This paper examines the effects of a U.S. Supreme Court ruling that a one-time retroactive British “Windfall Tax” levied on 32 public utilities that were privatized between 1984 and 1996 was eligible for the US foreign tax credit (FTC). The decision could have far-reaching implications for the creditability of taxes that are not ordinarily thought to be income taxes, including various cash-flow business taxes that are key elements of several proposals recommending replacement of the income tax with a consumption-based tax.
Charles E. McLure, Jr., Jack Mintz, George R. ZodrowAugust 20, 2014
The United States should assign a particularly high priority on science and technology over the next four years, especially for federal support of research.
In recent weeks, the government of Iran has threatened to shut down the Strait of Hormuz amid escalating tensions with the United States and its allies. Rice scholar Dagobert Brito discusses alternatives were the strait to be blocked.
