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Abstrakty
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)
Twórcy
autor
- St. John's University, New York, USA
Bibliografia
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Typ dokumentu
Bibliografia
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bwmeta1.element.ekon-element-000171229181