PT  - JOURNAL ARTICLE
AU  - Stephen M. Horan
AU  - Robert R. Johnson
AU  - Thomas R. Robinson
TI  - The Taxation Paradox: <em>It’s Global, Not Local</em>
AID  - 10.3905/jwm.2013.15.4.029
DP  - 2013 Jan 31
TA  - The Journal of Wealth Management
PG  - 29--40
VI  - 15
IP  - 4
4099  - https://pm-research.com/content/15/4/29.short
4100  - https://pm-research.com/content/15/4/29.full
AB  - 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