By Steven A. Bank
The united kingdom and the us have traditionally represented contrary ends of the spectrum of their techniques to taxing company source of revenue. less than the British process, company and shareholder source of revenue taxes were built-in below an imputation procedure, with tax paid on the company point imputed to shareholders via a whole or partial credits opposed to dividends obtained. less than the yankee method, in contrast, company and shareholder source of revenue taxes have remained separate less than what's referred to as a 'classical' process during which shareholders obtain very little aid from a moment layer of taxes on dividends. Steven A. financial institution explores the evolution of the company source of revenue tax structures in each one nation throughout the 19th and 20th centuries to appreciate the typical criminal, financial, political and cultural forces that produced such divergent techniques and explains why convergence can be most probably sooner or later as each one state grapples with company taxation in an period of globalization.
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Additional resources for Anglo-American Corporate Taxation: Tracing the Common Roots of Divergent Approaches (Cambridge Tax Law Series)
42 According to Hope-Jones, corporations may have also served to facilitate collection at source more directly: “Large corporations, such as the Bank of England, the East India Company, the Royal Exchange and London Insurance Companies may have assisted” in the collection of 37 39 40 41 42 Income Tax Act 1803, 43 Geo. III c. 122, sec. 127. 38 Ibid. Harris, Corporate/Shareholder Income Taxation, p. 769. Seán Re´amonn, The Philosophy of the Corporate Tax (Dublin: Institute of Public Administration, 1970), p.
Vol. 26, p. 5138 (1894) (statement of Sen. ): “You cannot tax the property of a corporation because it is personal property, and because the Supreme Court has said in the income-tax decision that a tax upon personal property is a direct tax. , p. 5101 (statement of Sen. ) noting that the signiﬁcantly undertaxed property in the country is held in corporations). , p. 5090 (statement of Sen. ): “I know a city in my State, in which one side of a street there is a corporation engaged in the business of manufacturing furniture, and on the other side of the street is a partnership engaged in the business of manufacturing furniture.
Spooner). Act of June 13, 1898, ch. 448, 30 Stat. 448. See “Voted to tax trusts” Washington Post, June 2, 1898, p. 4A. As ﬁrst proposed, the tax would have been levied on other industries as well, including transportation and public utility corporations. The Commercial and Financial Chronicle was indignant at the singling out of these industries, calling it “an odd proposal. It would seem difﬁcult to say on just what principle the selections for taxation named in the proposed amendment were made.