By John B. Shoven, John Whalley
Within the more and more worldwide financial system, family tax rules have taken on a brand new significance for overseas economics. This particular quantity compares the tax reform stories of Canada and the U.S., international locations with the world's greatest bilateral circulate of alternate and investment.With the signing of the U.S.-Canada loose exchange contract and the tax reforms of the Eighties, there was a few harmonization of tax structures. yet geographic, cultural, and political features form exact nationwide social regulations that can abate harmonization. because the U.S. and Canadian economies develop into much more built-in, modifications in tax platforms could have vital results, particularly at the relative premiums of financial growth.In this well timed learn, students from either international locations express that, whereas the us and Canada convey comparable company tax buildings and source of revenue tax platforms, they've got very varied techniques to revenues tax and social safeguard taxes. regardless of those ameliorations, the 2 nations generate approximately an analogous quantities of profit, produce comparable charges of capital, and convey similar distributions of source of revenue.
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Demographics and Fiscal Policy The eighth paper, written by Alan J. Auerbach and Laurence J. Kotlikoff, examines how demographics and fiscal structures are likely to interact over the next several decades in Canada and the United States. They predict how these influences will affect each country’s rate of capital accumulation and identify the implications of differences in projected saving for patterns of trade and capital flows. S. comparison because Canada’s population is aging even more rapidly than the United States’s; the governments of the two countries offer significantly different packages of social services (such as so- 20 W.
If the world consisted of nations levying personal taxes on consumption, so that the corporation income tax was not needed for domestic withholding purposes, and if there were no economic rents or profits, it might be desirable for nations to compete the corporate tax away entirely. These beneficial effects, whether they come about cooperatively or noncooperatively, must be set against the costs of harmonization. The latter are simply the constraints imposed on the ability of nations to pursue their own independent tax policy objectives.
The Tax Rate Structure. Canada and the United States both have graduated income tax structures with three brackets. The top rate in the United States is nominally 28% (federal), although it is actually 33% for incomes above $74,850 (married, filing jointly in the 1989 tax year) until the advantages of the lower initial tax bracket and the personal exemptions have been recaptured (at around $200,000, depending on taxpayer circumstances). The rate structure, including brackets, exemptions, and the standard deduction, is fully indexed to the previous year’s inflation rate.