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Abbott, Tony, 190
AbbVie, 157
accelerated depreciation, 55, 62
Affordable Care Act, 209, 218, 246
airline industry, 189–90
Alaska Permanent Fund, 192–93
Alliance Boots, 157–58
allowances, 2, 52–53, 60–61, 70, 72, 74, 165–66, 209. See also depletion/depreciation allowances; tax breaks
alternative minimum tax, 210, 255
American Jobs Creation Act, 168–69
Americans for Tax Reform, 245
America We Deserve, The (Trump), 98
Andorra, 194–95
Apple Inc., 145, 148–51, 153–54, 161, 164, 170, 229
appraisers/appraisals, 83–84, 124, 129–30
audits, 40, 55, 143–44, 161, 163, 211, 223, 255
Austen, Jane, 121
austerity measures, 34, 42, 52, 112, 127, 129
Austin, Texas, 26
Australia
tax deductions in, 36, 41, 89–90
tax rates of, 19, 21, 146, 175
Austria, 14, 17, 19–20, 44, 78, 86, 132, 146
automobile industry, 21, 39–40, 71–74, 156, 164. See also cars
bailouts, 116, 122, 156, 182–83
Baker, James, 66–67
Balzac, Honoré de, 121
and filing returns, 220–21, 223, 255
secret accounts of, 198, 200–207
and tax avoidance, 147, 160, 167, 200–207
See also savings
Bartlett, Bruce, 245–46
Belgium, 14, 16–18, 38, 50, 87, 133, 136, 146, 164, 183, 239
Bermuda, 151–52, 156, 166, 193–94, 202
Bharara, Preet, 206
Bird, Richard M., 44, 139, 229, 244, 247
Blankfein, Lloyd, 117
Bloomberg, Michael, 176–78
Bloomberg Businessweek, 153
British Virgin Islands, 200, 203
broad base, low rates (BBLR)
explanation of, 52–57
in New Zealand, 57–63, 79, 86, 136
as successful formula, 48, 251–52
and tax breaks, 81, 86, 91, 109
in U.S., 66–70, 73, 165–66, 236, 251–52, 255
brokerages, 65, 183, 205, 221, 223
Buffett, Warren, 136–38, 253–54
Bush, George H. W., 101, 245–46
Bush, George W., 42–43, 56, 88, 101, 108, 131–32, 241–43
business flat tax (BFT), 246–48
California, 20, 60, 149, 170, 179–80, 222, 224
Cameron, David, 200
Canada, 9, 21, 36–38, 57, 122, 132
and charitable donations, 24, 86
GST in, 228, 235–37, 239, 243–44, 255
and U.S. corporations, 154–55
cap-and-trade system, 188–90
capital gains tax, 88, 133, 256
explanation of, 17–19, 69, 233
in Middle East, 192–93
reduced rate for, 70, 124, 136–39, 160, 241
and the rich, 70, 99, 124–25, 132, 136–39
Capital in the Twenty-First Century (Piketty), 115, 121–25, 128, 136, 139, 171–73
capital investment, 23, 56, 102, 114, 123, 136–39, 168
capitalists/capitalism, 29, 94, 101–3, 114, 170
carried-interest preference, 137–39
tax breaks for, 71–74, 80, 81, 122, 222, 251
See also gas tax
Caterpillar Inc., 141–45, 148, 153–54, 162–63
Cayman Islands, 117, 139, 193, 195, 202, 204, 207
CEOs, 98–99, 117, 122, 128, 150, 154
charitable contributions, 36, 203
deductions for, 1, 8–9, 40–41, 53, 55, 61, 69, 79, 81–87, 221, 252
Chicago Tribune, 158
children, 36, 53, 55, 70, 78, 80, 176, 250, 256
Chile, 14, 16, 25, 51, 120, 146, 179, 239
China, 22, 32, 149, 171, 198, 200, 239
Choosing a Broad Base–Low Rate Approach to Taxation (OECD), 57
Christensen, John, 204
Chronicle of Philanthropy, 82
churches, 24, 53, 61, 82–84, 93
cigarette tax, 10, 21, 37–38, 40, 176
citizenship, 28–30, 36–37, 46–48, 194–95
Clyde, Lord, 159
Commerce Clearing House, 212–13
commodities, 18–21, 37–39, 123, 237, 239–40
Common Market, 228
community programs/services, 27–33
commuting to work, 10, 36, 40, 80
Compañía General de Tabacos de Filipinas v. Collector of Internal Revenue, 30–32
competition, economic, 106, 108–10, 112, 127, 145, 164, 234, 256
conservatives, 43, 119, 133, 170
on progressive taxes, 44–45, 62, 112
on tax reform, 64–67
See also Republicans
Constitution of Liberty, The (Hayek), 45
consumer spending, 41–42, 57, 114, 174, 233–39, 243
consumption tax, 35–39, 170, 233–34, 238–48, 255. See also value-added tax (VAT)
corporate income tax, 75, 128, 154, 156, 173, 191–92, 233
avoidance of, 22–23, 31, 54, 139, 142–70, 252
elimination of, 150–51, 169–70, 246
in flat-tax nations, 110
higher in U.S., 13, 21–22, 145, 148, 164–65, 234, 252
lowering of, 11, 21–22, 64, 69, 145, 148, 165–66, 234, 245, 251–54
in other nations, 21–25, 36, 110, 142, 145, 149, 166–67, 175, 252
corporations, 11, 63, 74, 122, 214, 256
back taxes paid by, 163–64
overseas profits of, 22–23, 81, 141, 143–58, 161–62, 165–70
and repatriated profits, 167–69
tax breaks for, 56, 59, 68–69, 72, 74, 148, 155–56, 165–70, 252–53
corruption, 46–47, 100, 198, 200
Crassus, Marcus Licinius, 29–30
credits, 2, 5, 41, 55, 71–72, 218
in corporate tax code, 22, 36, 148, 165–66
elimination of, 56–57, 62, 69, 81, 91, 165–66, 251–52
for low-income people, 237–38
for political contributions, 36–37
and taxable income, 52–53, 59–60
and tax expenditures, 74–77
Credit Suisse, 207
CSARL, 143–45
currency, 29, 32–33, 51, 58, 103, 110, 181, 197–208
Czech Republic, 15, 18–19, 93–94, 106, 108–11, 113, 132
“death tax,” 131–32, 254. See also estate tax
debts/deficits, 33–34, 41, 51, 64, 71–72, 81, 96, 185–86, 193, 238, 243, 256
deductions, 17, 40–41, 55, 103, 155, 159, 246
and corporate taxes, 22, 165–66
elimination of, 56, 60–62, 67–70, 81–82, 97, 100, 109–10, 165–66, 219, 222, 252
explanation of, 72–78
itemized, 87–88
and the rich, 82–83, 86, 88–90
and taxable income, 52–53
See also charitable contributions; mortgage interest
deductions; tax breaks
Democrats, 43, 60, 64–68, 117, 132, 148, 162, 188, 190, 245
government spending in, 23, 126
property taxes in, 175
simple tax returns of, 221
tax revenues of, 14, 16, 79, 126
VAT rates of, 239
Depardieu, Gérard, 133–34, 139, 151
depletion/depreciation allowances, 64–66, 69–70
dividends, 6, 9, 23, 36, 55, 70, 111, 147, 168, 170, 173, 193, 233, 241, 254, 256
“Double Irish with a Dutch Sandwich,” 151–53, 161, 164
Douglas, Roger, 60–61
dynamic scoring theory, 101
earned income tax credit (EITC), 210, 217–18, 238, 250
economic growth, 16, 36, 41–43, 50, 52, 55, 91, 101, 104–8, 114, 120, 124, 136, 238
economic impact of taxes, 16, 95, 100–101
Economic Recovery Tax Act of 1981 (ERTA), 64
Economist magazine, 58, 104, 126
education, 36, 44, 53, 63, 70, 79, 84, 105, 117–18, 123, 126–27, 168, 175, 180, 221
Eisenhower, Dwight, 2
electronic trading, 181–84
emissions. See carbon tax
Energy Improvement and Extension Act of 2008, 71–73
environment, 51, 168, 189, 191. See also carbon tax
Environmental Protection Agency, 39–40
estate tax, 6, 45, 129–32, 192, 246, 254
Estonia, 15, 94, 102–11, 113–14, 220
e-tax system, 105
Emissions Trading System (ETS) of, 189
tax dodgers pursued by, 163–64
exemptions, 1–2, 5, 17, 80, 84–85, 103, 130–31, 220
in corporate tax code, 22, 148, 165–66
elimination of, 55–57, 97, 100, 109–10, 165–66, 219, 251–52
explanation of, 76–78
in paying income tax, 233–34
and taxable income, 52–53, 59–60
and tax expenditures, 74–77
See also tax breaks
expatriation tax, 194
exports, 34, 59–60, 106, 189, 234
Fair Tax Act, 67–68
Farr, Malcolm, 189
fast-food chains, 154–55
FAT tax (financial activities tax), 180–85, 254–55
Federal Deposit Insurance Corporation (FDIC), 34, 182
Fico, Robert, 112
Field, Stephen J., 46
complexity of, 5–7, 40, 97–98, 211–15, 219, 224
by governments, 219–22, 224, 255
high expense of, 5–6, 212–15, 219, 223–24, 252, 256
by precision withholding, 220–21
by pre-filled forms, 221–25
and seven income brackets, 97
simplifying of, 105, 219–25, 252, 255
software for, 6, 213, 215, 224
as time-consuming, 5–6, 212–13, 215, 220, 223–24, 256
financial activities tax (FAT), 180–85, 254–55
financial industry, 137–38, 180–85
financial transactions tax (FTT), 180–85, 254–55
Finland, 14, 19, 86, 105, 131, 239
flat-rate income tax, 44
advocates for, 8, 91, 95–100, 104, 106, 111, 253–54
in eastern Europe, 18, 95, 103–14
problems with, 95–100, 104, 110–11
of Ted Cruz, 246–48
Flat Tax Revolution (Forbes), 99–100, 108
food taxes, 10, 38–40, 52, 55, 178, 200, 237, 239–40. See also sugar tax
Foreign Account Tax Compliance Act (FATCA), 205–7
Forsberg, Viktor, 104–5, 113–14
Fortune magazine, 162
France, 7, 31, 34, 38, 49, 54, 60, 115, 121, 198–99, 245
and charitable donations, 24, 86
corporate taxes of, 21–22, 145–46, 164
and ISF tax, 128–30
tax avoidance in, 133–34, 139, 142, 151, 207, 227–28
taxes on les riches, 17, 125–29, 133–34, 139, 145, 173
tax revenues of, 14, 79, 128, 134
VAT rates of, 184, 194, 239–40
Francis, Pope, 118–19
Free to Choose (Friedman), 103
Friedman, Milton, 103, 109, 175
Friedman, Thomas, 187
gas tax, 10, 13, 17, 19–21, 39–40, 187, 234
General Electric, 169
George, Henry, 171–76
Georgia, 110
Germany, 17, 71, 102, 106, 113, 164, 147, 181
BBLR in, 57
estate taxes of, 131
and FTT tax, 183
gas tax in, 20–21
and tax avoidance, 207
VAT rates of, 239–40
gift tax, 82–86, 130, 246, 254
Gillard, Julia, 190
global associations for specific industries, 49–50
global recessions, 112, 116, 182–83, 190, 199
global tax issues, 124–25, 148, 165, 182–83
Global Tax Optimization Program (GTOP), 142–43
Gonzalez, Rick, 157
goods and services tax (GST), 11, 19, 61, 228–29, 235–39, 242–48. See also value-added tax (VAT)
government
confidence in, 46–48
programs, 100, 112–14, 156–58, 186, 256
services, 33, 63, 72, 96, 126, 150, 174, 218, 235, 244
spending, 23–24, 28–32, 48, 74–79, 81, 106, 126–27, 236, 245, 247
Government Accountability Office (GAO), 147–48, 165, 252
Great Britain. See United Kingdom/Great Britain
Great Depression, 121
Great Recession of 2008–2009, 172, 190
and austerity measures, 34, 52, 112, 127, 129
bailouts after, 182–83
and economic collapse, 41–42, 51–52, 235
Greece, 15, 33–34, 47, 51, 146, 245
Greenspan, Alan, 246
Gregory, Evelyn, 160–61. See also Helvering v. Gregory
gross domestic product (GDP), 14, 23–24, 33, 104, 108, 117, 126, 186
Group of Twenty, 182
Guth, Petr, 109
Hall, Robert, 96–97
Hand, Learned, 159–61
Hanseatic League, 102
Hatch, Orrin, 77–78
Hayek, F. A., 44–45
health care, 17, 37–38, 44, 51, 63, 69, 114, 118, 157, 176–80, 186, 221
health insurance, 29, 36, 52–53, 63, 81, 126, 133, 209, 218, 246–47, 251
Helvering v. Gregory, 159–61
Hines, James R., 56–57
Hollande, François, 127, 133–34, 142, 151
Holmes, Oliver Wendell, Jr., 30, 32, 36
home ownership, 8–9, 36, 40, 52, 75–81, 87–91, 116, 122. See also mortgage interest deduction; property: taxes
Hoover Institution, 96–97
Hungary, 15, 18–19, 41, 111, 239
immigrants, 155, 192, 194–95, 229
imports, 34, 50, 65, 187, 189, 193
income
definition of, 17–18, 52, 222, 255
foreign-earned, 22–23, 81, 143–58, 161–64
inequality of, 43–46, 115–25, 135, 139
seven brackets of, 97
income tax
earned income tax credit, 217
elimination of, 225
history of, 1–3, 12, 34–35, 45–46, 121, 135, 145, 173, 250
nonpayers of, 233–34
rebates of, 41–42
See also specific types
Income Tax, The: A Study of the History, Theory, and Practice of Income Taxation at Home and Abroad (Seligman), 45
inequality, economic, 8, 43–46, 98, 107, 115–25, 127, 135, 139, 172–75, 242, 253–56
inflation, 32–33
inheritance tax, 17, 30, 99, 121, 129–33, 254
insurance, 31–32, 60–61, 181–82. See also health insurance
intellectual property, 151–53
interest charges, 9, 33–34, 53, 61, 151, 155, 166, 173, 202, 241
interest groups, 41, 56–57, 62, 66, 68, 225
Internal Revenue Code. See tax code
Internal Revenue Service (IRS), 30, 35, 72, 75
art appraisal office of, 83–84
commissioners of, 161, 210, 213, 249
complexity and, 39, 55, 83, 97–98, 130, 194, 209, 213, 215–16, 249
expenses/revenues of, 214–15, 241, 256
and filing returns, 222–24, 255
taxpayer advocate of, 211–16, 220
See also audits; specific tax types
International Consortium of Investigative Journalists, 198–99
International Fiscal Association, 229
International Monetary Fund (IMF), 50–52, 57, 103, 112, 158, 175, 182, 185–86, 237–38
international organizations, 49–52, 56–57, 203
International Tax Handbook, 191–92
Internet, 49–50, 86, 105, 121, 200, 234, 255
Intuit, 224
investment, 36, 50, 55, 57, 167, 254–56
in eastern Europe, 105–10
houses, 182–83
income, 111, 124, 136–39, 192–93, 223
See also capital investment
corporate taxes of, 22, 145–46, 149–50, 152, 166
tax reform in, 69–70
tax revenues of, 14–15
and U.S. corporations, 147, 149–53, 156–57, 162, 164
IRS Offshore Voluntary Disclosure Program, 201
IRS Restructuring and Reform Act of 1998, 211–12
tax bureau in, 24–25
Japan, 30, 33, 71, 131, 147, 187, 228
gas tax in, 20–21
simple returns of, 7, 220–21, 223
Jersey, isle of, 157
job creation, 41–44, 91, 123, 125, 136, 162, 168–69
Johnson, Paul, 91
Johnson Controls, 156
Joint International Tax Shelter Information and Collaboration Network (JITSIC), 204–5, 207
Journal of Public Policy, 58
Kažimír, Peter, 112–13
Kleinbard, Edward D., 148
Kotlikoff, Laurence J., 169–70
Laar, Mart, 102–4
labor, taxes on, 17, 58, 123, 136–37, 173
labor/labour parties, 43, 60, 91, 189–90
land, taxes on, 46, 52, 83, 173–76
La taxe sur la valeur ajoutée (Lauré), 228
lawyers, 13, 62, 109, 169, 205–6, 211. See also Mossack Fonseca; tax avoidance
left, the, 43, 80, 107, 109, 112–13, 126–27, 137–38, 170, 175, 247, 253
Lew, Jacob, 161–62
Lewis, Al, 158
liberals, 2, 12, 43, 58, 64–65, 68, 78, 127, 188, 190, 236, 244, 248
loans, 29, 51, 69, 70, 155, 166, 181, 221
lobbyists, 41, 57, 67, 70, 89, 168, 177–78, 180, 183, 224–25, 240, 245, 252
Long, Russell, 74
Luntz, Frank, 131–32
Luxembourg, 15, 164, 183, 203–4
luxury goods, 239
Macau, 194–95
Mankiw, N. Gregory, 170
manufacturers’ sales tax (MST), 243–44
manufacturing companies, 11, 107–8, 141–45, 153, 156, 187
Maori tribe, 58–59
Marlborough wine region, 60
Martin, Lucy, 47
Massachusetts, 35, 45, 64, 223
media, 44, 74, 120, 127, 197–200, 204, 207–8
Medicaid, 63, 79, 157, 174, 234
medicine, 52, 55, 156–58, 165, 237, 239
Mexico, 19–20, 24, 51, 120, 240
fat/sugar tax in, 38–39, 177–79
Middle East, 34, 152, 155, 167, 187, 191–95
Mikloš, Ivan, 106–8
Monaco, 194–95
Monitor Securities Corporation, 160
mortgage interest deduction, 8–9, 53, 61, 69, 75–76, 78, 80, 88–91, 100, 252
eliminated in Britain, 90–91
Mossack Fonseca, 197–203, 205, 207–8
Mulroney, Brian, 243–44
National Bureau of Economic Research, 168
National Commission on Fiscal Responsibility and Reform, 56
National Taxpayer Advocate, 211–16, 220
nation-state concept, 34
and Google, 152–53
tax reform in, 69–70
Nevada, 204
New York Times, 115, 155, 162, 187, 198, 224
deductions in, 89–90
GST in, 11, 19, 61, 228, 238, 240, 243
tax reform in, 57–63, 65, 69, 107, 251
Nikoloudis, Panagiotis, 47
Norway, 15, 17–18, 20, 79, 87, 120, 129, 132, 146, 240
Obama, Barack, 39, 56, 132, 188, 205, 229
on economic inequality, 43–44, 117–20, 253
tax reform of, 88, 125, 137–38, 241
Obermayer, Bastian, 197–98, 207–8
Occupy Wall Street, 116–17, 119, 127
oil, 22, 32, 34, 36, 39, 64, 73, 186–87, 191–93
Olson, Nina, 211–16, 218–19, 221
online purchases, 234
Organization for Economic Cooperation and Development (OECD), 20, 77, 89, 128, 228
BEPS plan of, 163
member countries of, 59, 120, 145
role of, 50–52
on tax revenues, 14–18
overall tax burden, 13–18, 46, 126, 148, 165, 175
Packwood, Robert, 68
Paris, France, 7, 31, 115, 126, 133, 181, 204
payroll taxes, 41–42, 110–11, 173, 192, 233, 242, 246
Peichl, Andreas, 113
penalties, 39–40, 163, 206–7, 211, 243
Perkins, Tom, 119
pharmaceutical companies, 34, 156–58
Philippine Cigar Case, 30–32
Piketty, Thomas, 115–16, 121–25, 127–28, 136, 139, 171–73, 183
Poland, 15, 102, 109, 119, 138, 240
political contributions, 36, 70, 74, 123, 138
politics, 36, 48, 62, 102, 116, 131–32
Georgism movement, 171–75
polarization of, 12, 63–64, 69, 241–42
of tax reform, 66–68, 91, 224–25
President’s Advisory Panel on Federal Tax Reform, 56, 241–43
PricewaterhouseCoopers (PwC), 142–44, 148, 162–63, 252
private sector, 29–30, 42, 122
Progress and Poverty (George), 171–76
progressive income tax, 10, 28–29, 241
advocates for, 44–46, 54, 62, 114, 125, 135
in other nations, 97, 104–8, 110, 112
in U.S., 97–98, 100–101, 135–36
property
rights, 103–4
taxes, 35, 52–54, 79, 88, 124, 128, 173–76, 191, 193
public programs/services, 27–33, 35, 44, 125–26, 218, 247
Puerto Rico, 153
Rabushka, Alvin, 96–97
Reagan, Ronald, 12, 64–65, 67–69, 137, 245, 254
real estate, 18, 61, 69, 89–90, 101, 105, 123, 128, 133, 136, 195
recessions, 43, 101, 112, 233. See also Great Recession of 2008–2009
religious organizations, 84. See also churches
Republicans, 8, 12, 42–44, 64–68, 77, 91, 95–96, 99, 117, 138, 150, 188, 190, 210, 214, 245–47, 253–54
retail sales tax. See sales tax; value-added tax (VAT)
retirement, 9, 24, 36, 52–53, 81, 246
high taxes on, 16–18, 27–29, 34, 97, 120, 123–29, 173–75, 180, 253
lower taxes on, 134–39, 253–54
and tax rate cuts, 62, 69, 91, 117
tax-reform plan for, 95–96
top 1%, 18, 44, 67, 116–17, 119, 121, 198
See also superrich, the; tax avoidance: by the rich; tax breaks: for the rich; wealth; specific taxes
Ridley, Matt, 119
“rifle shot” tax provision, 74
right, the, 43, 107, 126–27, 137–38, 175, 247, 253
Rogers, Will, 28
Romney, Mitt, 46, 95, 117, 138–39, 234
Roosevelt, Franklin Delano, 159, 171
Roosevelt, Teddy, 135
Russia, 32, 101–2, 106, 109, 111, 129, 134, 200, 240
on financial transactions, 180–85
local, 19, 69, 230, 234, 242–44, 255
in other nations, 10, 18–19, 61, 128, 133, 235, 239
in U.S., 10, 17, 19, 37, 96, 173, 193, 247
See also value-added tax (VAT)
Sanders, Bernie, 132, 138, 158, 172, 180, 184–85, 253
savings, 9, 33, 36, 116, 128–29, 173–74, 181–82, 233, 241, 255
Scandinavia, 105
schools, 24–25, 29, 63, 117, 175, 237, 239
Schuchat, Frank, 139
securities, 23, 84, 123, 160, 181–85, 255
Securities and Exchange Commission, 163, 181
seigniorage gain, 33
Seligman, Edwin R. A., 45, 135
single-rate tax. See flat-rate income tax
Single Tax (Georgist), 173–76
sin tax, 37–39
Skadden, Arps firm, 154
slumps, economic, 37, 41–42, 51, 101, 103, 107, 113, 172, 233, 235, 238
in flat-rate tax countries, 110–11, 114
in other nations, 133, 192, 221
in U.S., 17, 41–42, 63, 75, 79, 165, 173–74, 186, 234, 246
soda pop tax, 10, 38–39, 176–80, 185
South Africa, 240
South Korea, 14–15, 17, 19, 21, 24, 36, 77, 146, 181
Soviet Union, 94–95, 101–6, 109–11, 220. See also Russia
Spain, 19, 24, 31, 131, 147, 183
simple returns of, 221
VAT rates of, 25, 41, 194, 240
wealth tax of, 129
state taxes, 13, 17, 19–20, 35, 52–56, 63, 69, 88, 131, 147, 156, 193, 222, 255
Steinmo, Sven, 36
Stiglitz, Joseph, 125
stockholders, 23, 122, 150, 156–57, 168–70
stock market, 101, 111, 118, 136–37, 141, 180–85, 254
stocks/bonds, 18, 69, 88, 123, 128, 147, 151, 160, 195, 203
subsidies, 60, 72, 76, 79, 103
Süddeutsche Zeitung, 197–98. See also Obermayer, Bastian
Sullivan, Martin, 169
Summers, Lawrence, 188, 211, 248
Sun Yat-sen, 171
superrich, the, 117, 122, 134–39
Surrey, Stanley, 72, 75–77, 79–80, 82, 86
Sutton, Willie, 128
Sweden, 18–19, 22–24, 86–87, 102, 105, 126
corporate taxes of, 146
economic equality in, 120–21
and inheritance tax, 132
simple returns of, 221
stock trades taxed by, 181–82
tax revenues of, 14–17
VAT rates of, 240
Sweers, Michiel, 235
Switzerland, 49, 86, 117, 129, 181
corporate taxes of, 54, 143, 145–46, 164, 166
and tax avoidance, 164, 167, 202–7
tax revenues of, 14–15
and U.S., 54, 143–45, 147, 156–58, 162–63, 166–67
Taft, William Howard, 31–32
tax agencies/bureaus, 39, 105, 182, 232
faith in government enhanced by, 46–47
in other nations, 24–25, 35, 219–21, 227–28
See also audits; Internal Revenue Service (IRS)
Tax Analysis Center, 166
taxation
and bad behavior, 37–41, 175–80
and good behavior, 36–37, 40, 73
history of, 1–3, 34–35, 45–46, 64–70, 126
reasons for, 28–32, 35–48, 126
tax avoidance, 73, 213, 215, 232, 241, 252
and citizenship, 194–95
critics of, 66, 158–64, 199, 204
“Double Irish with a Dutch sandwich,” 151–53, 161, 164
earnings skimming, 155, 163, 166
investigations into, 51, 149–51, 154, 162–64, 198–99, 202–8
offshore tax havens, 200–202, 205, 207
profit shifting, 143–45, 148–49, 152–53, 158, 162–63, 165–70
by the rich, 54–55, 66, 109, 124, 133, 139, 197–208
shell companies, 152, 160, 199–204
and unfair tax system, 218, 221
See also corporate income tax: avoidance of; Philippine Cigar Case; specific countries
tax breaks, 9–10, 53–54, 64–65
advocates for, 56–57, 67–68, 72
elimination of, 60–61, 68–69, 86–91, 119, 125, 138, 219, 251–52, 255
for good behavior, 36–37, 40, 73
and loss of revenue, 78–82, 85–90
for the rich, 68, 70–77, 87–90, 98, 122, 125, 136–39, 252, 254
tax codes complicated by, 40–41, 222
tax expenditures as, 74–81
See also corporations: tax breaks for; tax preferences; specific types
tax code, 212–13
anti-complexity clause of, 5, 70, 211, 249
complexity of, 2, 48, 68, 73–74, 130, 209–19, 250
in other nations, 219, 221, 255–57
simplifying of, 55, 214, 218–19, 225, 238, 241, 255
See also tax reform
tax collection, 7, 11, 17, 34–35, 47, 55, 83–84, 166, 214–15, 219, 227–38, 243
“Tax Complexity Lobby,” 224–25
Tax Equity and Fiscal Responsibility Act (TEFRA), 64
tax expenditures, 74–81, 87–88, 91, 224, 252. See also specific taxes
tax-free countries/states, 183, 191–95
tax-free savings, 9
tax law, 50, 64, 68–69, 148–50
first in U.S., 45–46
violations of, 158–59
writers of, 10, 112–13, 123, 209–13, 245, 252
Tax Law Design and Drafting (Thuronyi), 158
Tax Policy Center, 136, 184, 247
elimination of, 55–57, 66–67, 219, 251–52, 255
and tax complexity, 40–41, 48, 55, 225
See also specific types
tax preparers, 6–7, 213, 215, 217, 219, 223–24, 252
tax rate
top marginal, 17–18, 59–60, 67–70, 76, 124
See also broad base, low rates (BBLR); flat-rate income tax
tax reform, 2, 61, 66–68, 91, 211–12
and BBLR, 56–58, 125, 218–19, 251–52, 255
fair type of, 95–96
of George W. Bush, 56, 88, 132
in New Zealand, 57–63, 65, 69, 251
of 1986, 10, 12, 85–86, 250–51, 254, 257
by rewriting code, 250–51, 255–57
in U.S., 8, 12, 63–70, 73–74, 125, 241–48
Tax Reform Act of 1984, 64
Tax Reform Act of 1986, 12, 68–70, 85–86
tax revenue. See specific countries; specific taxes
tax systems, 27, 53–54, 213, 221
best examples of, 57–63, 73, 106, 251
complexity of, 5, 9, 26, 40, 48, 55, 64, 68, 224, 229, 237, 257
fair, 3, 28, 46, 55, 111, 114, 125–26, 229, 237, 253
simplifying of, 2–3, 7, 56, 61, 79, 97–100, 105, 107, 256
successful, 2–3, 7–8, 28, 51–52, 126–27, 218, 251–52, 256
Tea Party, 85
technological advances, 49, 105
terrorism, 187
Thuronyi, Victor, 158
timber, 34, 59–60, 80, 131, 164
Times (London), 119
“tiny tax,” 180–85
tobacco tax, 17, 21, 37–38, 40, 176
Tobin tax, 180–83
Toscana, David, 177
transfer tax, 130
Treasury I (tax reform), 65–66
Trump, Donald, 12, 98–100, 117, 138, 158, 166, 253–54
Tsipras, Alexis, 47
Tyco International, 156
Uganda, 47
U.K. Office of Tax Simplification (OTS), 220–21
Ukraine, 109
Ullman, Al, 245
Underwood-Simmons Tariff Act (1913), 1
unemployment, 42, 107–8, 114, 116, 127
Union des Associations Internationales, 50
United Arab Emirates (U.A.E.), 191–92, 194
United Kingdom/Great Britain, 15, 17, 20, 22, 31, 35, 49, 50, 57, 77, 96, 121, 131, 146, 157, 179, 200, 243, 255
charitable donations in, 40–41, 221
media of, 198–99
mortgage deduction eliminated by, 90–91
and tax avoidance, 159, 166–67
tax on stock trades, 181, 183–84
VAT rates of, 41–42, 235, 240, 247
University of Tartu, 103–4, 113
Uruguay, 39
U.S. Congress, 7, 42, 80, 99, 113, 181, 194
accounting arm of, 147–48
and capital gains tax, 137–39
charities law of, 84–85
and corporate taxes, 165–66, 168–69
IRS berated by, 26, 161, 209–10
and pre-filled tax forms, 223–24
and tax breaks, 9–10, 56–57, 65, 71–76, 78, 89, 250–52
and tax code reform, 8–9, 12, 64–70
on tax complexity, 5, 26, 219, 249
and tax-ducking inversions, 161–62
tax evaders investigated by, 149–51, 154, 162–63
tax law written by, 1–3, 10, 45–46, 74, 209–13, 245, 252
See also bailouts; political contributions; U.S. House of Representatives; U.S. Senate
U.S. Constitution, 46
U.S. Customs House, 35
U.S. House of Representatives, 64, 67–68, 74, 245
U.S. Justice Department, 201, 205–7
U.S. Mint, 33
U.S. Senate, 1, 66–68, 74, 77–78, 150, 154, 162, 245
U.S. Supreme Court, 30–32, 46, 123, 161
U.S. Treasury Department, 5, 78, 159, 182
on lowering tax rates, 251–52
secretaries of, 65–66, 161, 211, 248, 250
and tax-ducking inversions, 157, 161–62
and tax expenditures, 75, 87–88
and tax policy, 245–46
value-added tax (VAT), 10, 19, 25, 110, 194
explanation of, 228–38, 241–46
raising rates of, 41–42, 111, 114
standard rates of, 183–84, 238–40
and U.S., 11–12, 229–30, 241–48, 254–55
See also goods and services tax (GST)
Vano, Vladimir, 106
Walgreens, 157–58
Wall Street, 10, 65, 70, 180–81, 184, 255
Wall Street Journal, 109, 119, 162–63, 169, 184, 190–91, 199, 205, 236–37
Wandell, Keith, 156
War of 1812, 34–35
Warren, Elizabeth, 117, 223, 253
Washington, D.C., 30, 69, 84–85, 120, 131, 136, 156, 169, 184, 198–99, 224
Washington Post, 116
water (safe, drinking), 39, 177–79
wealth, 110
wealth tax, 17, 124–25, 128–32, 173, 183, 192–93
See also gross domestic product (GDP); inequality, economic; rich, the; superrich, the
Wealth of Nations, The (Smith), 37
Wegelin & Co. (Switzerland), 205–6
welfare state, 80
Wilson, Woodrow, 1
World Bank, 16–17, 23–24, 50–52, 57, 77, 126, 182
World Health Organization, 49, 176
world wars, 1, 50, 106, 121, 228
Zolt, Eric, 12