By David F. Bradford
This learn explores how the tax layout referred to as the X tax may alleviate the complexities and avoidance possibilities plaguing the prevailing U.S. procedure for taxing foreign company source of revenue.
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Extra resources for The X-Tax in the World Economy: Going Global with a Simple, Progressive Tax (AEI Studies on Tax Reform)
It is hard to image that an anticipated change from zero to, say, 28 percent would not have quantitatively significant impacts. It is true that European economies have made the transition to destination-basis value-added taxes of 15–20 percent with no obvious consequences of the type I describe, but it is not clear that anyone looked for such consequences. Furthermore, it is well known that the European value-added taxes, at least initially, substituted DAVID F. BRADFORD 33 for turnover taxes of broadly similar economic character.
In the example at the beginning of the paper, we took as a condition a situation of balanced trade. Now, we are interested precisely in the possibility of unbalanced trade, so we need to introduce the element of time, which I do by specifying a two-period world. As in the earlier example, we assume that there is an X tax (or subtraction-method consumption tax on goods and services) in the United States only. Any taxes in ROW use some other approach. S. tax may be of either the destination or origin type.
This is the effect of cash-flow accounting for business investment and the treatment given to tax-qualified retirement saving in the present income tax. By well-rehearsed DAVID F. BRADFORD 35 reasoning, with a constant tax rate, qualified-account treatment of saving has the economic effect of exempting the return to the amount saved from tax. Under the alternative, tax-prepayment accounting, the amounts saved are not deducted from the current tax base of the saver (hence, “pretaxed”). Instead, all amounts flowing back to the saver in the future, due to yield or return of principal, are ignored.