By John B. Shoven, John Whalley

Within the more and more international financial system, family tax guidelines have taken on a brand new significance for foreign economics. This detailed quantity compares the tax reform reports of Canada and the U.S., nations with the world's greatest bilateral circulation of alternate and investment.With the signing of the U.S.-Canada loose exchange contract and the tax reforms of the Nineteen Eighties, there was a few harmonization of tax structures. yet geographic, cultural, and political features form special nationwide social guidelines that could bog down harmonization. because the U.S. and Canadian economies turn into much more built-in, modifications in tax structures can have vital results, specifically at the relative premiums of monetary growth.In this well timed examine, students from either nations express that, whereas the USA and Canada express related company tax buildings and source of revenue tax platforms, they've got very various techniques to revenues tax and social protection taxes. regardless of those transformations, the 2 international locations generate approximately an identical quantities of profit, produce related charges of capital, and bring related distributions of source of revenue.

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Additional resources for Canada-U.S. Tax Comparisons (National Bureau of Economic Research Project Report)

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2 in this volume) looks more closely at the economic pressures for tax harmonization arising from the mobility of goods and factors. 27 Income Tax Harmonization or “strategic complements” (negative spillovers) in the setting of tax policies by other countries. A special example of such strategic considerations is the temptation facing the individual country to try to shift the tax burden to foreigners. This may occur either through the standard tax incidence channels, whereby each country attempts to choose its tax policy so as to improve its terms of trade, or through “Bertrand competition” in tax rates, in which each country tries to attract taxable income from other countries (and hence revenue from other countries’ treasuries) by offering lower tax rates.

These objectives are conflicting to some extent. The way in which the conflicts are resolved is through the political process of the country. The question of tax harmonization concerns the conflict between the demand for different tax policies across countries and the pressure for tax uniformity that arises because economies are highly integrated due to international mobility of capital, goods and services, and, perhaps, labor. The question would not arise if economies were segregated so that differences in the tax systems were irrelevant (except perhaps through a “demonstration effect”), nor would it arise if there were no incentives for countries to have different tax systems.

Brookings. Fretz, Deborah, and John Whalley. 1990. The Economics of the Goods and Services Tan. Canadian Tax Paper no. 88. Toronto: Canadian Tax Foundation. Government of Canada, Department of Finance. 1985. The Corporate Income Tax System: A Direction for Change. Ottawa: Department of Finance (May). 1987a. Tar Reform 1987: The White Paper. Ottawa: Department of Finance (June 18). 1987b. Sales Tar Reform. Ottawa: Department of Finance (June 18). 1987c. Tar Reform 1987. Ottawa: Department of Finance (December 16).

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