Mandates: Fiscal Accountability Issues
National leaders under pressure are often tempted to consider shifting costs to other levels of government and to satisfy new demands for public services by passing mandates and costs to other levels of governments to finance new programmes. These new mandates take a variety of forms but have one central feature: they permit the national government leaders to claim credit without paying for the costs of their own initiatives. This article examines intergovernmental relationships and the various forms of mandates including direct-order mandates, grants, pre-emptions, and tax policy. The article discusses the arguments for mandates, trends in their use, and reforms to curb them. The roles of agency cost-benefit analysis and legislative information and deliberation are particularly important. JEL classification: H200, H300, H540, H710, H810.
Country-by-Country Reporting: Eine neue Rechnungslegung über länderspezifische Wertschöpfung und Ertragsteuern?
Country-by-Country Reporting (CbCR) soll fur (insb. Steuer-)Behorden oder fur die Offentlichkeit Transparenz uber die regionale Verteilung von Produktionsfaktoren, Gewinnen und Steuerzahlungen schaffen und so Steuervermeidungsstrategien aufdecken. Die folgende Analyse zeigt die Ent-stehungsgeschichte des CbCR und stellt die Moglichkeiten eines allgemein verpflichtenden CbCR fur multinationale Unternehmen seinen Grenzen und Risiken gegenuber. Unsere Analyse zeigt, dass das CbCR die Informationsanspruche der Adressaten nicht in der Weise befriedigen kann, wie seine Befurworter es propagieren. Auch CbCR als ein weiterer Rechenversuch andert nichts daran, dass Gewinne von multinationalen Unternehmen nicht lokal zuordbar sind. Ein auf wenige, nachprufbar zu ermittelnde Kernelemente reduziertes CbCR wurde - ob freiwillig, als industrielle Selbstver-pflichtung oder als gesetzliche Pflicht - fur die Informationsadressaten den gleichen Nutzen bringen wie das bislang vorgeschlagene detaillierte CbCR. Ein solches Basis-CbCR wurde beispielsweise die Umsatzerlose, die Arbeitnehmerzahl und/oder die Lohnsumme, das Sachanlagevermogen und/oder die Abschreibungen darauf sowie die gezahlten Ertragsteuern und/oder den Steueraufwand je Land ausweisen, nicht aber das Einkommen vor Steuern.
H.R.1424 - Paul Wellstone Mental Health and Addiction Equity Act of 2007
Division A: Emergency Economic Stabilization - Emergency Economic Stabilization Act of 2008 - Title I: Troubled Assets Relief Program - (Sec. 101) Authorizes the Secretary of the Treasury (Secretary) to establish the Troubled Asset Relief Program (TARP) to purchase troubled assets from any financial institution, in accordance with terms, conditions, policies, and procedures the Secretary develops.Directs the Secretary to establish within the Office of Domestic Finance of the Department of the Treasury an Office of Financial Stability, through which TARP shall be implemented.Authorizes the Secretary to: (1) designate financial institutions as financial agents of the federal government; and (2) establish vehicles to purchase, hold, and sell troubled assets and issue obligations.Directs the Secretary to prevent unjust enrichment of participating financial institutions, including any sale of a troubled asset (with certain exceptions) to the Secretary at a price higher than what the seller paid to purchase the asset. Exempts from this requirement any troubled assets acquired in a merger or acquisition, or a purchase of assets from a financial institution that is either under conservatorship or receivership, or that has initiated bankruptcy proceedings.(Sec. 102) Requires the Secretary, if TARP is established, to establish also a program to guarantee troubled assets originated or issued before March 14, 2008, including mortgage-backed securities.Establishes the Troubled Assets Insurance Financing Fund for deposit of premiums collected from participating financial institutions in order to fund such guarantee program.(Sec. 104) Establishes the Financial Stability Oversight Board to review and report to Congress on the authorities created under this Act and their effect in assisting American families in preserving home ownership, stabilizing financial markets, and protecting taxpayers.(Sec. 105) Requires the Secretary to report periodically to Congress reg