Report Detail Summary

Taxation in the Digital Age

December 01, 2019

During the last few decades we have witnessed the advent of the Personal Computers, the Internet, and Social Networks. In turn, these technological innovations have been incorporated to the many areas of private and public finances. A strong case can be made that the technological advancement have made the revenue and data collection, auditing, and fraud detection easier, less expensive, and more efficient. But this is only the beginning stage, recent digital innovations will further impact the behavior of the taxpayers as well as the various taxing authorities. These innovations will create challenges and opportunities for tax collectors and taxpayers alike. However, anticipating what the future holds is a tall order. The digital innovations are not the only variables driving our forecast. Our analysis incorporates four different aspects of a tax structure that in our opinion would play an outsized role on the influence of the digital revolution on tax policy: Transparency, privacy, income redistribution and the incentive structure. The interaction between the digital innovations and these driving factors lead us to a modified flat tax.

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