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

本文的目的是应用一个一般均衡模型来评估旨在鼓励投资的美国税收政策的效果。该模型将应用于一个开放的经济背景下，这将解释美国经济与世界其他地区之间的相互作用。本研究的一个重要创新之处在于将特别关注金融资本的国际流动和资本存量的国际交叉所有权。我们将研究两种主要类型的政策。一类涉及旨在促进国内储蓄的政策。这些政策包括建议将个人所得税更完全地以消费为基础。第二类强调促进国内投资。这些政策包括对国内工厂和设备投资的税收抵免，以及降低美国法定企业所得税税率。将从多个方面分析各种政策选择，包括对国内外福利的影响；论国内外家庭储蓄与投资美国资本存量的规模、所有权和产业配置；以及贸易平衡和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.