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Taxation And The Financial Sector

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  • Shackelford, Douglas A.
  • Shaviro, Daniel N.
  • Slemrod, Joel

Abstract

In the aftermath of the recent financial crisis, a variety of taxes on financial institutions have been proposed or enacted. The justifications for these taxes range from punishing those deemed to have caused or unduly profited from the crisis, toaddressing the budgetary costs of the crisis, to better aligning banks’ and bank executives’ incentives in light of the broader social costs and benefits of their actions. Although there is a long-standing literature on corrective, or Pigouvian, taxation, most of it has been applied to environmental externalities, and the externalities that arise from the actions of financial institutions are structurally different. This paper reviews the justifications for special taxes on financial institutions, and addresses what kinds of taxes are most likely to achieve the various stated objectives, which often are in conflict. It then critically assesses the principal taxes that have been proposed or enacted to date: financial transactions taxes, bonus taxes, and taxes on firms in the financial sector based on size, bank liabilities, or excess profits.

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Bibliographic Info

Article provided by National Tax Association in its journal National Tax Journal.

Volume (Year): 63 (2010)
Issue (Month): 4 (December)
Pages: 781-806

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Handle: RePEc:ntj:journl:v:63:y:2010:i:4:p:781-806

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Cited by:
  1. Giancarlo Corsetti & Michael P. Devereux & John Hassler & Gilles Saint-Paul & Hans-Werner Sinn & Jan-Egbert Sturm & Xavier Vives, 2011. "Chapter 5: Taxation and Regulation of the Financial Sector," EEAG Report on the European Economy, CESifo Group Munich, CESifo Group Munich, vol. 0, pages 147-169, 02.
  2. Tri Vi Dang & Florian Morath, 2013. "The Taxation of Bilateral Trade with Endogenous Information," Working Papers, Max Planck Institute for Tax Law and Public Finance tax-mpg-rps-2013-07, Max Planck Institute for Tax Law and Public Finance.
  3. Gianni De Nicoló & Andrea Gamba & Marcella Lucchetta, 2012. "Capital Regulation, Liquidity Requirements and Taxation in a Dynamic Model of Banking," IMF Working Papers, International Monetary Fund 12/72, International Monetary Fund.
  4. European Commission, 2010. "Tax Policy after the Crisis: Monitoring Tax Revenues and Tax Reforms in EU Member States 2010 Report," Taxation Papers, Directorate General Taxation and Customs Union, European Commission 24, Directorate General Taxation and Customs Union, European Commission.
  5. Michael P. Devereux, 2012. "Issues in the Design of Taxes on Corporate Profit," Working Papers, Oxford University Centre for Business Taxation 1215, Oxford University Centre for Business Taxation.

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