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85 Tul. L. Rev. 191 (2010-2011)

handle is hein.journals/tulr85 and id is 193 raw text is: COMMENTS Foolish Revenge or Shrewd Regulation? Financial-Industry Tax Law Reforms Proposed in the Wake of the Financial Crisis Richard T. Page* Thns Comment evaluates four rcent proposals to reform tax laws affecting the financial indusby Alter Antroducing the proposals, the author proides a theoretical framework for evaluating them and then relies on this framework to explor the benefits and dawbacks of each. Ultimately the author rjects two proposals that call for imposing fmancial-transactions taxes and argues that lawmakers should insteadfocus on plans to either (1)permit cost-of-equity tax deductions or (2) tax the debt held by major Financial izstitutons. I. INTRODUCTION ................................. ..... 192 II. THE PROPOSALS .......................................... 193 A. The DeFazio Firancial Tmnsactions Tax....... ....... 193 B. A Global Financial Tansactions Tax...... ........ 194 C A Cost-of-Equity Tax Deduction Allowance ... ..... 195 D President Obama & Financial Cisis Responsibility Fee.................................... 197 Ill. WHAT MAKES FORA GOODTAX?. ........... ............. 198 A. Good Taxes Raise Revenue .................... 198 B. Good Taxes Reduce Undeshable Behavior...................... 199 C Good Taxes M inimze Reductions in Desiable Behavior.................... ................. 200 1. Deadweight Losses ................ .....200 2. Mobility-Led Avoidance ...................200 3. Compliance Costs ............................201 D Good Taxes Are Fair........................ 201 1. The Benefits-Received Principle ......... .......201 2. The Ability-to-Pay Principle .......... .....202 3. The Level-the-Playing-Field Principle.... .....203 * Q 2010 Richard T. Page. LL.M. (tax) candidate 2011, Georgetown University Law Center; J.D./M.B.A. 2010, Tulane University; M.PP 2006, University of Chicago; B.A. 2004, Tulane University. I thank Tulane University Law School Professor Shu-Yi Oei for critiquing drafts of this Comment; Tulane University Law School reference librarian Megan Garton for her research assistance on this project and numerous others; and the Tulane Law Review members and staff who reviewed and edited this work. The conclusions reached herein are my own. 191

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