It so happens that I think that there is a tax incidence argument, albeit that tax charges borne by companies (as distinct from sales and payroll taxes and their like, for which they act as agent) almost invariably impact on shareholders.
The difference between the EET system which applies to pension saving, and the TEE system which applies to ISAs, is to do with the incidence of tax payments rather than their existence.
The theory of tax incidence suggests that companies really do not ever pay tax.
To folks like Bernie Sanders, the question of tax incidence seems to boil down to a question of multiplication: assume that incomes will remain constant as the tax rates increase, then just give the government its extra 5% or 10%.
Auerbach has written an accessible summary of the literature on the incidence of the tax.
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The first and great lesson of tax incidence is that taxes on companies are not paid by companies.
By contrast, a more recent CBO study by Jennifer Gravelle reviewed four papers looking at corporate tax incidence.
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We see this when we discuss the incidence of corporation tax.
Thus, quite clearly and obviously, the total incidence, the total lost from all pockets, is higher than revenues and thus the incidence of the tax is over 100%.
And if they can manage, in one of their reports, to grasp the most basic point about tax incidence, the simple and classic economics of taxation, then the rest of us should be able to do the same.
So we can say that the incidence of the FTT will be upon workers in the form of lower wages, upon consumers of financial products in higher prices and that the incidence, the loss of income resulting from the tax, will be over 100%.
The incidence of price reductions has increased since the expiration of a federal tax credit for new homebuyers, which temporarily drove up demand.
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The second part is the incidence upon the users of the financial markets: a fairly obvious result of a transactions tax.
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