By John B. Shoven, John Whalley
Within the more and more worldwide economic climate, household tax regulations have taken on a brand new value for foreign economics. This specified quantity compares the tax reform stories of Canada and the us, international locations with the world's biggest bilateral circulation of alternate and investment.With the signing of the U.S.-Canada unfastened alternate contract and the tax reforms of the Nineteen Eighties, there was a few harmonization of tax platforms. yet geographic, cultural, and political features form specified nationwide social rules that can bog down harmonization. because the U.S. and Canadian economies turn into much more built-in, changes in tax structures could have vital results, specifically at the relative premiums of monetary growth.In this well timed examine, students from either nations convey that, whereas the U.S. and Canada express comparable company tax constructions and source of revenue tax structures, they've got very various ways to revenues tax and social safety taxes. regardless of those adjustments, the 2 nations generate approximately an analogous quantities of profit, produce related expenses of capital, and convey related distributions of source of revenue.
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Extra resources for Canada-U.S. Tax Comparisons (National Bureau of Economic Research Project Report)
Tax subsidy to housing. Poterba estimates that by 1989 the cost of owner-occupied housing services for topbracket households was nearly two-thirds as great in the United States as in 21 Introduction Canada. For households with lower incomes, and hence lower marginal tax rates, the disparities were even smaller. The narrowing of tax incentives for housing investment in the two nations may explain the converging ratios of housing capital relative to GNP. In 1960, for example, the stock of owner-occupied housing in Canada was 18 percent of GNP, compared with 26 percent in the United States.
There are also significant differences between the countries in their taxation of the capital income of persons. Apart from that accruing in tax shelters, nominal interest income is fully taxed in Canada as it accrues. This is also true in the United States, except for the exemption on interest from state and local bonds. Nominal capital gains are fully taxed upon realization in the United States, but in Canada only three-quarters of realized gains are taxable and the individual taxpayer has a C$lOO,OOO cumulative lifetime exemption (higher for small businesses and family farms).
This can take many forms. One is via transfer pricing in vertically integrated firms. Related to this is setting up subsidiaries or residence in low-tax jurisdictions and arranging to have much of taxable income taken in that jurisdiction. Another is by purely financial transactions, such as raising debt in countries of high tax rates to take advantage of interest deductibility provisions. The use of formula apportionment for determining the origin of tax bases avoids some of these problems, especially those involving financial transactions, since the formulas are typically based solely on real variables such as location of sales, wages, and capital assets.