TaxPolicy - DRAFT VERSION TAX POLICY F. BARRY GORMAN, PhD,...

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DRAFT VERSION TAX POLICY ©F. BARRY GORMAN, PhD, CA, TEP “Tax policy is a symbol of national sovereignty and part of a country’s overall economic policy, helping finance public spending and redistribute income.” WHY IS AN UNDERSTANDING OF THE TAX POLICY PROCESS IMPORTANT? 1. Lobbying - Focus - know issues to pursue, defer, or ignore - what may be attained in a given submission - Professional accountants participate in the lobbying process on behalf of clients, the profession, or a special interest group. 2. More informed discussion of tax and public finance issues. 3. More informed voters. 4. Greater understanding of relevant tax issues. Time will not be wasted fretting over issues you can do nothing about. 1
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TABLE OF CONTENTS PART I – TAX POLICY 1. Introduction 2. Importance of Tax Policy 3. Tax Policy Process 4. Qualitative Characteristics of Tax Policy 5. Conflicting Points of View (a) Perceptions of the Role of Government in the Economy (b) Attitude Toward Taxation 6. Types of Tax Issues 7. Instruments of Tax Policy PART II – APPROACHES TO THE STUDY OF TAXATION 1. Normative Models of Tax Policy 2. Positive Models of Tax Policy (a) The Legalistic School (b) An Economic Perspective of Tax Policy (c) Tax Policy as a Decision Making Process PART III – PRAGMATIC OBJECTIVES OF TAX POLICY 1. Overview 2. Objectives of Tax Policy (a) Generate Revenue (b) Alter Income Flows to Achieve Redistribution of Income and a Greater Sense of Social Justice (c) Short-Term Economic Management or Regulation (d) Impose Penalties Intended to Discourage or Modify Certain Types of Behaviour, or Pay for the Social Costs of Certain Behaviours (e) Achieve Political Goals of the Incumbent Party or Prospective Goals of an Opposition Party (f) Reallocate the Burden of Taxation in a Fairer and More Equitable Manner (g) Promote Investment in Canada by Canadians (h) Promote Certain Types of Socially Desirable Activities (i) Facilitate the Administration of and Compliance with the Act (j) Long-Term Economic Objectives (k) International Objectives (l) Achieve Distinctly Canadian Cultural or Nationalistic Objectives (m) Symbolic Measures 3. Conclusion 2
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PART I TAX POLICY 1. Introduction Tax policy, a subset of governmental fiscal policy, is a significant, if little understood, determinant of the well-being of individual Canadians, the Canadian business community and the Canadian economy. Tax policy, that aspect of public policy concerned with the formulation, enactment, and implementation of new or modified tax measures [Tax Legislative Process Committee (19XX); Hartle (1982); Robinson and Sandford (1983)], is a public issue because it deals with how politicians carve up the public pie. A comprehensive review of tax policy involves the formulation and enactment of tax
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TaxPolicy - DRAFT VERSION TAX POLICY F. BARRY GORMAN, PhD,...

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