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This handbook was written primarily for economists who are responsible for analyzing and evaluating economic policies of developing countries at an applied level, and who would benefit from a comprehensive discussion of the concept, principles, and prevailing principal issues of taxation. It attempts to provide a systematic exposition of important tax policy issues selected for their theoretical foundations and their practical relevance, and brings the reader closer to some of the recent advances in the theoretical literature on tax policy

This paper provides an overview of the key economic factors that shape tax policy reform in many high-income countries, developing countries, and/or transition economies. The paper describes and evaluates global and regional developments with respect to tax rates and revenue ratios over the last some 20 years, and discusses selected structural reform initiatives that have been high on the policy agenda over this period. In particular, it focuses on developments relating to experiments with the restructuring of corporate tax, the impact of corporate taxes on FDI, key reform initiatives includin

In 1995, when the late, great Jack Nolan asked me to deliver the inaugural lecture in honor of Larry Woodworth, I was both honored and flattered. I had come to know Larry Woodworth beginning in 1969, when I was a rookie treasury tax policy staffer. At that time, he had already served the Joint Committee on Taxation for 25 years and had been the third Chief of Staff in its history beginning as chief of staff in 1964. Larry Woodworth was not only as knowledgeable about the tax law as anyone you would ever hope to meet, and as savvy about congressional politics as anyone I have ever known, but he was also an exceptionally kind and generous man. He was courteous to a fault, virtually always had a smile on his face and was always calm, no matter how tired he was or how much pressure he faced. Larry always had time to chat with the lowest persons on the totem pole. I know that, because, in those days, I was the bottom. Larry had his policy views, but he always "played it straight" with the members of Congress. He was the finest example of a public servant I have ever known.

One of the major architects of comprehensive tax reform has revised his widely acclaimed book on tax policy to reflect the changes brought about by the Tax Reform Act of 1986 and all other major changes in tax laws since 1983. Joseph A. Pechman's Federal Tax Policy is a nontechnical book for general readers and students interested in taxation as an instrument of public policy. It emphasizes such current issues as a comprehensive income taxation, inflation adjustments in income taxation, graduated income taxes versus expenditure taxes, the effects of taxation on economic incentives, and fiscal relations between the federal and state and local governments. Pechman presents and evaluates contrasting views on most forms of taxation--personal and corporate income, general and selective consumption, payroll, estate and gift, property, and state and local--and offers a perceptive analysis of the process of tax legislation and the role of taxation in the fiscal policy. He also provides a valuable series of statistical table on tax developments and an extensive bibliography on tax theory and practice.

Economic literature of the past decade suggests, and most economists would surely agree, that there are two fundamental economic problems: unemployment and monopoly. Together, enforced idleness of resources and maldistribution of resources due to monopolization of all kinds are responsible for whatever gap exists between actual and potential national real income. They account for a good deal of the inequity of income distribution as well. Economic policy has as its chief concern the elimination of monopoly without loss of efficiency, and the elimination of unemployment without inflation or misuse of resources.The post-war period will present these two basic problems in aggravated form. Exigencies of war have led to increased concentration of industry, which could easily crystallize into enhanced monopoly power. With half our national income now generated by war expenditures, the task of maintaining full employment while shifting production from things that win wars to things that promote welfare will be of unprecedented magnitude. At the same time, vast new holdings of cash and other liquid resources, combined with the backlog of demand for both consumers' and producers' goods that will have accumulated, will constitute a grave threat of inflation. The balance of the economy, which must be maintained by what Professor Lerner has aptly called "functional finance," will be delicate indeed.This article suggests an approach to post-war tax policy designed to meet these problems. While the setting is Canadian, the analytical tools and even the policies proposed would be applicable to the British or American scenes with minor modifications.

Previous post-war experience is so uniform, and economists differ so little in their prognoses for the next post-war period, that it seems safe to be somewhat dogmatic about the situation that post-war tax policy must meet. In the absence of measures specifically designed to prevent it, there is every reason to expect the typical post-war pattern of hesitation, inflation, deflation, boom, and prolonged depression. It is clear that the unprecedented magnitude of the war effort could lead to fluctuations of unprecedented violence. If the Japanese war were to end soon after the European war, or if it were on a much smaller scale, it is conceivable that the uncertainty characteristic of the months just after cessation of hostilities might lead directly to deep depression. During the reconversion period, there is bound to be serious unemployment in certain industries and regions, that could start a cumulative downswing if allowed to produce a commensurate drop in national income. If on the other hand the Japanese campaign lasts several months and is on a comparable but nevertheless smaller scale, the "hesitation" period may be completely ironed out.In the first year or two after the European armistice, and perhaps even for a similar period after the Japanese armistice, the primary economic problem will still be scarcity of consumers' goods relative to potential demand for them. The money supply has already risen over 70 per cent since war began, and with $1.75 billion of war bonds in the hands of individuals and another $1.5 billion in the hands of non-financial corporations even before the fifth war loan, it could rise another 70 per cent through sale of government securities to the banking system if war ended tomorrow.

The tax reform of recent years in India are based on Chelliah's recommendations of simple broad-based taxes with a moderate and limited number of rates. The reduction in direct tax rates in the economy has not only increased revenue collection but also accelerated economic growth. This article aims to investigate the effect of India's tax policy on private capital formation. A time series analysis of data for the economy for the period 1950-51 to 1994-95 reveals that a one percent increase in the direct tax ratio has led to a reduction of 0.12 percent in the ratio of private capital formation to GDP. (DSE/DÜI)