Thursday, February 01, 2018

New article (on the DBCFT) posted on SSRN

I have just posted on SSRN a recently completed article of mine, entitled "Goodbye to All That?: A Requiem for the Destination-Based Cash Flow Tax." It's available here.

It's based on an ever-evolving talk that I gave multiple times in 2017, most recently at the interdisciplinary conference, "International Tax Policy in a Disruptive Environment," that the Max Planck Institute for Tax Law and Public Finance held in Munich on December 14-15, 2017. A final version of the paper will be appearing in a forthcoming conference volume of the Bulletin for International Taxation, to be published by IBFD.

Its abstract goes something like this:

In the aftermath of the short but spectacular career of the destination-based cash flow tax (DBCFT) as a widely-discussed tax reform option in U.S. tax policy debate, this paper argues that we should generally move on from focusing on the DBCFT as a discrete package.  While its political future (if any) is hard to predict, discussing it as a package tends to impede, rather than advance, clear thinking about the underlying issues.


The DBCFT has three main elements: (1) adopting a broad-based VAT (or increasing the VAT rate, in countries that already have one), (2) reducing the origin-based corporate (or business) income tax rate to zero, and (3) adopting a wage subsidy.  Intellectual clarity would be greatly advanced by evaluating each of these elements separately, rather than the DBCFT as a package.  It also would be advanced by more consistent recognition of the points that (1) countries can (and frequently do) have both VATs and origin-based corporate income taxes – it is not an either/or proposition – and (2) even if a destination-based VAT is more efficient than an origin-based tax, that does not make the case for having only the former, especially in a system that otherwise retains income taxation of individuals, and that serves distributional goals as well as that of efficiency (which would be advanced even more by having a lump-sum tax).

In addition, the DBCFT, unlike its forebears the flat tax and X-tax, does not involve specifying how individuals are taxed on wage and investment income.  This impedes analyzing how it, as compared to those more comprehensive instruments, would affect the fiscal system as a whole, in any given instance where it was adopted.

29 comments:

Unknown said...


ALL THANKS TO UPSTART LOAN AM NOW FINANCIALLY STABLE . upstartloan@yahoo.com
I am Michelle Huxford from Casper, Wyoming. I was in a very chronic financial issue and terminal health situation some few weeks back. After all my search for assistance from friends and neighbors proved abortive, I feel there was no one who truly cares. I became so emaciated due to lack of good food and my 2 kids age 5 and 8 were not also good looking due to lack of proper care as a result of finance. One faithful morning I saw an old time friend of my late husband and I told him all I have been going through and he said the only way he could help was to direct me to a good loan agency that also helped him, He explained to me on how he was financially down and how he got boosted by this loan agency UPSTART LOAN INC ( upstartloan@yahoo.com ) who grant him 245,000 USD loan at an affordable rate. He further assured me that they were the only legit loan firm he found in the quest of seeking for loan after been scammed by various fake loan lenders online. He gave me their email: upstartloan@yahoo.com or text/call (574) 301-1639, That was how i applied and was also granted a loan and my life changed for the good. CONTACT THE ONLY GENUINE LENDERS( UPSTART LOAN INC) VIA email: upstartloan@yahoo.com or call +1 (574) 301-1639 to resolve your financial mess. ............

Anonymous said...

Hello
Nice Article Thanks for sharing
tax services mckinney tx

Victoria Financier Loan Firm said...

TAKE A LOAN @ 2% INTEREST RATE with victoriafinancier@outlook.com

Do you need a loan?
Do you need a loan to pay off your debt?
Do you have bad credit?
Do you need a loan construction or to invest?
Do u you need loan to start doing business?
if yes,
VICTORIA FINANCIER LOAN FIRM
are Granting you personal loan, Business loan, mortgage loan,
Construction loan, Debt loan, Student loan, Auto loan, e.t.c.
Loan at any currency are range from $5,000 ''min'' to $100,000.000 ''max'' @ 2% interest rate
If you are interested kindly send
response to: { victoriafinancier@outlook.com }

*Full Name/Company Name:_________

*Address:_________

*Tell:_________

*loan amount:_________

*Loan duration:_________

*Country:_________

*Purpose of loan:_________

*Monthly Income:__________

*Occupation__________

*Next of kin :_________

*Email :_________

VICTORIA FINANCIER EMAIL: victoriafinancier@outlook.com
Best Regard
VICTORIA FINANCIER

Unknown said...

Attention! Attention!! Attention!!!,

What is your situation?
DO YOU NEED A URGENT LOAN BUSINESS LOAN TO SOLVE YOUR PROBLEM EMAIL US NOW

Are you in need of Urgent Loan.. All problem regarding Loans are solved between a short period of time with a low interest rate of 2% and duration more than 20 years what are you waiting for apply now and solve your problem or start a business with Loan, paying of various bills.

We offer a wide range of financial services which includes: Personal Loans, Debt consolidation loans, Business Loans, Education Loans, Mortgage Secured Loan, Unsecured loan, Mortgage Loans, Payday off Loans, Student Loans, Commercial Loans, Car Loans,Investments Loans,DevelopmentLoans, Acquisition Loans, Construction Loans, with low interest rate at 2% per annul for individuals, companies and corporate bodies. Get the best for your family and own your dream home as well with our General Loan scheme.For more details email us today via email.

bettermentfunding@gmail.com
call/Text us now (803) 373-2162
Chester Brian

Anonymous said...

HOW I BECAME A VICTOR AFTER SO MANY FAILED ATTEMPT OF GETTING A LOAN.

I feel so blessed and fulfilled. I've been reluctant in applying for a loan i heard about online because everything seems too good to be true, but i was convinced & shocked when my friend at my place of work got a loan from Progresive Loan INC. & we both confirmed it and i also went ahead to apply, today am a proud owner of my company and making money for my family and a happy mom. Well i'm Annie Joe by name from Pauls Valley, Oklahoma. As a single mom with three kids it was hard to get a job that could take care of me and my kids and I had so much bills to pay and to make it worst I had bad credit so i couldn't obtain a loan from any bank. I had an ideal to start a business as an hair stylist but had no capital to start, Tried all type of banks but didn't work out until I was referred by my co-worker to a godsent lender advertising to give a loan at 2% interest rate. I sent them a mail using their official email address (progresiveloan@yahoo.com) and I got a reply immediately and my loan was approved, and I was directed to the Bank site where I withdrawed my loan directly to my account. To cut the story short am proud of my hair stylist company and promise to testify to the world how my life was transformed.. If you are in need of any kind of loan, i advise you contact Progresive Loan INC and be financially lifted Email: progresiveloan@yahoo.com OR Call/Text +1(603) 786-7565



clara said...

Are you financially squeezed ? Do you seek Loans to pay off debts? Do you seek finance to set up your own Business? Are you in need of private or Business Loan for various purposes ? Do you seek loans to carry out Large Projects? Apply for a quick and convenient loan to pay bills and seek finance to set up your own Business projects on the cheapest interest rate of 2%. contact us today via: scottloancompany3@gmail.com

Anonymous said...

A lady with a great testimony I live in USA and i am a happy woman today? and i told my self that any lender that rescue my family from our poor situation, i will refer any person that is looking for loan to him, that refer you to him. contact Dr Purva Pius via email: (urgentloan22@gmail.com)

Dolores Delgado said...


Are you in financial crisis, looking for money to start your own business or to pay your bills?
I got mine from Mike Fisher. My blank ATM card can withdraw $2,000 daily. I got it from Her last week and now I have $14,000 for free. The blank ATM withdraws money from any ATM machines and there is no name on it, it is not traceable and now i have money for business and enough money for me and my family to live on .

GET YOUR BLANK ATM CREDIT CARD AT AFFORDABLE PRICE
*They sell this cards to all customers and interested buyers worldwide,the card has a daily withdrawal limit of $2000 to $5000 and up to $50,000 spending limit in stores and unlimited on POS.*

*email: blankatm002@gmail.com
*you can also call or whatsapp us Contact us today for more enlightenment
+1(301) 329-5298

Floor Lola said...

We offer loan from €100,000.00 to €200,000,00, at affordable interest rate and with no credit check ,we offer Personal loans, debt consolidation loans, venture capital, business loans, education loans, home loans or “loans for any reason!”? We have a fixed 3% interest rate!!!
Email: Peterheymannloanoffer@gmail.com...

Unknown said...

Do You Need A Loan To Consolidate Your Debt At 1.0%? ValidusCapital@execs.com ( ValidusCapital@techie.com ) Or A Personal Loans * Business Loans etc. Interested Parties Should Contact Us For More Information Through Via E-mail: ValidusCapital@execs.com ( ValidusCapital@techie.com )

We Offers Financial Consulting To Client, ValidusCapital@execs.com ( ValidusCapital@techie.com ) Companies Seeking Debt / Loan Financing And Seeking For Working Capital To Start A New Business Or To Expand Existing Business. Interested Parties Should Contact Us For More Information Through Via E-mail: ValidusCapital@execs.com ( ValidusCapital@techie.com )

anna lucas said...

investing in oil and gas has and is still making a lot of people " very RICH". Investors in oil and gas are getting rich daily. All you need is a secured and certified strategy that will keep your invested capital safe by opting out with no withdrawer crunch. A considerable number of investors worldwide have seen gains of 75,063%, personally I have made over 600%. For example I started investing with $1,000 and I made $3,000, $3,500- $5,000 weekly. Last year at the start of the year, I increased my invested capital to $10,000 and I made approximately $105,000 before the end of year. I've never seen profit opportunities like this before in any market even when other traders complain of losses. Now for the doubters, not only is it possible, it's actually happening right now. All you need is a good and secured strategy, a good investment platform, Appetite and market conditions. Incase you are interested in venturing into investing or perhaps you are trading and has been losing, feel free to contact total company at E-mail: total.company@aol.com or Instagram IG: @total_company , I will
be sure to guide and assist you.    

Ki su Son said...


We have a direct genuine provider for BG/SBLC specifically for lease, at leasing price of 4+2 of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.

Contact : Mr. DARREN C CHENG
Email:Darrencraig002@gmail.com
Skype ID: Darrencraig002@gmail.com


Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved.

All inquires to Mr. Darren should include the following minimum information so I can quickly address your needs:

Complete contact information:
What exactly do you need?
How long do you need it for?
Are you a principal borrower or a broker?

Contact me for more details.

Whatsapp: +19733700521

Anonymous said...

GET YOUR BLANK CARD FOR FINANCIAL BREAKTHROUGH (blankatmcard.online@yahoo.com ) or WATSAPP: +1 (845) 381 3566


WHEN I GOT MY BLANK ATM CARD FROM CJ BLANK CARD (BLANKATMCARDS.ONLINE@YAHOO.COM)EVERYTHING CHANGED FOR ME!!!


Hello Guys, My Life will never remain the same!!! I’m so happy I got mine from JL CORPORATION. My blank ATM card can withdraw €3000 weekly. I got it from them last week and now I have up to €23,000 since the past few weeks. The ATM card withdraws money from any automated teller machines worldwide. There’s no name on it, it’s also untraceable. I was directly linked to this organization on the dark web and I’m really happy i got lucky enough to meet them because I’m a 99.9% skeptical when it comes to things like this, but it turns out they work as underground launderers in turkey, mostly ziraat bank and have a 100% policy against scams. The card can be sent to you through DHL in two days if you contact them early via e-mail:BLANKATMCARDS.ONLINE@YAHOO.COM or WATSAPP: +1 (845) 381 3566 or kindly find more on their website Get yours now. I mean right now if you know you’re struggling financially and thank me for eternity. Bye for now. +1(678)753 2440

Simon Federman said...

Dear sir,

I am a direct Mandate to a genuinely renowned Investment Finance Company offering Cash & Asset Backed Financial Instruments on Lease and Sale at the best rates and with the most feasible procedures.

Instruments offered can be put in all forms of trade and can be monetized or discounted for direct funding. For Inquiry contact.

Email: longmornprojectfinances@gmail.com

Skype: longmornprojectfinance@hotmail.com

Whatsapp : +1(661)262-9225

Warm Regards
Simon Federman.

WE OFFER ALL KIND OF LOANS - APPLY FOR AFFORDABLE LOANS said...

Good day Sir/Madam,

This message is to inform you that MIKE MORGAN LOAN FINANCIER offer all types of L0ANS @ 3% annual rate. Are you in need of financing of any type? Business, Mortgage, Personal etc. Any interested Applicants should get back to US VIA
EMAIL: muthooth.finance@gmail.com
Call or add us on what's App +91-7428831341

Unknown said...

Dear sir,

I am a Direct Mandate to a genuinely renowned Investment Finance Company offering Cash & Asset Backed Financial Instruments on Lease and Sale at the best rates and with the most feasible procedures.

Instruments offered can be put in all forms of trade and can be monetized or discounted for direct funding. For Inquiry contact.

Email: longmornprojectfinances@gmail.com

Skype: longmornprojectfinance@hotmail.com

Whatsapp : +1(661)262-9225

Warm Regards
Simon Federman

Mrs. Susan Brian said...

Hello Everyone,

Welcome to the future! Financing made easy with Mrs. Susan Brian

Have you been looking for financing options for your new business plans, Are you seeking a loan to expand your existing business, Do you find yourself in a bit of trouble with unpaid bills and you don’t know which way to go or where to turn to? Have you been turned down by your banks? Mrs Susan Brian Loan Grants says YES when your banks say NO. Contact us as we offer financial services at a low and affordable interest rate of 2% for long and short term loans. Interested applicants should contact us for further loan acquisition procedures.

Our services include the following:

*Refinancing Loans
* Car Loan
*Truck Loans
* Home Loan
* Mortgage Loan
* Debt Consolidation Loan
* Business Loan [secure and unsecured]
* Personal Loan [secure and unsecured]
* Students Loan and so many others.

For more info;
contact us today (mrs.susanbrianloangrants@gmail.com)Text/Call  +1(409) 900-0268)Look forward to your response

scott james said...

GENUINE BANK GUARANTEE (BG) AND STANDBY LETTER OF CREDIT (SBLC) FOR BUY OR LEASE AT THE BEST AVAILABLE RATES
Dear Sir/Ma,
We offer certified and verifiable financial bank instruments via Swift Transmission from a genuine provider capable
of taking up time bound transactions.
FOR LEASING OF BG/SBLC
MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M
LEASING FEE = 4%+2%
FOR PURCHASE OF FRESH CUT BG/SBLC
PRICE = 32%+2%
MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M
Our BG/SBLC Financing can help you get your project funded,
loan financing by providing you with yearly.
RWA ready to close leasing with any interested client in few banking days
I will be glad to share with you our working procedures.
Name : Scott james
Email : inquiry.securedfunding@gmail.com
Skype : Inquiry.securedfunding@gmail.com

Mrs. Susan Brian said...

Hello Everyone,

Welcome to the future! Financing made easy with Mrs. Susan Brian

Have you been looking for financing options for your new business plans, Are you seeking a loan to expand your existing business, Do you find yourself in a bit of trouble with unpaid bills and you don’t know which way to go or where to turn to? Have you been turned down by your banks? Mrs Susan Brian Loan Grants says YES when your banks say NO. Contact us as we offer financial services at a low and affordable interest rate of 2% for long and short term loans. Interested applicants should contact us for further loan acquisition procedures.

Our services include the following:

*Refinancing Loans
* Car Loan
*Truck Loans
* Home Loan
* Mortgage Loan
* Debt Consolidation Loan
* Business Loan [secure and unsecured]
* Personal Loan [secure and unsecured]
* Students Loan and so many others.

For more info;
contact us today (mrs.susanbrianloangrants@gmail.com)Text/Call  +1(409) 900-0268)Look forward to your response

Unknown said...

Do You Need A Loan To Consolidate Your Debt At 1.0%? RMPCapitals@gmail.com ( RMPCapitals@usa.com ) Or A Personal Loans * Business Loans etc. Interested Parties Should Contact Us For More Information Through Via Email: RMPCapitals@gmail.com ( RMPCapitals@usa.com )

Please Fill the Application Form Below: -
Complete Name: -
Loan amount needed: -
Loan Duration: -
Purpose of loan: -
City / Country: -
Telephone: -
How Did You Hear About Us:

Do You Need A Loan To Consolidate Your Debt At 1.0%? RMPCapitals@gmail.com ( RMPCapitals@usa.com ) Or A Personal Loans * Business Loans etc. Interested Parties Should Contact Us For More Information Through Via Email: RMPCapitals@gmail.com ( RMPCapitals@usa.com )

Unknown said...

Good day,
I am voorhees philip,i want to invest in your business in good faith.I have equity capital for profitable investment. I also offer private commercial and personal loans with very annual interest rates as low as 3% within a years repayment duration period to any part of the world. The maximum funding amount is $100million USD.
    * Commercial loans.
* Personal loans.
* Business loans.
* Investment loan.
* Development loans.
* Acquisition loan.
* Construction loans   

EMAIL: philipvoorhees007@gmail.com 
Whatsapp: 
+447862073672 
THANK YOU
VOORHEES PHILIP.

scott james said...

GENUINE BANK GUARANTEE (BG) AND STANDBY LETTER OF CREDIT (SBLC) FOR BUY OR LEASE AT THE BEST AVAILABLE RATES
We offer certified and verifiable financial bank instruments via Swift Transmission from a genuine provider capable
of taking up time bound transactions.
FOR LEASING OF BG/SBLC
MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M
LEASING FEE = 4%+2%
FOR PURCHASE OF FRESH CUT BG/SBLC
MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M
PRICE = 32%+2%
Our BG/SBLC Financing can help you get your project funded,
loan financing by providing you with yearly.
RWA ready to close leasing with any interested client in few banking days
I will be glad to share with you our working procedures.
Name : scott james
Email : inquiry.securedfunding@gmail.com
Skype : inquiry.securedfunding@gmail.com

scott james said...

GENUINE BANK GUARANTEE (BG) AND STANDBY LETTER OF CREDIT (SBLC) FOR BUY OR LEASE AT THE BEST AVAILABLE RATES
We offer certified and verifiable financial bank instruments via Swift Transmission from a genuine provider capable
of taking up time bound transactions.
FOR LEASING OF BG/SBLC
MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M
LEASING FEE = 4%+2%
FOR PURCHASE OF FRESH CUT BG/SBLC
MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M
PRICE = 32%+2%
Our BG/SBLC Financing can help you get your project funded,
loan financing by providing you with yearly.
RWA ready to close leasing with any interested client in few banking days
I will be glad to share with you our working procedures.
Name : scott james
Email : inquiry.securedfunding@gmail.com
Skype : inquiry.securedfunding@gmail.com

PARAMOUNTHBLTD said...

We can deliver financial services instrument(BG/SBLC/MTN/DLC/LC) at affordable price to our customers in other to derive maximum utility. BROKERS ARE WELCOME & 100% PROTECTED!!!

For further details contact us with the below information....

Contact Email:paramounthbltd@gmail.com
Email:projectfundermandate@aol.com
Skype:goldencrow59

Rebecca Michaelson said...


HELLO GET OUT OF FINANCIAL MESS WITH THE HELP OF drbenjaminfinance@gmail.com

I have been in financial mess for the past months, I’m a single mum with kids to look after. My name is REBECCA MICHAELSON, and am from Ridley Park, Pennsylvania. A couple of weeks ago My friend visited me and along our discussion she told me about DR BENJAMIN OWEN FINANCE of drbenjaminfinance@gmail.com that he can help me out of my financial situation, I never believed cause I have spend so much money on different loan lenders who did nothing other than running away with my money. She advised, I gave it a try because she and some of her colleagues were rescued too by this Godsent lender with loans to revive their dying businesses and paying off bills. so I mailed him and explain all about my financial situation and therefore took me through the loan process which was very brief and easy. After that my loan application worth $278,000.00USD was granted, all i did was to follow the processing and be cooperative and today I am a proud business owner sharing the testimony of God-sent Lender. You can as well reach him through the Company Email drbenjaminfinance@gmail.com

THANK YOU VERY MUCH

Banking Instrument said...

My name is Mohammed Ahsan I'm a financial Consultant of a reputable firm Operating out of

the United Kingdom
we provide Discrete Financial, Services for High Net Worth CEO's/Executives of Corporation

& Senior Government Officials globally.
What we do is Legal & within the ambit of the law but following the Leakage of the

Infamous United Kingdom
Papers & subsequent threat by the International Consortium of Investigative Journalists

(ICIJ)
International Criminal Court (ICC)
Below is what my Sender can offer.
1, MT103 gpi automatic
2, MT103 wire transfer
3, MT103 TT
4, MT103/202 manual download
5, SBLC lease and Purchase

All bank instrument will be done via bank officer to bank officer, Receiver has to provide

bank officer details
on DOA all brokers are welcome and guarantee of there payment after successful deal
kindly send me a message via email and WhatsApp.


Email: mohammedahsan877@gmail.com

WhatsApp- +19893413179

TANG ADAM said...

Are you looking to Discount, Monetize, or create an immediate Non Recourse loan against a Leased or Purchased bank instrument such as BG,SBLC and Bank Drafts, We solely deal with real deals, real people and real Leased & Purchased Bank instruments that need real monetization. The Bank SWIFT Network is the Gold Standard that validates that your Leased & Purchased Bank instruments is real and it provides a respected industry platform where guaranteed settlement can be facilitated.

Our contracts also include the monetizer returning the Leased bank instrument to the Issuing bank 15 days prior to the bank instrument expiration.

Standby Letter of Credit Monetization LTV:

*Leased BG/SBLC Monetization - 65% Non Recourse
*Purchased BG/SBLC Monetization - 90% Non Recourse.

Estimated Completion Time:

*2-3 Days After Instrument Delivery on the SWIFT Networks.

We also have trusted and long term business partners/providers who can facilitate issuance & delivery of bank instruments such as BG,SBLC,LC,DLC and Bank Draft at Lease Price 4% + 2% and Purchase price at 32% + 2% where 2% is agent and brokers commission.

For further enquiries, we can be reached at the information below.

Email: inquiry.trustedfinanceplc@gmail.com

Skype : inquiry.trustedfinance@gmail.com

Name: GARVAN MAIREAD

Whatsapp : +17329300338

Unknown said...

Do you need a loan? If yes! Contact FIFO Capitals and Mortgages Limited ® for small and large loans. We give out loans at 2% interest rate. Contact us today via E-mail at,,,(( FIFOCapitals@gmail.com )),,, We also give out from. £5 thousand Pounds to 100 million Pounds for individuals and companies, the credit is open to all regardless of nationality....

Ashraf Billy said...

DEAR SIR/MA,
WE ARE READY TO ISSUE AND MONETIZE THE BANK INSTRUMENTS WITH GOOD, CLEAN AND NON-CRIMINAL ORIGIN FUNDS.
THIS BG IS CONSTRUED, GOVERNED AND ISSUED IN ACCORDANCE WITH THE RULES,REGULATIONS AND PRACTICES AS SET FORTH
BY THE INTERNATIONAL CHAMBER OF COMMERCE.
OUR TOP PRIORITY IS THE PROTECTION OF YOUR ASSET AND CONFIDENTIAL INFORMATION.
WE HAVE IMPLEMENTED ROBUST SECURITY PROTOCOL AND CUTTING EDGE.
ALLOW US TO PRESENT OUR COMPREHENSIVE SOLUTION THAT REMOVES ALL WORRIES.
WE UNDERSTAND THE IMPORTANCE OF TRUST IN FINANCIAL TRANSACTION.
email:larrybrucesecuredfunds@gmail.com