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1. INTRODUCTION One hundred and ninety five parties submitted pledges to reduce carbon dioxide (C[O.sub.2]) and other greenhouse gases (GHGs)--so-called "Nationally Determined Contributions" (NDCs)--for the 2015 Paris Agreement on climate [...], Canadian provinces are required to phase in a minimum price of CAN $50 per tonne on carbon dioxide emissions by 2022. This paper discusses the rationale for, and design of, the price floor requirement; its (provincial-level) environmental, fiscal, and economic welfare impacts; monitoring issues; and (national-level) industry incidence. The general conclusions that the welfare costs and implementation issues are manageable, and pricing provides significant new revenues. A challenge is that the floor price by itself is well short of what will be needed by 2030 for Canada's Paris Agreement pledge. Keywords: carbon price, price floor, Canada, welfare impacts, incidence, effective carbon price, competitiveness impacts JEL Codes: Q54, Q58, H23

I. INTRODUCTION The call for international corporate tax reform has gained traction in the past two years, with the chairs of both tax writing committees pledging to craft comprehensive tax [...], We review the basics of international tax planning by U.S. multinational corporations (MNCs) and the organizational structures that facilitate such planning. We then discuss the potential impacts that adopting a participation exemption regime (i.e., a territorial tax system) along the lines proposed by Representative Camp could have on a U.S. MNC's worldwide supply chain structure and financing arrangements. We compare the change in a corporation's global accounting effective tax rate under the current U.S. worldwide tax system and four participation exemption options proposed by Representative Camp. Using a hypothetical set of facts representative of a U.S. multinational with highly mobile intellectual property income, we show that the options produce very different accounting effective tax rates and tax revenues received by the U.S. Treasury. We also point out potential tax planning strategies that could be employed pre- and post-effective date of the implementation of a participation exemption system that would change the expected revenue to be received during the transition to such a system. Keywords: international taxation, tax reform, territorial tax system JEL Codes: H25, H26, M41, M48

Since 1996 there has been a significant increase in the share of the worldwide income of U.S. multinational corporations (MNCs) that is declared abroad. In a linked sample of large [...], The foreign share of the worldwide income of U.S. multinational corporations (MNCs) has risen sharply in recent years. Data from a panel of 754 large MNCs indicate that the MNC foreign income share increased by 14 percentage points from 1996 to 2004. The differential between a company's U.S. and foreign effective tax rates exerts a significant effect on the share of its income abroad, largely through changes in foreign and domestic profit margins rather than a shift in sales. U.S. foreign tax differentials are estimated to have raised the foreign share of MNC worldwide income by about 12 percentage points by 2004. Lower foreign effective tax rates had no significant effect on a company's' domestic sales or on the growth of its worldwide pre-tax profits. Lower taxes on foreign income do not seem to promote 'competitiveness.' Keywords: multinational corporations, domestic-foreign tar differentials, income shifting, foreign-source income JEL Codes: F23, H25, H32