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• W3123322610 abstract "I. IntroductionPresident Bush's proposal end double taxation, which was justified in part because it would increase dividends and thereby improve corporate accountability,' was only latest example of federal government's effort use Internal Revenue Code as a tool modify corporate behavior. In recent years, Congress has enacted or introduced a number of corporate governance-motivated tax provisions-from limiting deductions for allegedly excessive executive compensation and imposing excise taxes on receipt of so-called greenmail payments during takeovers denying deductions both for stock options that have been expensed for accounting purposes and for punitive damage payments.2 In fact, almost since inception of corporate income tax, Congress has recognized its potential serve as a de facto system of federal corporate law. Proponents of earliest corporate income tax in 1894 predicted that one of its benefits would be salutary influence it would have on corporations by establishing a means of federal oversight.3 When President Taft later proposed an excise tax on corporations in 1909, he noted that one of merits of tax was the federal supervision which must be exercised in order make law effective over annual accounts and business transactions of all corporations.4 Federal taxation was a means preempt traditional state role in regulation of corporations without actually establishing a system of federal incorporation.5Despite its long history, attempt regulate corporations through tax system has had only mixed results. In many cases, Congress's corporate governance-motivated tax reform efforts have failed miserably. This is not say that tax reform has failed actually modify corporate behavior for at least a brief time, although this may be case in some instances. Rather, many of tax provisions introduced or enacted as part of a corporate governance reform effort have simply failed, in words of Mark Roe, survive in face of fierce corporate resistance.6 If they survived enactment and were not technically repealed within a few years, they have been effectively rendered useless or counterproductive, and their continued existence has been subject of much criticism.7Notwithstanding such criticism, recent observers suggest that in some cases tax can be an effective ally in fight reform corporate governance. David Schizer, for example, argues that a variety of tax rules have served as an effective hindrance executive hedging transactions.8 Reuven Avi-Yonah goes further, arguing that corporate tax and, by implication, corporate rates, can be used to control excessive accumulation of power in hands of corporate management.9 This normative conclusion draws support from recent studies in economics literature that demonstrate corporate governance benefits of strong tax enforcement by reducing level of managerial diversion of corporate assets.10 Given existing political support and academic controversy surrounding use of tax as a tool of corporate governance, challenge is more fully investigate whether some corporate governance-motivated tax reforms may be better positioned succeed than others.Perhaps best prism through which understand use of taxation modify corporate behavior is experience of New Deal. Not only does it have advantage of historical distance, but New Deal is also replete with examples of corporate governance-oriented tax provisions. During a relatively brief period of time, Congress embarked on an ambitious, but ultimately unsuccessful, campaign change corporate behavior through tax reform.11 Thus, between 1932 and 1936, legislators enacted or attempted enact tax provisions designed restrict growth of large corporations;12 eliminate holding company structure;13 lower amount of executive compensation;14 force distribution of dividends;15 and minimize mergers, acquisitions, and other business combinations. …" @default.
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• W3123322610 date "2004-07-01" @default.
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• W3123322610 title "Tax, Corporate Governance, and Norms" @default.
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