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Corporate Tax Policy between USA and Ireland - Article Example

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Every country has its own corporate tax policy, which significantly affect the profitability and growth of any state. This also applies to big economies such as the US and Ireland. However, some of these formed tax policies are effective in promoting job creation as well as in collecting taxes…
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Corporate Tax Policy between USA and Ireland
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Download file to see previous pages The policies also vary from country to country, as they are formed to suite the existing environment. Therefore, this manuscript will compare the tax policies of USA and Ireland using the opinions of various scholars. In the article by Sinn, the author suggests that corporate tax policy in Ireland is more effective in creating jobs and tax revenue than United States. He mentions Ireland as one of the European nations that have improved their corporate tax collection through alterations in the Irish tax Code. The author further explains the different techniques applied by most European countries in corporate tax collection to generate revenue and create more jobs. For instance, the use of proportional taxes called ‘flat taxes’ are utilized to attract foreign investors. In addition, the earnings retained in the corporate sector are not taxed while those on distributions are. The article continues to applaud the corporate tax policy system of Ireland as a source of tax revenue with a potential of creating numerous job opportunities than the US. In other words, Sinn maintains that with increased foreign investment because of friendly taxation policies, revenue is increased which in turn generates jobs (Steinmo, 1989). The author also proposes two defensive mechanisms that can help in tax collection including the corporate tax especially in European countries. For instance, Sinn talks about tax harmonization such as that of indirect taxes to the import country and de-taxation of the income earned through corporate profits. This, he argues will boost the revenue collection in Ireland, which is transformed into job opportunities across the country. It is also significant to note the observation by the author concerning tax harmonization in the corporate world and other sectors of the economy in return for an increase in Gross Domestic Product (GDP). Sven Steinmo, on the other hand, explains the advancement of taxation policy especially in developed countries such as the United States and those from Europe. The author continues to explain the development of the theory of historical institutionalism in relation to the taxation policy. This is in the form of the connection of taxation policy with ideas, policy outcomes and interests. Sven proceeds to analyze the history of current taxation techniques. In this analysis, he explains the reason of how the issue of ‘good’ tax policy arose because of capitalism. In other words, the Sven reveals that many nations discovered several areas of generating revenue through utilization of fresh ideas. As a result, the government jumped in the advancement of the economy because of the new revenue resources such as corporate organizations and other sectors. The writer explains that this was not possible during the old days hence such a move attracted many policy makers and other stakeholders. Sven further analyses the politics involved in the tax policy system of the United States especially during the 1980s. This article puts emphasis on the Tax Reform Act that swept America in 1986 (TRA ’86). The author describes how the influence of this historic Act under the presidency of Ronald Reagan influenced other states around the world in the implantation of their tax reforms. Such tax reforms led to improved corporate tax policy systems in Europe especially in Ireland. This helped generate revenue and create job opportunities for their citizens. The author further points that, the integration of corporate taxes, and progressive income had several influences on the proceeding taxation developments. This led to the transformation of many nations into modern states because of increased ...Download file to see next pagesRead More
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