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Foolish Revenge or Shrewd Regulation? Financial-Industry Tax Law Reforms Proposed in the Wake of the Financial Crisis

24 Pages Posted: 14 Dec 2010  

Richard T. Page

Georgetown University Law Center

Date Written: December 12, 2010

Abstract

This Comment evaluates four recent proposals to reform tax laws affecting the financial industry. After introducing the proposals, the author provides a theoretical framework for evaluating them and then relies on this framework to explore the benefits and drawbacks of each. Ultimately, the author rejects two proposals that call for imposing financial-transactions taxes and argues that lawmakers should instead focus on plans to either (1) permit cost-of-equity tax deductions or (2) tax the debt held by major financial institutions.

Keywords: tax, law, regulation, reform, financial, bank, transactions, debt, DeFazio, Obama, crisis, responsibility, fee, leverage, TARP, G20, IMF, FSB

JEL Classification: E60, E61, E62, H20, H21, H23, H26, H25, K34, G32, G38, K22, L50, L51, M21

Suggested Citation

Page, Richard T., Foolish Revenge or Shrewd Regulation? Financial-Industry Tax Law Reforms Proposed in the Wake of the Financial Crisis (December 12, 2010). Tulane Law Review, Vol. 85, No. 191, 2010. Available at SSRN: https://ssrn.com/abstract=1724530

Richard T. Page (Contact Author)

Georgetown University Law Center ( email )

600 New Jersey Avenue, NW
Washington, DC 20001
United States

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