As companies seek to expand their operations, globally, a major regulatory bottleneck they encounter is that of Double Taxation. This portends a sort of nauseating feeling for investors who might find the tax burden too heavy to bear. Issues ranging from tax avoidance to outright evasion have...

The earned income tax credit provides substantial assistance to low- and moderate-income workers. Benefits tilt heavily to families with children. Prompted in part by the success of the credit and in part by shortcomings in the credit, policymakers, advocates, and analysts have offered up reform...

The mortgage interest deduction is often criticized for contributing to after-tax income inequality. Yet the effects of the mortgage interest deduction on income inequality are more nuanced than the conventional wisdom would suggest. We show that the mortgage interest deduction causes...

A manufacturer of goods at time of sale of goods, not only collects the sale price of goods from the buyer, but is also liable to collect statutory taxes such as excise duty, cesses, sales tax etc. from the buyer alongwith the sale price. In Central Excise Law traditionally; excise duty is...

The proper tax treatment of interest expense has been a subject of disagreement since the inception of the modern income tax in the early twentieth century. On one view, the purpose of the financing transaction dictates the tax treatment of interest so that interest paid on borrowing used to...

Almost 30 million taxpayers who itemized their federal deductions for the 2017 tax year switched to the standard deduction for 2018. The provisions of the Tax Cuts & Jobs Act (“TCJA”) that led to this shift were intended to simplify the individual income tax system. This Article’s...

The Buffett-Gates Giving Pledge, under which wealthy individuals promise to leave a majority of their assets to charity, is an admirable effort to encourage philanthropy. However, the Pledge requires us to confront the paradox that the federal estate tax charitable deduction is unlimited while...

The deductibility of interest was previously governed by s 112(g) of the Land and Income Tax Act 1954, which provided that no deduction could be made in respect of interest, except so far as it was payable on capital employed in the production of assessable income (cf. section DA1 of the Income...

The philanthropic sector is highly consequential, particularly in the United States, and the most important policies directed toward this sector are tax policies. Yet most economic analysis of the optimal tax treatment of charitable giving is ad hoc, treating it as a subject unto itself. This...

The IRS has an uneasy relationship with tax return preparers. Preparers may ease the tax filing process and improve take-up of benefits like the earned income tax credit (EITC); however, preparers also profit from financial products sold in connection with tax preparation that have been viewed...