Securities market proposals
Article Abstract:
The Treasury Department, the Federal Reserve's Board of Governors and the SEC have recommended regulatory and legislative changes in the government securities market designed to prevent a recurrence of the Salomon Bros. Inc scandal. Proposed regulatory changes include broadening participation in auctions and stronger enforcement of auction rules. Legislative recommendations include the reauthorization of Treasury rulemaking authority under the Government Securities Act of 1986 and making the use of misleading statements illegal.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1992
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Consumption tax proposals such as the flat tax and 'U.S.A. Tax' would affect cross-border transactions and could trigger repudiation of bilateral tax treaties
Article Abstract:
Proposed consumption taxes would have a variety of effects on how US taxes interact with those of other countries, in turn influencing investment and business location decisions. Rep Dick Armey offers a flat tax of 17% on earned income with an investment deduction, while Sens Pete Domenici and Sam Nunn propose a 'USA Tax' with a similar deduction but using worldwide income for a graduated tax. The treatment of border effects is important, with the Nunn-Domenici tax using a destination principle and Armey's an origin one.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1996
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While many of the current reform proposals call for imposition of a flat tax on income, their enactment could result instead in a consumption-based tax
Article Abstract:
A broader tax base and lower rates are laudable purposes behind proposals for replacing the current, graduated income-tax system with a flat income tax or a consumption tax. Both of the latter are flawed, however, and sacrifice progressivity in return for limited benefits. The present method of taxation is relatively undemanding for the average individual, and incentives for investing are better achieved by eliminating the double tax on corporate earnings than through consumption or flat-tax schemes.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1995
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