King, Mervyn A. <br/><br/>
The Cash Flow Corporate Income Tax / 
Mervyn A. King. 
 - Cambridge, Mass.  National Bureau of Economic Research  1986. 
 - 1 online resource:  illustrations (black and white); 
 - NBER working paper series  no. w1993 .
 - Working Paper Series (National Bureau of Economic Research)  no. w1993. .
<br/><br/> August 1986. 
<br/><br/> The current debate on tax reform has raised again the question of how the  corporate tax system should be altered. The cumulative effect of piece  meal changes to the tax system has been to produce major distortions in the  pattern of savings and investment and falling revenue in real terms. To  overcome these problems, reform, both in the US and UK, has focussed on  ways to tax the real economic income of companies. The main problems with  this approach are the difficulties of (a) indexing the tax treatment of  income from capital in a comprehensive manner and (b) defining economic  depreciation. This paper discusses and alternative way to obtain the  objective of fiscal neutrality without a significant erosion of the tax  base. The implications of such a cash flow corporate income tax for  financial and investment decisions are discussed both theoretically and in  terms of potential and administrative and practical problems of  implementation. 
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