Markets in Vice, Markets in Virtue

Front Cover
Oxford University Press, 2005 - 236 pages
This sweeping, comparative study of taxation in the United States and Australia shows that even as governments in the Western world have become increasingly sophisticated tax collectors, a competitive and ruthless market in advice on tax avoidance has developed. The same competitive forces in the late twentieth century which have driven down prices and sparked efficiencies in the production of fast food or computer parts have helped stimulate the markets for bads like tax shelters and problem gambling. Braithwaite draws the surprising conclusion that effective regulation could actually flip markets in vice to markets of virtue. Essential reading for anyone involved in policy, governance, and regulation, Markets in Vice, Markets in Virtue provides a blueprint for restoring the equity of Western tax systems and a breakthrough theory of how regulators can support markets in virtue and curtail markets in vice.

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Contents

Competition policy efficient vice and tax system integrity
3
Regulating one mans vice another womans virtue
8
Tax systems in crisis
16
A widening US corporate tax gap in the past decade
27
The Australian advice market
37
The advice market
42
The ideas people
48
Enforcement challenges
60
Reforming the law
144
Civil liberty safeguards
151
Meta risk management using natural systems
156
The Consolidation Project
158
Finding pathways through a morass of complexity and uncertainty
166
Intelligent tax office culture
167
From procedures manual to storybook from a process
175
Reforming enforcement strategy
177

Australian innovation
68
The Promoters Taskforce
78
The High Wealth Individuals Taskforce
84
Aggressive tax planning in New York
101
International arbitrage
120
Globalisation of tax policy?
126
Relationships with the IRS
132
Comparing the drivers of and responses
137
Adequate and escalating penalties
181
Tackling the culture of compliance of the Big Four accounting firms
188
Flipping markets in vice to markets in virtue
197
Corporate certification of continuous improvement in tax integrity
203
References
212
Index
225
Copyright

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About the author (2005)


John Braithwaite is Professor in the Regulatory Institutions Network at the Australian National University. He has won a number of international awards for his research on both restorative justice and responsive regulation, most recently, he was awarded the 2004 Edwin H Sutherland Award by the American Society of Criminology and the 2004 Kalven Prize of the Law and Society Association.

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