The Corporation Income Tax

The Corporation Income Tax

The Corporation Income Tax

The Corporation Income Tax

Excerpt

This book is an economic analysis of the corporation income tax. It also touches on some broad political aspects of tax policy. Attention is centered on the United States and in particular on the Federal corporation income tax; a few references are made to special problems of state taxation.

I have emphasized the effect of the corporation income tax on national income and employment and have tried to test the consistency of the tax with the main objectives of fiscal policy. At many points I have compared the corporate tax with alternative means of financing and have considered various revenue measures under different budget policies. It seems to me that a careful consideration of available alternatives is essential to a realistic and useful study of any tax.

The book is intended for economists and others interested in tax policy, including investors, business executives, accountants, and lawyers. Only incidental attention is given, however, to many technical points of accounting, law, and administration.

My work on this book has extended over several years during which both the tax system and general economic conditions have undergone important changes. The manuscript was substantially completed by the end of 1949. In the autumn of 1950 I reviewed it and inserted new material to take account of important later developments. But I have not attempted to include all last-minute statistical data or to treat in detail the special problems of large-scale defense financing. The book is intended to develop a broad analytical framework applicable to a variety of situations rather than to present a topical discussion of the latest questions.

Many discussions with colleagues at the U. S. Bureau of the Budget, the Treasury Department, and the University of Chicago and with other friends and associates have left me with intellectual obligations too numerous to detail. Nevertheless I wish to make special acknowledgment of advice and criticisms received from Roy Blough, member of the President's Council of Economic Advisers . . .

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