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- Title
AMERICAN ECONOMIC DEVELOPMENT, MANAGERIAL CORPORATE CAPITALISM, AND THE INSTITUTIONAL FOUNDATIONS OF THE MODERN INCOME TAX.
- Authors
Mehrotra, Ajay K.
- Abstract
The article discusses the enactment of the national corporate tax and the constitutional amendment of a personal-income tax as it was attributed to the development of the U.S. tax law and policy. It notes that the corporate tax, themed as special excise tax, was defined as the tax levied in exchange of the privilege of doing business. It was in 1913 that the constitutional amendment was ratified since it was conceived in 1909, along with the invalidation by the U.S. Supreme Court in 1895 on the first peacetime national income tax under the grounds of the Sixteenth Amendment, and it paved the way for the development of the modern U.S. income tax. Moreover, the imposition of corporate tax helped the government generate revenues during the twentieth century.
- Subjects
UNITED States; CORPORATE tax laws; RATIFICATION of constitutional amendments; UNITED States. Constitution. 16th Amendment; PRIVILEGES &; immunities (Law); EXCISE tax laws; CAPITAL levy; JURY nullification; LAW enforcement; INCOME tax laws
- Publication
Law & Contemporary Problems, 2010, Vol 73, Issue 1, p25
- ISSN
0023-9186
- Publication type
Article