: What Can We Learn from the 2003 Dividend Tax Cut?	1
	Raj Chetty, Joseph Rosenberg, and Emmanuel Saez
	Comments	33
	Gustavo Grullon
	Comments	36
	Douglas J. Skinner
2.	Dissecting Dividend Decisions: Some Clues about the Effects of Dividend Taxation from Recent UK Reforms	41
	Stephen R. Bond, Michael P. Devereux, and Alexander Klemm
	Comments	76
	Roger Gordon
	Comments	85
	James Poterba
3.	The 2003 Dividend Tax Cuts and the Value of the Firm: An Event Study	93
	Alan J. Auerbach and Kevin A. Hassett
	Comments	127
	William G. Gale
	Comments	134
	George R. Zodrow
4.	How Elastic Is the Corporate Income Tax Base?	140
	Jonathan Gruber and Joshua Rauh
	Comments	164
	Jane Gravelle
	Comments	168
	Casey B. Mulligan
5.	An Empirical Examination of Corporate Tax Noncompliance	171
	Michelle Hanlon, Lillian Mills, and Joel Slemrod
	Comments	211
	Joseph Bankman
	Comments	219
	Brian Erard
6.	On the Extent, Growth, and Efficiency Consequences of State Business Tax Planning	226
	Donald Bruce, John Deskins, and William F. Fox
	Comments	257
	William M. Gentry
	Comments	262
	Charles E. McLure Jr.
7.	Corporate Taxation and International Competition	268
	James R. Hines Jr.
	Comments	296
	Jack M. Mintz
	Comments	300
	John Douglas Wilson
8.	The Changing Role of Auditors in Corporate Tax Planning	307
	Edward L. Maydew and Douglas A. Shackelford
	Comments	338
	Steven N. Kaplan
	Comments	341
	Richard Sansing
9.	Taxation and the Evolution of Aggregate Corporate Ownership Concentration	345
	Mihir A. Desai, Dhammika Dharmapala, and Winnie Fung
	Comments	384
	Jeffrey R. Brown
	Comments	389
	Jeff Strnad
Index		40

Alan J. Auerbach
University of California, Berkeley

James R. Hines, Jr.
University of Michigan, Ann Arbor

Joel Slemrod
University of Michigan, Ann Arbor