Introduction -- Capital explosion -- Tax cut revolution -- Flat tax club -- Mobile brains and mobile wealth -- Taxing businesses in the global economy -- The economics of tax competition -- The battle for freedom and competition -- The moral case for tax competition -- Options for U.S. policy

Describes the cash-flow method of taxation (in the USA business tax) and its application to financial services. Considers transition, tax deferral, international and administrative issues that arise in taxing implicit financial intermediation fees.

The Clinton Administration's fiscal year 1999 budget marks a revival of interest in using the federal income tax Code to influence energy demand. In the 1970s, Congress enacted tax incentives for energy conservation and alternative fuels. Now, the threat of global warming has again focused...