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The Journal of Wealth Management

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The Taxation Paradox: It’s Global, Not Local

Stephen M. Horan, Robert R. Johnson and Thomas R. Robinson
The Journal of Wealth Management Spring 2013, 15 (4) 29-40; DOI: https://doi.org/10.3905/jwm.2013.15.4.029
Stephen M. Horan
is head of University Relations and Private Wealth at CFA Institute in Charlottesville, VA.
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  • For correspondence: stephen.horan@cfainstitute.org
Robert R. Johnson
is a professor of finance at Creighton University, College of Business Administration, in Omaha, NE.
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  • For correspondence: rrjohnson@creighton.edu
Thomas R. Robinson
is managing director of the Education Division at CFA Institute in Charlottesville, VA.
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  • For correspondence: tom.robinson@cfainstitute.org
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Abstract

Conventional wisdom suggests that taxation is a jurisdictionally specific discipline. For those advising private clients, the economic implications of taxation are a critical foundation for incorporating taxes in wealth management. Understanding the intricacies of a specific country’s tax code, however, provides little insight into the economic implications of taxes and how they impact risk, return, and investment strategy. Therefore, tax-efficient asset management is a global rather than local discipline. At its most basic level, tax on investment and capital is imposed by governments in a finite number of ways. Rather than becoming experts in local tax codes, wealth managers should understand the economic principles of taxation that apply globally to avoid making decisions that may be tax wise but pound foolish.

TOPICS: Wealth management, legal/regulatory/public policy, global

  • © 2013 Pageant Media Ltd
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The Journal of Wealth Management: 15 (4)
The Journal of Wealth Management
Vol. 15, Issue 4
Spring 2013
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The Taxation Paradox: It’s Global, Not Local
Stephen M. Horan, Robert R. Johnson, Thomas R. Robinson
The Journal of Wealth Management Jan 2013, 15 (4) 29-40; DOI: 10.3905/jwm.2013.15.4.029

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The Taxation Paradox: It’s Global, Not Local
Stephen M. Horan, Robert R. Johnson, Thomas R. Robinson
The Journal of Wealth Management Jan 2013, 15 (4) 29-40; DOI: 10.3905/jwm.2013.15.4.029
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    • GENERAL TAXATION STRUCTURES
    • A GLOBAL TAXATION MODEL
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