By Steven A. Bank
The U.S. company source of revenue tax - and particularly the double taxation of company source of revenue - has lengthy been probably the most criticized and stubbornly chronic elements of the federal profit approach. not like in so much different industrialized nations, company source of revenue is taxed two times, first on the entity point and back on the shareholder point whilst disbursed as a dividend. the traditional knowledge has been that this double taxation was once a part of the system's unique layout over a century in the past and has survived regardless of withering competition from enterprise pursuits. In either situations, background tells one other story. Double taxation as we all know it this day didn't look until eventually a number of a long time after the company source of revenue tax used to be first followed. in addition, it was once embraced by means of company representatives on the outset and in next years companies were way more ambivalent approximately its lifestyles than is popularly assumed. From Sword to safeguard: The Transformation of the company source of revenue Tax, 1861 to Present is the 1st old account of the evolution of the company source of revenue tax in the United States. Professor Steven A. financial institution explains the origins of company source of revenue tax and the political, fiscal, and social forces that remodeled it from a sword opposed to evasion of the person source of revenue tax to a safeguard opposed to executive and shareholder interference with the administration of company money.
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Extra resources for From Sword to Shield: The Transformation of the Corporate Income Tax, 1861 to Present
78 After this was declared unconstitutional,79 the legislature elected to tax the corporation directly. 81 The state effectively retained only the value of the capital stock attributable to nonresidents. 82 As one commentator described it, however, “[t]he change involved . . ”84 The Confederacy’s adoption of a corporate income tax measure during the Civil War is further evidence that the corporation was considered an appropriate taxable unit at the time. Initially, the 64 Ala. 269, 277 (1879)).
16. Id. at 517. 19 This concession to corporate distinctiveness operated more as an application of the personal property tax, however, than as a separate system of taxation. B. Special Charters A second factor that inhibited the spread of special corporate tax provisions was the growing suspicion of corporate favoritism under the special charter system. Special charters in America were an outgrowth of the system that had been place in England for the chartering of corporations. ”20 Thus, individuals interested in forming corporations had to secure a special royal charter.
59. See Seligman, supra note 35, at 301–4. 12 from sword to shield 1 ii. civil war and reconstruction 2 On the federal level, the taxation of corporations was not an issue during the early years of the Republic. Although Congress had toyed with alternative forms of financing during the War of 1812, the primary sources of federal revenue in the first half of the nineteenth century were tariffs on imported goods and excises on domestic products. Such consumption taxes potentially subjected corporate income to an indirect burden, but they were not directed at corporations specifically.