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Moving to a consumption-based tax system: a quantitative assessment for Brazil

Santos,Marcelo Rodrigues dos; Pereira,Thiago Neves
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/06/2010 Português
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46.5%
For many years, it has been a primary issue in tax policy whether the tax system ought to be built around income tax or consumption tax. Much of the interest in tax policy arises from the widespread belief that taxes on income and savings tend to lower long-run income by retarding the creation and expansion of firms and by discouraging workers and investments. Following this belief, Brazilian government has proposed a tax reform which, basically, replaces tax on investment and labor with tax on consumption. In this paper, we develop a dynamic general equilibrium model with heterogeneous agents to guide our quantitative assessment of the economic and distributional implications of such tax reform. The model is calibrated in such a way that it matches some selected features of the Brazilian economy. We also use the calibrated model to calculate the deadweight loss of each type of taxation and thus provide some rationality for that rearrangement in the tax system. The main result of the paper is that, even though the tax reform increases the asset accumulation, labor and output of economy, it also raises the welfare inequality as borrowing constrained individuals cannot take advantage of the drop in tax on savings.

Coping with Crises : Why and How to Protect Employment and Earnings

Paci, Pierella; Revenga, Ana; Rijkers, Bob
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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Events of the past two years are a reminder that crises are a recurring phenomenon with deep and often protracted impacts on labor markets. This paper examines the challenges inherent in crafting policy responses, with particular attention to developing countries. It focuses on the potential tradeoffs between offsetting adverse short-term impacts and preserving incentives for economic recovery and future growth, and between protecting the most vulnerable and compensating those most immediately impacted. It also highlights how policymakers room for maneuver is constrained in crisis times by deteriorating fiscal space, limited institutional capacity, and mounting political pressures. Based on empirical evidence from previous crises, the paper asserts that taking a myopic and reactive approach may be costly and counterproductive. Instead, it advocates a more comprehensive approach, designed to build institutions - such as automatic stabilizers and safety nets - that can deliver a coordinated and coherent policy package. This approach will make crises catalysts for institutional changes and long-run growth.

Active Labor Market Programs for Youth : A Framework to Guide Youth Employment Interventions

Cunningham, Wendy; Sanchez-Puerta, Maria Laura; Wuermli, Alice
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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Youth are three times more likely to be unemployed than adults, even in economies with strong economic growth. This note is a tool to provide policymakers and youth-serving organizations with a framework to better diagnose short- to medium-run constraints facing the stock of unemployed youth and to design evidence based youth employment interventions. The note only addresses youth employment; strategies to affect wages, productivity, underemployment, or job quality are not directly discussed. This note presents youth-oriented Active Labor Market Programs (ALMPs) that conform to one of two criteria. Each intervention either has been shown to have predominately positive impact, as measured by rigorous impact evaluations, or has weaker evidence of impact-rigorous evaluations with mixed evidence of impact or strong positive monitoring data-and is theoretically sound. Cost-effectiveness information is presented when available. The note focuses on programs that are appropriate to address constraints faced by youth from disadvantaged backgrounds.

The Cost of Adjustment to Green Growth Policies : Lessons from Trade Adjustment Costs

Porto, Guido
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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Green growth policies confront firms and workers with adjustments that may create welfare costs for different segments of the population and cause reductions in near-term actual versus potential gross domestic product. There is little evidence on the cost of adjustment to climate change measures, and only limited evidence for more general environmental policies, especially in developing countries. Therefore, this paper canvasses the research on adjustment costs to trade policies to draw analogies and highlight differences compared with the potential impacts of green growth policies. Trade policies affect prices and work directly on technology choice. In the presence of adjustment costs, firms may experience impacts on wages, employment, and incentives to adopt alternative technologies. Both types of trade policy impacts may be amplified by technology availability and credit constraints. Many green growth policies are likely to work via the same mechanisms, that is, taxes on emissions or changes in technology requirements. However...

Labor Markets and School-to-Work Transition in Egypt : Diagnostics, Constraints, and Policy Framework

Angel-Urdinola, Diego; Semlali, Amina
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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Analysis in this policy note indicates a rapid deterioration in employment opportunities for young individuals transitioning from school to work in Egypt. Despite substantial improvements in labor market outcomes in recent years (in raising employment and participation and in lowering unemployment), unemployment rates in Egypt remain exceedingly high among youth entering the labor market for the first time. A slow school-to-work transition remains the main reason behind high unemployment rates. Young entrants to the labor market have become more educated than ever before: the share of the working-age-population with university education in Egypt has increased significantly between the years 1998 and 2006 (from 14% to 19% among men and from 9% to 14% among women). However, youth are unable to capitalize the time and resources invested in their education as the labor market is not providing enough good-quality jobs for them. To cope with scarce formal jobs, young-educated workers are opting to work in the informal sector and/or withdraw from the labor force...

Public Employment Services and Publicly Provided ALMPs in Egypt

Semlali, Amina; Angel-Urdinola, Diego F.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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This note presents a brief overview of Public Employment Services (PES) in Egypt and describes the institutional framework for public delivery of Active Labor Market Programs (ALMPs) in Egypt. Egypt has the fourth largest economy in the Middle East and North Africa (MENA) Region and has implemented economic reforms since 2004 which have led to some economic growth (e.g. a fast growing technology sector and the country has been recognized as one of the top offshoring destinations for international companies).

Profiling the Unemployed : A Review of OECD Experiences and Implications for Emerging Economies

Loxha, Artan; Morgandi, Matteo
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
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This paper takes stock of methods to profile the unemployed in public employment services (PESs) in OECD countries, in order to single out suitable approaches for PES in emerging economies. Profiling should enable PESs to segment jobseekers into groups with similar risk of work-resumption, and in turn to determine their level of access to different levels of treatment. In our framework PESs rely to a varying extent on (i) case worker discretion and on (ii) data-intensive approaches. On one hand of the spectrum, PESs may allocate interventions on a first-come-first-serve basis according to broad eligibility criteria (age, unemployment duration). This is likely to either induce deadweight loss or to delay treatment. Most often case managers judgment, steered by qualitative guidelines, also plays a role. In this case outcomes depend strongly on the available time and capacity of case managers. An alternative approach is to exploit data about jobseekers to determine the probability of work-resumption according to a statistical model...

Reconciling the Rawlsian and the Utilitarian Approaches to the Maximization of Social Welfare

Stark, Oded; Jakubek, Marcin; Falniowski, Fryderyk
Fonte: Universidade de Tubinga Publicador: Universidade de Tubinga
Tipo: ResearchPaper
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Under a deadweight loss of tax and transfer, there is tension between the optimal policy choices of a Rawlsian social planner and a utilitarian social planner. However, when with a weight greater than a certain critical value the individuals’ utility functions incorporate distaste for low relative income, a utilitarian will select exactly the same income distribution as a Rawlsian.

The economics of the drug war : effective federal policy or missed opportunity?

McGuire, Marvin H.; Carroll, Steven M.
Fonte: Monterey, California. Naval Postgraduate School Publicador: Monterey, California. Naval Postgraduate School
Tipo: Tese de Doutorado
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Approved for public release; distribution is unlimited; We calculated the value of two distinct economic inefficiencies that result from the prohibition of drugs. We define and illustrate these inefficiencies as the two direct components of the deadweight loss created by prohibition. The first is under-consumption and the second component, unique to our analysis, is the payment for risk. Using the 1999 illegal quantities and prices, the derived legal prices, and the estimated demand elasticities for four illegal drugs, we calculated the estimated quantity demanded for these drugs in legal markets. We then used the results of these calculations and estimated the total deadweight loss of the drug war in 1999 to be over $90 billion-$65 billion in payment for risk and $24 billion in under-consumption. We then focus our analysis on the indirect components of the deadweight loss, e.g., costs to reduce supply, cost of incarceration, and productivity losses, etc. Our conservative estimate for indirect deadweight loss for 1999 was $96.1 billion. In the final chapter, we estimate that of the total deadweight loss, America could gain $6.7 billion annually in taxes from legal drug sales, save over $34 billion annually in drug war costs, and recoup the remainder via reductions in prohibition-related phenomena.

Bracket creep and deadweight from California's state income tax, 1958-1977

Neal, Erik J.
Fonte: Monterey, California. Naval Postgraduate School Publicador: Monterey, California. Naval Postgraduate School
Tipo: Tese de Doutorado Formato: xii, 34 p. : ill. ;
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Approved for public release; distribution is unlimited; This thesis shows that a combination of "bracket creep" and legislated tax rate increases during the Edmund G. "Pat" Brown and Ronald Reagan governorships caused individual marginal tax rates to increase as much as 600 percent. A person earning $20,000 in 1958 was in the three percent bracket for state income taxes. Assuming this person received no real pay raises, his inflation-adjusted income in 1977 was now $41,938 and his marginal tax bracket was 11 percent. This person experienced a 355 percent increase in real taxes paid. The deadweight loss calculations show how bracket creep and legislated tax rate increases exacerbate deadweight loss. The more revenue the federal or state government tries to collect, the more deadweight loss society as a whole incurs. Using elasticities (of taxable income with respect to tax rates) ranging from .3 to 1.0, the incremental deadweight loss as a percent of incremental revenue collected from 10.6 percent for an elasticity of .3, to as high as 35.53 percent for an elasticity of 1.0. The deadweight loss calculations show that for every dollar in revenue collected, at least 10.7 cents to as much as 35.5 cents per dollar is lost to deadweight loss.; Lieutenant...

Firm-Level Evidence of Deadweight Loss of Investment Support Policies: A Case Study of Dairy Farms in Schleswig-Holstein

MICHALEK Jerzy; CIAIAN PAVEL; KANCS D'ARTIS
Fonte: AgEcon Publicador: AgEcon
Tipo: Contributions to Conferences Formato: Online
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The main objective of the present study is to estimate the extent to which the RDP investment support has a complementary or a substitutionary effect on farm investments. In order to answer this question, we attempt to quantify the potential deadweight loss by estimating the extent to which the RDP beneficiaries would have undertaken comparable investments also without the investment support. We find that the deadweight loss of the RDP is close to 100%, implying that firm investment would have been undertaken also without the support. These results suggest that capital market distortions are not significant in Schleswig- Holstein. Similarly, no evidence was found that, due to programme support, farms would have brought forward their investments planned originally in a later period, suggesting no evidence of inter-temporal substitution of investments. These results are new, as the deadweight loss and its conditionality have not been studied in the context of the RDP in Germany before.; JRC.J.4-Agriculture and Life Sciences in the Economy

Infrastructure and Employment Creation in the Middle East and North Africa

Estache, Antonio; Ianchovichina, Elena; Bacon, Robert; Salamon, Ilhem
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
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The state of national labor markets has always been a concern for governments and development agencies such as the World Bank. Key labor market indicators, such as the rate of unemployment, send signals about the health of an economy and mirror citizens' attitudes. Being gainfully employed is an important aspect of an individual's well-being both financially and socially, as 'initial failures in finding a job can lead to persistent joblessness, a loss of interest in further schooling, delayed family formation, mental distress, and negative manifestations of citizenship' (World Bank 2007). Increased expenditure on infrastructure projects has a short-run effect on employment creation as more workers are hired to build infrastructure. These jobs last only during the investment phase of the project, and, without a continuous injection as in a stimulus-type program, such jobs will be temporary. However, the investment program will have created a larger stock of infrastructure capital and this permanent addition facilitates additional growth in the economy. The extra demand from this incremental growth creates more jobs...

Capping Individual Tax Expenditure Benefits

Feldstein, Martin S.; Feenberg, Daniel; MacGuineas, Maya
Fonte: National Bureau of Economic Research Publicador: National Bureau of Economic Research
Tipo: Research Paper or Report
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This paper analyzes a new way of reducing the major individual tax expenditures: capping the total amount that tax expenditures as a whole can reduce each individual's tax burden. More specifically, we examine the effect of limiting the total value of the tax reduction resulting from tax expenditures to two percent of the individual's adjusted gross income. Each individual can benefit from the full range of tax expenditures but can receive tax reduction only up to 2 percent of his AGI. Simulations using the NBER TAXSIM model project that a 2 percent cap would raise $278 billion in 2011. The paper analyzes the revenue increases by AGI class. The 2 percent cap would also cause substantial simplification by inducing more than 35 million taxpayers to shift from itemizing their deductions to using the standard deduction. For any taxpayer for whom the 2 percent cap is binding, a cap would reduce the volume of wasteful spending and the associated deadweight loss. Even for those taxpayers for whom the cap is not binding but who are induced by the cap to shift from itemizing to using the standard deduction, the deadweight loss associated with deductible expenditures would be completely eliminated; Economics

Is the Taxable Income Elasticity Sufficient to Calculate Deadweight Loss? The Implications of Evasion and Avoidance

Chetty, Nadarajan
Fonte: American Economic Association Publicador: American Economic Association
Tipo: Artigo de Revista Científica
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Martin Feldstein's (1999) widely used taxable income formula for deadweight loss assumes the marginal social cost of evasion and avoidance equals the tax rate. This condition is likely to be violated in practice for two reasons. First, some of the costs of evasion and avoidance are transfers to other agents. Second, some individuals overestimate the costs of evasion and avoidance. In such situations, excess burden depends on a weighted average of the taxable income and total earned income elasticities, with the weight determined by the resource cost of sheltering income from taxation. This generalized formula implies the efficiency cost of taxing high income individuals is not necessarily large despite evidence that their reported incomes are highly sensitive to marginal tax rates.; Economics

Prefunding Medicare

Feldstein, Martin
Fonte: American Economic Association Publicador: American Economic Association
Português
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The Medicare program of health care for the aged now costs more than $5,000 per enrollee, a national cost of more than $200 billion a year. The official projections that these costs will rise rapidly from 2.5% of GDP now to 5.5% of GDP in 2030 and 7% of GDP in 2070 assume that structural changes in health care will prevent the even more rapid growth of spending that would occur if past trends continue. These GDP shares are equivalent to increasing the payroll tax rates that rise from 5% of total wages now to 14% of total wages by 2070. Alternatively, if the increased Medicare spending is financed by an across-the-board increase in income tax rates, all tax rates would rise by 46 percent (e.g., from 28% to 41%). If Medicare costs continue to be tax financed, the sharp increase in Medicare costs would cause a substantial increase in the deadweight loss of the tax system. Even with quite favorable assumptions, the increased deadweight loss is likely to be almost as large as the direct increase in the health care costs themselves. This paper analyzes an alternative life cycle approach to paying for the cost of health care of the aged: a system of investment-based individual Retiree Health Accounts (RHAs) to which the government deposits funds during individuals' working years. At retirement the individual could use the accumulated fund to purchase a fee-for-service plan like the current Medicare package...

Origins and efficiency of the electric industry regulation in Spain, 1910-1936

Aubanell, Anna
Fonte: Universitat Autònoma de Barcelona. Unitat d'Història Econòmica Publicador: Universitat Autònoma de Barcelona. Unitat d'Història Econòmica
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em //2011 Português
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The aim of this paper is to discover the origins of utility regulation in Spain, and to analyse, from a microeconomic perspective, its characteristics and the impact of regulation on consumers and utilities. Madrid and the Madrilenian utilities are taken as a case study. The electric industry in the period studied was a natural monopoly2. Each of the three phases of production, generation, transmission and distribution, had natural monopoly characteristics. Therefore, the most efficient form to generate, transmit and distribute electricity was the monopoly because one firm can produce a quantity at a lower cost than the sum of costs incurred by two or more firms. A problem arises because when a firm is the single provider it can charge prices above the marginal cost, at monopoly prices. When a monopolist reduces the quantity produced, price increases, causing the consumer to demand less than the economic efficiency level, incurring a loss of consumer surplus. The loss of the consumer surplus is not completely gained by the monopolist, causing a loss of social surplus, a deadweight loss. The main objective of regulation is going to be to reduce to a minimum the deadweight loss. Regulation is also needed because when the monopolist fixes prices at marginal cost equal marginal revenue there would be an incentive for firms to enter the market creating inefficiency. The Madrilenian industry has been chosen because of the availability of statistical information on costs and production. The complex industry structure and the atomised demand add interest to the analysis. This study will also provide some light on the tariff regulation of the period which has been poorly studied and will complement the literature on the US electric utilities regulation where a different type of regulation was implemented.

A perda do peso morto e a elasticidade-preço da demanda do setor siderúrgico no Brasil

Schmidt, Cristiane Alkmin Junqueira; Lima, Marcos André M. de
Fonte: Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade Publicador: Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; Formato: application/pdf
Publicado em 01/03/2006 Português
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This article has two objectives. The first one is to calculate the deadweight loss of Brazil's steel sector. It was necessary, for this purpose, to estimate the steel demand's equation for, therefore, derivate its price-elasticity. This is, consequently, the article's second objective. The study proposed here is the first one, concerning the two objectives and regarding to quantitative measures, to Brazil. The results suggests that: first, the price-elasticity is -0,14 and, second, the deadweight loss for the steel sector (2000 and 2001) is, in average, approximately, of 24% of total sector's revenue or 0,30% of the GDP.; Dois objetivos orientam este artigo. O primeiro foi calcular o valor da perda do bem-estar do setor siderúrgico no Brasil. Para alcançar este propósito foi preciso estimar a equação de demanda por aço para, então, encontrar a sua elasticidade-preço. Conseqüentemente, este passou a ser o segundo objetivo do presente ensaio. O estudo aqui apresentado é o primeiro, do ponto de vista quantitativo, para o Brasil, no que concerne aos dois fins, e seus resultados sugerem que: primeiro, a elasticidade é de -0,14 e, segundo, a perda de bem-estar social no setor siderúrgico em 2000 e 2001, devido ao poder de monopólio das firmas...

The economics of the CDM levy: revenue potential, tax incidence and distortionary effects

Fankhauser, Samuel; Martin, Nat; Prichard, Stephen
Fonte: Centre for Climate Change Economics and Policy and Grantham Research Institute on Climate Change and the Environment Publicador: Centre for Climate Change Economics and Policy and Grantham Research Institute on Climate Change and the Environment
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em 26/05/2009 Português
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26.71%
A levy on the Clean Development Mechanism and other carbon trading schemes is a potential source of finance for climate change adaptation. An adaptation levy of 2 percent is currently imposed on all CDM transactions which could raise around $500 million between now and 2012. This paper analyses the scope for raising further adaptation finance from the CDM, the economic costs (deadweight loss) of such a measure and the incidence of the levy, that is, the economic burden the levy would impose on the buyers and sellers of credits. We find that a levy of 2 percent could raise up to $2 billion a year in 2020 if there are no restrictions on demand. This could rise to $10 billion for a 10 percent tax. Restrictions on credit demand (called supplementarity limits, the requirement that most emission abatement should happen domestically) curtail trade volumes and consequently tax revenues. They also alter the economic impact of the CDM levy. Without supplementarity restrictions sellers (developing countries) bear two-thirds of the cost of the tax. If there are supplementarity limits they can pass on the tax burden to buyers (developed countries) more or less in full. Without supplementarity restrictions the distortionary effect of the levy (its deadweight loss) rises sharply with the tax rate. With them the deadweight loss is close to zero.

'Iconic design' as deadweight loss: rent acquisition by design in the constrained London office market

Cheshire, Paul; Dericks, Gerard
Fonte: Spatial Economics Research Centre (SERC), London School of Economics and Political Science Publicador: Spatial Economics Research Centre (SERC), London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /01/2014 Português
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Britain’s land use regulation (planning) system imposes very tight restrictions on the supply of office space so creating substantial rents. An unmeasured part of the costs associated with these restrictions likely comes from compliance costs, one form of which could be rent-seeking activity (Krueger, 1974) of a gentlemanly form: employing a ‘trophy architect’ to get ‘more rentable space’ on a given site (Cheshire & Hilber, 2008). This paper finds evidence strongly supportive of this hypothesis. It employs an hedonic approach on a sample of offices sold between 1998 and 2011, defining trophy architects (TAs) as those who had won a major lifetime achievement award. Much of London is covered by absolute height restrictions but outside these areas we show that i) for a given site a building designed by a TA is more valuable, but ii) this only arises because a TA squeezes more space on a given site – an extra 19 stories, increasing the site value by an estimated 130 percent. Planning restrictiveness also varies within London by jurisdiction and the price of space is higher where restrictiveness is tighter. While these effects of trophy architects could be windfall gains to developers, we suggest a more likely interpretation is that they represent the additional but difficult to measure returns demanded for the extra risk and delays imposed by using a TA to try to game the system - hence a form of compliance cost and a deadweight loss associated with England’s planning system.

Taxation of corporate groups under a corporation income tax: An interdisciplinary and comparative tax law analysis.

Correia, Miguel G
Fonte: London School of Economics and Political Science Thesis Publicador: London School of Economics and Political Science Thesis
Tipo: Thesis; NonPeerReviewed Formato: application/pdf
Publicado em //2010 Português
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Corporate groups are notoriously difficult to tax. At the moment it is not clear whether corporate groups should be approached as single taxable entities, or whether a separate tax existence should be attributed to corporate group members. The current ambiguity generates a substantial deadweight loss. This study determines what may be the best approach to tax corporate groups, once the perspectives of government and corporate groups are taken into account. The study adopts an interdisciplinary approach, whereby elements, such as market imperfections, the economic, legal and functional nature of corporate groups and the rules of related regulatory fields, are brought into the investigation. The study is based on the US federal corporate income tax system, although, for certain issues, the UK tax system is analyzed. The study adopts a closed economy perspective. The study shows that the design and operation of the corporate income tax system is subject to several constraints and distortions, and argues that to simply look at how far a certain policy is from optimality may be insufficient to determine whether an incremental improvement occurs. The study proposes a new approach to corporate income tax policy whereby the pursuit of incremental improvements requires the minimization of transaction costs and other sources of deadweight loss and the taking into account of the collateral effects of the corporate income tax system...