The Value-Added Tax: Orthodoxy and New Thinking by Murray L. Weidenbaum (auth.), Murray L. Weidenbaum, David G.

By Murray L. Weidenbaum (auth.), Murray L. Weidenbaum, David G. Raboy, Ernest S. Christian Jr. (eds.)

IF, in the event you SAY "CONSUMPTION TAX , " YOU suggest . . . through Ernest S. Christian, Jr. and Cliff Massa III a lot has been acknowledged and written approximately intake taxes within the usa, yet more often than not in a theoretical context. Dozens of schol­ arly treatises were released, in addition to innumerable papers and speeches such a lot of that have been extra argumentative than illumi­ nating in nature. Audiences have sat via uncounted confer­ ences at the benefits or evils of intake taxes, looking on the audio system' views. there were simply 3 finished legislative proposals to which those theories and arguments can be 1 utilized, nobody of which used to be acted upon within the Congress. Purveyors of traditional knowledge have steered that this theo­ retical context could be changed inside of a yr or by means of real con­ sideration of a federal-level intake tax. a few see enactment of one of these tax as a fascinating -- or not less than an important -- potential for decreasing the federal deficit. The nationwide monetary fee, which used to be created by means of laws in 1987 to suggest deficit relief measures, was once perceived by means of many skeptics and proponents alike to be the malicious program which might hold a intake tax Lrhe proposals have been H. R. 7015, ''The Tax Restructuring Act of 1980," brought by way of Rep. Al Ullman; S. 1102, ''The enterprise move Tax Act of 1985," brought by way of Senator William Roth; and H. R. 4598, brought by means of Rep.

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That is also what the Congress has in mind when it periodically amends the tax laws to rearrange the relative aggregate amount of taxes paid by corporations and paid by individuals. In the Tax Reform Act of 1986, the $120 billion reduction in income taxes paid by individuals was funded by a $120 billion increase in taxes paid by corporations. 6 But why would it be assumed that a tax paid by 6In that case, the bank account and cash flow of the corporation would be only temporarily reduced. The only real cost to the corporation would be an implicit If, When You Say ·Value-Added Tax," You Mean 25 corporations measured by value added is automatically passed on to consumers in the form of a higher price, when a tax paid by corporations measured by net income is not assumed to be passed on to consumers?

If consumers are willing to pay a separately stated sales tax, it is reasonable to conclude that they will have no different attitude about paying a separately stated VAT. Therefore, each of the corporations (or other businesses) involved in the multiple stages of an invoice and credit VAT prior to the final retail sale should be reasonably confident that the tax can be passed on and should be willing to reimburse one another and keep the tax rolling forward to the consumerY Compared to a sales tax, the major difference U Anecdotal information, plus their continued use of the invoice and credit VAT, indicates that companies in Europe are reasonably confident that most of the tax is passed on.

Chapter 3 also discusses two opposing views expressed in the substantial body of economics literature that add to the confusion on the subject. Both views tend to ignore who pays the tax and to focus, instead, on who bears the ultimate economic burden of the tax. A traditional view described in Chapter 3 suggests that consumers bear the economic incidence of a value-added tax even if the tax, as such, is paid by corporations and other producers of goods and services. By skipping over payment and assuming that the amount of tax paid by producers is automatically passed on to purchasers in the form of a higher price, adherents of this point of view 18 The Value-Added Tax: Orthodoxy and New Thinking readily conclude that any form of value-added tax is a consumption tax.

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