Corporate Tax Policy comparison between the United States and Ireland: Which policy is more effective in creating jobs and revenue? Name: Institution: Instructor: Subject: Corporate tax policy comparison for United States and Ireland in terms of structure and ideas…
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Amongst the reasons predisposing to this difference being the tax rates set by individual countries. To be on top of the race in the competition of economic conditions, countries have applied policy that attract foreign investors and increasing exports, two engines that leads to strong performance in a country. The overall gain in structural policy and views or ideas incorporated here, creates more avenues for job creation and generating more revenues in an individual country. United States of America tax policy depicts very high rates since the twentieth century while that of Ireland portrays low rates in their tax policy. The difference has been determined in the corporate tax rate that is over 20% between the two countries. Economists have argued that the moves have had differences in the global competitive race. United States ranks behind Ireland in attracting foreign investors through corporate tax policies established. Theory of structure Illustration one: Structural corporate tax policies for USA and Ireland Ireland: 12.5% on trading (business) income, and 25% on non-trading income. United States: Federal 15% to 35%. States: 0% to 10%, deductible in computing Federal taxable income. Some cities: up to 9%, deductible in computing Federal taxable income. The Federal Alternative Minimum Tax of 20% is imposed on regular taxable income with adjustments 4. United States of America corporate structures The structural corporate tax rates in the USA are very high. These have left the country facing many challenges in sustaining the economic standards at a time when the inflation is high and adverse economic conditions are looming all over the world. The value of the dollar is reducing with the passing years since there is reduced income generation and the spending by the government has increased. With the high standards of living, the unemployment rates have risen to 30%. The effects substantiating to this have been argued by Paul O’Neil, the treasury secretary, towards high corporate tax rates that has discouraged financial investors from other nations. He argues that the move would make United States more formidable from this simplification. Hubbard, the chairman of the president’s council of economic advisors emphasized on the same move as O’Neil in tax policy reforms. His case was however for reducing the corporate taxes and capitals gains. He also suggested that an alternative minimum corporate tax rate should be adopted. The international tax and trade policy needed to be readdresses as a perspective from the tax foundation. According to Jim Saxton, the chairman of the Joint economic committee of the United states congress, in the year 2005, the tax policy in the nation were unfairly imposed on business revealing very high rates and large costs to the business. He argued that these tax impositions were not necessary and reforms should be undertaken in the tax policy. Close to a decade later, much has not been seen to have taken place. The tax rates are still very high, foreign investment low and further the nation seeks other avenues of generating income. The tax structure of the United States has been viewed as a complex and very ineffective in application. The federal government bodies enjoy reduced rates while the business ventures accrue to very high costs payable to tax authorities. The capital gains are not recognized as allowable deductions in the recent times following their removal from the tax policy. They are treated as taxable part of the income. The United States
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“Corporate Tax Policy Comparison Between the United States and Ireland: Research Paper”, n.d. https://studentshare.org/history/1435751-corporate-tax-policy-comparison-between-the-united.
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