The Corporate Income Tax System: Elements and Reform Options


Paul Giachetto (Editor)

Series: Economic Issues, Problems and Perspectives
BISAC: BUS022000

Many economists and policymakers believe that the U.S. corporate tax system is in need of reform. There is, however, disagreement over why the corporate tax system needs to be reformed, and what specific policy measures should be included in a reform. To assist policymakers in designing and evaluating corporate tax proposals, this book reviews the current U.S. corporate tax system; discusses economic factors that may be considered in the corporate tax reform debate; and presents corporate tax reform policy options, including a brief discussion of current corporate tax reform proposals. The current U.S. corporate income tax system generally taxes corporate income at a rate of 35%. This tax is applied to income earned domestically and abroad, although taxes on certain income earned abroad can be deferred indefinitely if that income remains overseas. The U.S. corporate tax system also contains a number of deductions, exemptions, deferrals, and tax credits, often referred to as “tax expenditures.” Collectively, these provisions reduce the effective tax rate paid by many U.S. corporations below the 35% statutory rate. In 2011, the sum of all corporate tax expenditures was $158.8 billion. (Imprint: Nova)

Table of Contents

Table of Contents


The Corporate Income Tax System: Overview and Options for Reform
(Mark P. Keightley, Molly F. Sherlock, CRS)

Corporate Tax Reform: Issues for Congress
(Jane G. Gravelle, Thomas L. Hungerford, CRS)

The Section 199 Production Activities Deduction: Background and Analysis
(Molly F. Sherlock, CRS)

Section 179 and Bonus Depreciation Expensing Allowances: Current Law, Legislative Proposals in the 113th Congress, and Economic Effects
(Gary Guenther, CRS)

Tax Treatment of Net Operating Losses
(Mark P. Keightley, CRS)

U.S. International Corporate Taxation: Basic Concepts and Policy Issues
(Mark P. Keightley, CRS)

Reasons for the Decline in Corporate Tax Revenues
(Mark P. Keightley, CRS)


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