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30 Austl. Tax F. 551 (2015)
Can a 20th Century Business Income Tax Regime Serve a 21st Century Economy

handle is hein.journals/austraxrum30 and id is 557 raw text is: 

Can a 20th century business

income tax regime serve a

21st century economy?

Michael J. Graetz*
Ross Parsons Lecture 2015, University of Sydney Law School, 20 April 2015.


This article is the text of the Parsons Lecture given by Michael Graetz at the University
of Sydney Law School in April 2015. In it the author reviews the contemporary
challenges involved in making international tax policy. These challenges include
the tensions of international tax competition whilst balancing both sound economic
theory, and poitics. The author explains how the 200 Century international tax system
that we have is poorly equipped to cope with the 21st Century's technologically
impelled, integrated global economy. With this background the author comments
on the potential for tax reform in the US; the options for tax reform in Australia; and
key features of the OECD's Base Erosion and Profit Shifting (BEPS) initiatives. The
lecture concludes with 12 predictions about the directions international tax policy will
follow. These range from continued international economic competition using tax law;
through greater application of anti-avoidance rules; to broader consumption taxes and
more equitable taxation of capital probably involving retention of poltically popular
economically problematic, corporate income taxes.

    Columbia Alumni Professor of Tax Law, Columbia University, New York; Justus S. Hotchkiss
    Professor Emeritus of Law, Yale University, New Haven. @ 2015 by Michael J. Graetz.

This article was accepted for publication on 7 May 2015.

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