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

这项提议的目的是应用一个旨在评估美国旨在鼓励投资的税收政策效果的一般均衡模型。这一模型将应用于开放经济背景下，这将考虑到美国经济与世界其他地区之间的互动。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持股问题。我们将研究两种主要类型的政策。其中一类涉及旨在促进国内储蓄的政策。这些政策包括建议个人所得税更多地以消费为基础。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。各种政策选项将从多个方面进行分析，包括对国内外福利的影响；对国内外家庭储蓄和投资的影响；对美国资本存量的规模、所有权和行业配置的影响；以及对贸易平衡和国际收支其他组成部分的影响。

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.