Reappraisal of Business Taxation

Reappraisal of Business Taxation

Reappraisal of Business Taxation

Reappraisal of Business Taxation

Excerpt

There is laid annually upon "business" a large share of the responsibility for providing all levels of government with the revenues essential to the performance of governmental functions. This responsibility includes not only a direct as well as an indirect sharing of its net product, but also the generous and substantial sharing of its facilities in the administration and collection of the revenues from business and nonbusiness sources.

Every taxing statute, substantive or administrative, at any level of government, therefore, has a real impact upon business that penetrates to an unknown extent the entire economic and social fabric.

Faced with continuing high revenue needs, with the revenue to be extracted from a maelstrom whose basic element is free enterprise marked by ever sharpening competition--operating under the continued emergence of new forms of business organization; deep seated technological developments; extended governmental regulation of business; changing legal and social concepts; rising levels of managerial and production capacities; and world-wide economic forces placing an ever higher premium on competitive talents--there is a real need for a continuing vigorous and penetrating appraisal of the tax factor in business.

The papers presented herein, coupled with those of previous symposiums, go a long way towards providing a launching pad for studies in keeping the appraisal on a timely basis coincident with the unfolding environments of the future. Each of these papers deals with matters of tremendous importance both policy- and principle-wise and constitutes a constructive and scholarly contribution to tax thought.

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