词条 | Interest Equalization Tax |
释义 |
PurposeThe purpose of the tax was to decrease the balance of payments deficit in the US. This was achieved conceptually by making investments in foreign securities less appealing. By increasing the price of the security, investors will buy fewer of them, all else equal. With fewer domestic investors purchasing foreign securities, capital outflows will be lower, thereby reducing the balance-of-payments deficit. The equation for the balance of payments is: The identity for the capital account is: So when capital outflows decrease, the capital account increases. When the capital account increases, the balance-of-payments increases. Dates EffectiveThe tax was effective on purchases made after July 18, 1963. It was scheduled to expire on January 1, 1966, but was extended multiple times, and eventually abolished on January, 1974. Amount of the tax
Exemptions
Estimated RevenueThe tax was expected to raise $30 million per year. Effect on the DeficitAs the original intent of the Interest Equalization Tax was the reduce the balance-of-payments deficit, a majority consider the tax successful.
Since many factors influence the balance-of-payments account, the effect of the tax is unclear. However, there was a positive trend in the years after it was enacted. Effect on Financial MarketsThe interest equalization tax "brought American investment activity in foreign markets to a virtual standstill."[4] However, financial markets responded over time with massive evasion of the tax, along with the development of the eurodollar market. References1. ^{{cite web|last=Joint Committee on Taxation|title=The Interest Equalization Act of 1963|url=https://archive.org/details/theinterestequal1064unit|publisher=US Congress|accessdate=27 February 2011}} 2. ^{{cite web|last=Joint Committee on Taxation|title=The Interest Equalization Act of 1963|url=https://archive.org/details/theinterestequal1064unit|publisher=US Congress|accessdate=27 February 2011}} 3. ^{{cite journal|last=Butterworth|first=Robert A.|title=The United States Interest Equalization Tax|journal=Lawyer of the Americas|date=June 1970|volume=2|issue=2|pages=164–72|jstor=40175358}} 4. ^{{cite book|last=Markham|first=Jerry W.|title=A Financial History of the United States|pages=328}} 1 : United States federal taxation legislation |
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