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Public-Private Partnerships, Capital Infrastructure Project Investments and Infrastructure Finance
Type: Book
ISBN: 978-1-83909-654-9

Book part
Publication date: 18 November 2014

Rebekah D. Moore and Donald Bruce

We examine whether variations in the most fundamental aspects of state corporate income tax regimes affect state economic activity as measured by personal income, gross state…

Abstract

We examine whether variations in the most fundamental aspects of state corporate income tax regimes affect state economic activity as measured by personal income, gross state product, and total non-farm employment. We focus on a variety of statutory components of state corporate income taxes that apply broadly in most U.S. states and for most multi-state corporate taxpayers. Our econometric strategy consists of a series of fixed effects panel regressions using state-level data from 1996 through 2010. Our results reveal important interaction effects of tax rates and policies, suggesting that policy makers should avoid making decisions about tax rates in isolation. The results demonstrate a relatively consistent negative economic response to the combination of high tax rates with throwback rules and heavy sales factor weights. Combined reporting has no discernible effect on personal income, GSP, or employment after controlling for tax rates, apportionment, and throwback rules. In an effort to gauge the relative impacts of tax policies on the location of economic activity, we also estimate alternative models in which each state’s economic activity is measured as a share of the national economic activity in each year. Statistically significant effects for tax rates, apportionment formulas, and throwback rules in the shares models suggest that at least some of their impact involves the movement of activity across state lines, thereby leaving open the possibility of a zero-sum game among the states.

Book part
Publication date: 18 October 2011

Jørgen Goul Andersen

This chapter analyses the recovery of the Danish economy from the crisis of the 1980s, its elevation to a bit of an ‘economic miracle’ or at least an ‘employment miracle’ from…

Abstract

This chapter analyses the recovery of the Danish economy from the crisis of the 1980s, its elevation to a bit of an ‘economic miracle’ or at least an ‘employment miracle’ from 1995 to 2005 and its subsequent decline during the financial crisis, which revealed more long-standing problems that precluded a quick recovery. The solution of Denmark's structural balance of payment problems in the early 1990s paved the way for long-term prosperity, and Denmark managed the challenges of globalisation and deindustrialisation almost without social costs. However, an accumulation of short-term policy failures and credit liberalisation facilitated a credit and housing bubble, a consumption-driven boom and declining competitiveness. In broad terms, the explanation is political; this includes not only vote- and office-seeking strategies of the incumbent government but also ideational factors such as agenda setting of economic policy. Somewhat unnoticed – partly because of preoccupation with long-term challenges of ageing and shortage of labour – productivity and economic growth rates had slowed down over several years. The Danish decline in GDP 2008–2009 was larger than in the 1930s, and after the bubble burst, there were few drivers of economic growth. Households consolidated and were reluctant to consume; public consumption had to be cut as well; exports increased rather slowly; and in this climate, there was little room for private investments. Financially, the Danish economy remained healthy, though. Current accounts revealed record-high surpluses after the financial crisis; state debt remained moderate, and if one were to include the enormous retained taxes in private pension funds, net state debt would de facto be positive. Still, around 2010–2011 there were few short-term drivers of economic growth, and rather unexpectedly, it turned out that unemployment problems were likely to prevail for several years.

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The Nordic Varieties of Capitalism
Type: Book
ISBN: 978-0-85724-778-0

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Handbook of Microsimulation Modelling
Type: Book
ISBN: 978-1-78350-570-8

Abstract

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Handbook of Microsimulation Modelling
Type: Book
ISBN: 978-1-78350-570-8

Abstract

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Fighting Corruption in the Public Sector
Type: Book
ISBN: 978-1-84950-857-5

Book part
Publication date: 25 September 2020

Gani Asllani, Simon Grima and Sharon Seychell

Purpose: This research study addresses the key issues of the fiscal policies and tax system in Kosovo to align with the contemporary tax principles and requirements of the…

Abstract

Purpose: This research study addresses the key issues of the fiscal policies and tax system in Kosovo to align with the contemporary tax principles and requirements of the European Standards.

Design/methodology/approach: In order to explain the fiscal policies and tax system in Kosovo, the authors provide an overview of the fiscal policies and tax system in the country. The authors focused on the building and development of the tax system, the role of the tax policy in economic development and the macro-fiscal stability. The methodology approach is based on primary and other secondary sources, such as academic literature, the reports provided by the Ministry of Finance and international institutions, tax law and other available important statistical data.

Findings: The chapter substantiates and confirms the need for tax reforms in order to have an adequate tax system oriented to indirect tax, changing the structure of tax collection for border tax into domestic tax, simplification of the legal procedures, improvement of management and audit systems, reducing the informal gray economy and to have a gradual growth-friendly fiscal policy. Positive fiscal performance continued, although there is still room to improve the execution of revenues.

Practical Implications: This chapter highlights the fact that Kosovo needs to intensify their fiscal reforms to build a sustainable tax system in order to meet the criteria of the EU tax system and policies.

Originality/value: The authors define the needs for strengthening the budget revenues, taking strong and coordinated steps to improve the management and collection of the revenues from indirect and direct taxes. Moreover, the authors show that the Kosovo tax system is broadly in line with the EU acquis and needs reform in order to have a sustainable tax regime.

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Uncertainty and Challenges in Contemporary Economic Behaviour
Type: Book
ISBN: 978-1-80043-095-2

Keywords

Book part
Publication date: 12 April 2012

Arnab K. Basu, Nancy H. Chau and Zahra Siddique

We study the impact of tax and minimum wage reforms on the incidence of informality. To gauge the incidence of informality, we use measures of the extent of tax evasion, the…

Abstract

We study the impact of tax and minimum wage reforms on the incidence of informality. To gauge the incidence of informality, we use measures of the extent of tax evasion, the extent of minimum wage noncompliance, and the size of the informal workforce. Our approach allows us to examine (i) the distinction between determinants of firm-level reported wage distribution and actual wage distribution, (ii) the complementarity of tax and minimum wage enforcement, (iii) the impact that a minimum wage reform has on tax and minimum wage compliance, and (iv) the impact that a tax policy reform has on tax and minimum wage compliance. We conclude with the design of optimal minimum wage and tax policies (even in the complete absence of minimum wage enforcement). We do so based on two objectives derived from popular concerns associated with an unchecked expansion of informality: tax revenue maximization, and poverty alleviation among workers.

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Informal Employment in Emerging and Transition Economies
Type: Book
ISBN: 978-1-78052-787-1

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Abstract

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Handbook of Microsimulation Modelling
Type: Book
ISBN: 978-1-78350-570-8

Book part
Publication date: 18 November 2014

Randall B. Bunker and William F. Shughart

This research quantifies the economic impact of regional tax policy incentives included in the Gulf Opportunity Zone Act of 2005.

Abstract

Purpose

This research quantifies the economic impact of regional tax policy incentives included in the Gulf Opportunity Zone Act of 2005.

Design/methodology/approach

This research utilized linear mixed-effects modeling and multiple regression procedures with a matched sample panel dataset from 2002 through 2008 containing real-world county-level economic data.

Findings

The results indicated that the regional tax incentives provided by the GO Zone Act did not generate significant increases in key economic indicators included in this study. These tax incentives were intended to spur economic recovery, but based on research findings, they do not appear to have had the impact desired by Congress.

Research limitations/implications

Archival empirical data for the affected region make this study possible but also limit the ability to generalize these results to other regions. In addition, empirical research utilizing real-world data can be prone to internal validity issues that exist due to lack of environmental controls and other possible causal factors.

Originality/value

This research adds to the existing literature by using real-world county-level economic indicators to test the impact of tax policy investment incentives at the regional level and minimizes some of the issues addressed by prior empirical research and provides evidence on the effectiveness of tax policy investment incentives at the regional level.

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