The corporate alternative minimum tax (AMT) was hailed in the Tax Reform Act of 1986 as instrumental to ensuring that tax loopholes would not permit corporations to avoid paying their fair share of tax liability. In 1995, less than ten years later, repeal of the AMT was pledged as part of the Republican Party's "Contract with America" and passed by the House of Representatives. Opponents of the AMT object that it penalizes new investment by firms and prevents the use of legitimate deductions. Its defenders tout the ability of the AMT to address public perceptions of unfairness in the tax system. At first glance, the debate over the AMT seems to be another example of the classic struggle between equity and efficiency. But, as this book reveals, there are serious flaws in the arguments used on both sides of this issue. As a result, the AMT may fail to achieve any notable equity objectives and may miss the opportunity to make significant improvements in the efficiency with which the nation's scarce capital is employed. Whether or not reforms of the AMT are ultimately enacted, the debate over the AMT raises fundamental questions of tax policy that will persist: Who benefits from tax subsidies? How much should the tax code be used to direct resources in the economy? If corporate taxes are ultimately borne by individuals, how do corporate tax provisions affect fairness? Andrew Lyon opens these topics up to a wide audience, presenting new data on the impact of the AMT, and offering suggestions for future policy reform. He argues that the legislative desire to respond to an apparent inequity should be channeled into considering whether there are efficiency reasons for reducing the tax advantages observed. The best solutions to these considerations, he contends, are not found in a minimum tax.
Dr Ayton has transformed understanding of Edward III's armies - compulsory reading for anyone interested in the Hundred Years War. WAR IN HISTORY [Michael Prestwich] The mounted, armoured knight is one of the most potent symbols of medieval civilisation; indeed, for much of the middle ages the armoured warhorse was what defined a man as a member of the military class. However, despite the status of the knightly warrior in medieval society, the military service of the later medieval English aristocracy remains an unaccountably neglected subject, and the warhorse itself has never attracted a major study based upon archival sources. This book seeks to open up new fields of research: it focuses on the horse inventories, documents which offer detailed lists of men-at-arms and their appraised warhorses, the valuation of which is a measure of its owner's social and military status. Dr Ayton is primarily concerned with the inventories and related records for Edward III's reign, a period which witnessed significant changes in the organisation of the English fighting machine. Thedocuments produced during this period of `military revolution' cast valuable light on the character and attitudes of the aristocratic military community at a time when its traditional role was in the course of re-evaluation. Dr ANDREW AYTON is senior lecturer in history at the University of Hull.
The Erie Canal was completed in 1825 and became the backbone of an economic and cultural explosion that defined the image of New York. The canal's development spurred successful industry and a booming economy, sparking massive urban growth in an area that was previously virtually unexplored wilderness. People poured west into this new space, drawn by the ability to ship goods along the canal to the Hudson River, New York City, and the world beyond. Erie Canal is a compilation of 200 vintage images from the Erie Canal Museum's documentary collection of New York's canal system. Vintage postcards depict life and industry along the canal, including not only the Erie itself but also the lateral and feeder canals that completed the state-wide system.
The Adaptive Markets Hypothesis (AMH) presents a formal and systematic exposition of a new narrative about financial markets that reconciles rational investor behaviour with periods of temporary financial insanity. In this narrative, intelligent but fallible investors learn from and adapt to randomly shifting environments. Financial markets may not always be efficient, but they are highly competitive, innovative, and adaptive, varying in their degree of efficiency as investor populations and the financial landscape change over time. Andrew Lo and Ruixun Zhang develop the mathematical foundations of the AMH—a simple yet surprisingly powerful set of evolutionary models of behaviour—and then apply these foundations to show how the most fundamental economic behaviours that we take for granted can arise solely through natural selection. Drawing on recent advances in cognitive neuroscience and artificial intelligence, the book also explores how our brain affects economic and financial decision making. The AMH can be applied in many contexts, ranging from designing trading strategies, to managing risk and understanding financial crises, to formulating macroprudential policies to promote financial stability. This volume is a must read for anyone who has ever been puzzled and concerned by the behaviour of financial markets and the implications for their personal wealth, and seeks to learn how best to respond to such behaviour.
Paul Hutton’s study of Phil Sheridan in the West is authoritative, readable, and an important contribution to the literature of westward expansion. Although headquartered in Chicago, Sheridan played a crucial role in the opening of the West. His command stretched from the Missouri to the Rockies and from Mexico to Canada, and all the Indian Wars of the Great Plains fell under his direction. Hutton ably narrates and interprets Sheridan’s western career from the perspective of the top command rather than the battlefield leader. His book is good history and good reading."–Robert M. Utley
Measuring Road Safety Using Surrogate Events provides researchers and practitioners with the tools they need to quickly and effectively measure traffic safety. Traditional crash-based safety analyses are being undermined by today's growing use of intelligent vehicular and road safety technologies. Crash surrogates--or near misses--can be more effectively used to measure the future risk of crashes. Measuring Road Safety Using Surrogate Events advances the idea of using these near-crash techniques to deliver quicker and more adequate measurements of safety. The book explores the relationships between traffic conflicts and crashes using an extrapolation of observed events rather than post-crash data, which is significantly slower to obtain. It delivers sound estimation methods based on rigorous scientific principles, offering compelling new tools to better equip researchers to understand road safety and its factors. Consolidates the latest thinking from disparate places into one resource Establishes a consistent use of key terms, definitions, and concepts to help codify this emerging field Numerous application-oriented case studies throughout Learning aids include chapter objectives, glossary, and links to data used in examples
00 This bibliography of more than 3,700 items printed in the United States is intended for scholars, researchers, booksellers, and bibliophiles interested in viticulture, enology, alcoholic beverages, and the temperance and prohibition movements. The variety of scientific, technical, and popular works listed provides a wide-ranging perspective and reveals complex interrelationships--scientific, technological, philosophical, religious, historical, and sociological--among the subjects covered. This bibliography of more than 3,700 items printed in the United States is intended for scholars, researchers, booksellers, and bibliophiles interested in viticulture, enology, alcoholic beverages, and the temperance and prohibition movements. The variety of scientific, technical, and popular works listed provides a wide-ranging perspective and reveals complex interrelationships--scientific, technological, philosophical, religious, historical, and sociological--among the subjects covered.
This comparative study looks at the laws concerning the murder of slaves by their masters and at how these laws were implemented. Andrew T. Fede cites a wide range of cases—across time, place, and circumstance—to illuminate legal, judicial, and other complexities surrounding this regrettably common occurrence. These laws had evolved to limit in different ways the masters’ rights to severely punish and even kill their slaves while protecting valuable enslaved people, understood as “property,” from wanton destruction by hirers, overseers, and poor whites who did not own slaves. To explore the conflicts of masters’ rights with state and colonial laws, Fede shows how slave homicide law evolved and was enforced not only in the United States but also in ancient Roman, Visigoth, Spanish, Portuguese, French, and British jurisdictions. His comparative approach reveals how legal reforms regarding slave homicide in antebellum times, like past reforms dictated by emperors and kings, were the products of changing perceptions of the interests of the public; of the individual slave owners; and of the slave owners’ families, heirs, and creditors. Although some slave murders came to be regarded as capital offenses, the laws consistently reinforced the second-class status of slaves. This influence, Fede concludes, flowed over into the application of law to free African Americans and would even make itself felt in the legal attitudes that underlay the Jim Crow era.
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