Johnson argues that budgets prepared by the Office of Management and Budget and the Joint Committee on Taxation should use tax on internal rate of return (IRR) as the baseline for measuring tax expenditures and that departure from level-playing-field taxation of capital should be justified or...

This article is an investigation of the conundrum of firms whose tax-minimising incentives should result in lower reported income by expensing R&D, while their financial reporting ones should result in higher reported income by capitalising R&D. Tax incentives for R&D help align those goals when...