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• W1566292862 abstract "I INTRODUCTION The United States is unique in subjecting corporate income to two layers of tax. (1) In what is called a system, corporate income is taxed once at entity level when earned and a second time at individual level when distributed to shareholders in form of a dividend. (2) By contrast, in most other countries, corporate- and shareholder-level taxes are fully or partially integrated through some form of credit or deduction. America's double taxation of corporate income is a much-criticized but persistent feature of its current tax system despite numerous reform proposals over last half-century or so. (3) Although some measure of integration was finally enacted in 2003 when Congress adopted legislation taxing dividends at lower capital-gains rate, this legislation, scheduled to expire in 2010, fell far short of including exemption from individual taxation that was originally proposed. (4) Some commentators have viewed this modest progress as perhaps ultimate sounding of death knell for integration efforts, noting that President Bush was at height of his power in early 2003 and he had identified this as one of his top priorities. (5) The entrenchment of our current classical system of corporate taxation is not a recent phenomenon, nor was it a preordained conclusion from outset of corporate income tax. (6) The turning point in corporate tax may have been decade following World War II. If there ever was a legislative moment for reenvisioning corporate tax, it was then. Consensus as to problems with corporate taxation was significant. Businesses had borne brunt of burden during war. (7) Over that four-year period, corporate income tax rates had more than doubled from nineteen percent to forty percent and Congress had enacted a new excess profits tax at rates topping out at ninety-five percent. (8) Combined, two levies accounted for almost fifty-six percent of net income reported to government by 1944. (9) The high rates served to heighten scrutiny of double taxation of corporate income, which had emerged during New Deal as a byproduct of President Roosevelt's ill-fated experiment with an undistributed-profits tax. (10) Additionally, winding down of war promised to lower revenue needs. As a consequence, push for major corporate tax reform emerged well before V-E Day. By January of 1946, sixty proposals for relief of double taxation were in circulation, (11) many of which were repackaged or reintroduced during succeeding years. It was not until 1954, though, as part of a comprehensive revamp of Internal Revenue Code, that Congress enacted limited, and ultimately short-lived, dividend tax relief. (12) This paper considers three questions: (1) Why was dividend-tax relief so long in coming, given initial momentum for reform; (2) What led dividend-tax reform to rise to top of agenda in 1954; and (3) Why, given degree of interest in integration proposals, was relief so modest? II POSTWAR CORPORATE TAX REFORM A. A Flurry of Tax Reform Proposals In September of 1944, with American troops still fighting in Europe, Treasury Department's Director of Tax Research, Roy Blough, predicted that task of crafting a postwar tax program would be the most difficult tax problem in American history. (13) Expenses remained at record levels while appetite for fiscal sacrifice was waning. The excess profits tax and wartime hikes in corporate income tax rates were considered serious threats to economy's postwar recovery. At same time, individual tax burden had grown dramatically. The fundamental changes wrought by Revenue Act of 1942, in particular, had both cut individual exemptions drastically and significantly lowered thresholds for application of rising surtax rates on both corporate and individual income. …" @default.
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• W1566292862 title "The Rise and Fall of Post-World War II Corporate Tax Reform" @default.
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