| Title: |
D KLEINBARD’S BUSINESS ENTERPRISE INCOME TAX: HOW WELL DOES IT SOLVE THE PROBLEM OF HOW TO TAX CAPITAL INCOME? |
| Authors: |
Toder, Eric Jay1 etoder@urban.org |
| Source: |
National Tax Journal. Jun2022, Vol. 75 Issue 2, p395-423. 29p. |
| Subject Terms: |
*INCOME tax; *BUSINESS enterprises; *CAPITAL levy; *CORPORATE profits; *RENT (Economic theory); *DIVIDENDS; *OPTIONS (Finance) |
| Geographic Terms: |
UNITED States |
| Abstract: |
Ed Kleinbard’s Business Enterprise Income Tax (BEIT) would eliminate many of the distortions in current US taxation of investment income, including choices between debt and equity finance and among dividends, stock buybacks, and retained earnings; business choices among alternative assets and between investing in the United States and overseas; decisions on exchanging asset ownership; and choices among how firms are organized. But, similar with other proposed reforms, BEIT is less effective in taxing economic rents earned by the wealthiest individuals. BEIT fits with Kleinbard’s overall view that average citizens would benefit from a larger government funded by moderately progressive taxes. [ABSTRACT FROM AUTHOR] |
| : |
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| Database: |
Business Source Premier |