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2009 | 1 | nr 1 | 22--30
Tytuł artykułu

Applying the Withdrawals Tax System to the Shadow Economy

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The withdrawals tax WTX, Colabella & Coppinger (1995) is a modern model of a public finance which bank withdrawals of individuals and businesses alike as the tax main source of government revenue and a tool for implementing immediate fiscal policy. As a base system of taxation, it is conceptually consumption based tax administered nationally through a centralized electronic collection system of a small percentage of revenues as cash disbursements pass through bank account holders of financial intermediaries. The WTX uses a low composite rate of tax over this very broad tax base which consists of the sum total of all annual disbursement transactions. Implementing the model would require transitional changes in the utility of physical currency as we now know it and this will directly thwart the shadow economy. The WTX electronic currency system short circuits shadow economy transactions, the costly regulation of system compliance, rising tax rates and distrust of the government which are cited as main catalysts to the underground economy's maintenance and growth. This paper should further support the installation of consumption tax methodology and streamline public finance processes and fiscal policy initiatives in a global market. (original abstract)
Rocznik
Tom
1
Numer
Strony
22--30
Opis fizyczny
Twórcy
  • St. John's University, New York, USA
Bibliografia
  • Aaron, H. J. and Boskin, M. J. (eds.), The Economics of Taxation, Stanford, CA: Hoover Press, 1980.
  • Bajada, C. and Schneider, F., The Shadow Economies of Asia-Pacific, Pacific Economic Review, Vol. 10, No. 3, October 2005, pp. 379-401.
  • Bradford, D. F., National Tax Journal, Vol. 35, No. 3, September 1982, pp. 26-40.
  • Breusch, T., The Canadian Underground Economy: An Examination of Giles and Tedds, Canadian Tax Journal, Vol. 50, No. 5, 2005, pp.1641-1654.
  • Cagan, P., Why Do We Use Money in Open Market Operations?, Journal of Political Economy, Vol. 66, No. 1, 1958, pp. 34-46.
  • Colabella, P. R. and Coppinger, R. J., The Withdrawals Tax, in St. John's University Global Institute for Taxation Papers, Jamaica, NY: St. John's University, 1999.
  • Dell'Anno, R., and Schneider, F., Estimating the Underground Economy by Using MIMIC Models: A Response to T. Breusch's Critique, in Economics Working Papers 2006-07, Department of Economics, Johannes Kepler University, Linz, Austria, 2006, at http://www.econ.au.dk/afn/workshops/departmental/dellanno.pdf.
  • Fiege, E. L., The Underground Economy and the Currency Enigma, The Economics of Corruption and Illegal Markets, Vol. 3, 1979, pp. 24-38.
  • Helberger, C. and Knepel, H., How Big is the Shadow Economy? : A Re-analysis of the Unobserved-variable Approach of B.S. Frey and H. Weck-Hannemann, European Economic Review, Vol. 32, No. 4, April 1988, pp. 965-976.
  • Hill, R., The Underground Economy in Canada: Boom or Bust?, Canadian Tax Journal, Vol. 50, No. 5, 2002, pp.1641-1654.
  • Hobbes, T., Elementa philosophica de cive, Amsterdam: Apud Danielem Elzevirium, 1651.
  • Sandesara, J. C., Estimates of Black Income: A Critique of the Gutmann Method, Economic and Political Weekly, Vol. 18, No. 14, April 1983, pp. 547-550.
  • Scheel, C. C., Colabellas' and Coppinger's Withdrawals Tax - An Effective Model to the Fight of the Shadow Economy?, a doctoral dissertation, Department of Economy Sciences, University of Hamburg, Hamburg, Germany, 2007.
  • Smith, R., The Underground Economy: Guidance for Policy Makers?, Canadian Tax Journal, Vol. 50, No. 5, 2002, pp. 1655- 1661.
  • Stone, C. C. and Thornton, D. L., Solving the 1980s Velocity Puzzle: A Progress Report, Federal Reserve Bank of St. Louis, August/September 1987, at http://research.stlouisfed.org/publications/review/87/08/Solving_Aug_Sep1987.pdf.
  • Tanzi, V., The Underground Economy in theUnited States and Abroad - Underground Economy and Tax Evasion in the United States: Estimates and Implications, Toronto: Lexington Books, 1982.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171229181

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