Dynamic Open-Economy Analysis of U.S. Capital Tax Policies

这一建议的目的是应用一般均衡 该模型旨在评估美国税收政策的影响， 鼓励投资。 该模型将在一个开放的 经济背景，这将占之间的相互作用 美国经济和世界其他地区。 一个重要 本研究的创新之处在于， 支付给国际金融资本流动和 国际资本股份的交叉所有权。 两种主要类型 将对政策进行审查。 一种类型涉及旨在 促进国内储蓄。 这些政策包括 建议个人所得税更专门地根据 消费 第二类强调促进 国内投资。 这些政策包括税收抵免， 对国内厂房和设备的投资， 美国法定企业所得税税率。 的各种政策 我们将从多个方面对各种备选方案进行沿着分析，包括 对国内外福利的影响;对储蓄和投资的影响 国内和国外的家庭;规模，所有权， 美国资本存量的工业分配;以及贸易 国际收支的其他组成部分。

The purpose of this proposal is to apply a general equilibrium model designed to assess the effects of US tax policies aimed at encouraging investment. This model will be applied in an open economy context which will account for the interactions between the U.S. economy and the rest of the world. An important innovation in this research is that particular attention will be paid to the international flows of financial capital and the international cross-ownership of capital stocks. Two main types of policies will be examined. One type involves policies aimed at the promotion of domestic savings. These policies include proposals to base the individual income tax more exclusively on consumption. The second type emphasizes the promotion of domestic investment. These policies include tax credits for investments in domestic plant and equipment, and reductions in statutory U.S. corporate income tax rates. The various policy options will be analyzed along a number of dimensions including effects on domestic and foreign welfare; on saving and investment by domestic and foreign households; on the size, ownership, and industrial allocation of the U.S. capital stock; and on the trade balance and other components of the balance of payments.