The Case for A Global Excess Profits Tax: A Response to Dr. Tarcísio Diniz Magalhães & Professor Allison Christians
Indiana Journal of Global Legal Studies
; 29(2):231-256, 2022.
Article
in English
| ProQuest Central | ID: covidwho-2299850
ABSTRACT
In striving to slow the spread of the COVID-19 pandemic, governments across the globe acted quickly to implement various "stay-at- home" orders and bans on all "non-essential activities." While these actions were likely effective in slowing the spread of the virus, the economic impacts were felt almost immediately. The US deficit rose to $3.1 trillion following massive spending to aid individuals and small businesses. Internationally, governments have been increasing their debt loads to combat both the health and financial impacts of the pandemic. Indeed, by the end of 2020, the international debt load increased to a record-breaking $281 trillion. Almost as quickly, various proposals have been offered regarding how to mitigate this pandemic-fueled deficit. One solution offered is the return of a historical tax scheme-an excess profits tax. Excess profits taxes have historically been applied both domestically and internationally during times of war. Although there are variations in how an excess profits tax is calculated, traditionally, an excess profits tax is applied to those companies who earn returns in excess of a set "normal" rate of return.
Law; COVID-19; Public debt; Global economy; Profits; Taxation; Product life cycle; Opportunity costs; Corporate profits; Earnings; Revenue Acts; Expenditures; Pandemics; Operating leverage; Taxes; Small business; Deficits; Transfer pricing; Capital assets; Christians; Coronaviruses; Profitability; United States--US
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Collection:
Databases of international organizations
Database:
ProQuest Central
Language:
English
Journal:
Indiana Journal of Global Legal Studies
Year:
2022
Document Type:
Article
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