The Tax Reform Act of 1986: Implications for the Future : Hearings Before the Joint Economic Committee, Congress of the United States, Ninety-ninth Congress, Second Session, September 12 and 15, 1986U.S. Government Printing Office, 1987 - Всего страниц: 152 |
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$10 billion accelerated depreciation after-tax Alan Greenspan assets bad debt reserves banks basis BRINNER capital gains capital investment Chairman CHIMERINE conference agreement Conference Committee bill Congress consumption tax corporate tax corporate tax rate cost of capital current law decline dollar econometric economy effects efficiency gains Eisner equipment equity exchange rate FDIC fiscal GALPER going Gramm-Rudman GREENSPAN impact important income tax individual industries inflation interest rates investment incentives investment tax credit labor less loans long-term losses macroeconomic magnitude marginal tax rates ment MINARIK minimum tax negative offset percent prepared statement pretax problem productivity profits provisions question rate of return recession reduce Representative ARCHER Representative OBEY SCHEUER sector short-term structure tax bill tax burden tax changes Tax Code tax incentives tax increases tax law tax policy tax reform bill tax reform legislation tax shelters tax system taxpayers Thank tion trade deficit value added tax
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Стр. 105 - The Effects of Tax Rules on Nonresidential Fixed Investment: Some Preliminary Evidence from the 1980s," in MS Feldstein ed., The Effects of Taxation on Capital Accumulation, Chicago, University of Chicago Press.
Стр. 21 - Mr, CRAFTS. Thank you, Mr. Chairman. I have a prepared statement which I think has been made available to the members of the committee. I shall go through this and add and change as I go, if I may.
Стр. 114 - ... Act of 1986 will increase total corporate tax liabilities by about $125 billion for 1987 through 1991. This represents an increase of about one-fourth in corporate tax liabilities. But this figure substantially understates the adverse impact that the Act will have on investment. The Tax Reform Act would raise much more in corporate revenues but for the fact that the corporate rate is reduced from 46 to 34 percent. This rate reduction has the primary effect of reducing the tax rates on the profits...
Стр. 106 - ... Tax Reform and Capital Formation in the US Economy," Data Resources Review, August 1977; Allen Sinai and Terry Glomski, "The Carter Tax Proposal: Is It Needed?" Data Resources Review, January 1978, pp. 11-17; Allen Sinai, "Tax Expenditures and Business Capital Spending," Testimony presented at the Hearings on Tax Expenditures Committee on Ways and Means, Subcommittee on Oversight, March 27, 1979, and Otto Eckstein and Allen Sinai, eds., The Data Resources Model of the US Economy, (Amsterdam:...
Стр. 118 - The savings- in vestment identity I have just explained has an immediate and obvious consequence. The only way in which we can raise both investment and international competitiveness simultaneously is to increase national savings. There is no alternative. Without changes in national saving, increases in investment must be financed from abroad and so must come at the expense of improvements in our trade balance. Reductions in the flow of funds from abroad that bring the dollar down and improve the...
Стр. 115 - ... on grounds of neutrality. It is suggested that the law before reform somehow favored capital-intensive industries and that this favoritism will be undone by tax reform. This is a fundamental misconception. Investments in intangibles— research and development, advertising, marketing, or goodwill— all receive the ultimate in accelerated depreciation, expensing. Although these outlays yield a stream of benefits over time, just like capital investments, firms are permitted to write them off in...
Стр. 105 - The other six entries deal with: The Effects of Tax Parameters in the Investment Equations in Macroeconomic Econometric Models (Robert S. Chirinko and Robert Eisner) ; Demographic Variables in Demand Analysis and Welfare Analysis (Robert A.
Стр. 43 - The l98l tax cut created a hodge-podge of incentives that pushed business investment in many irrational directions. That law made many investments that were totally inefficient and wasteful in a business sense into profitable undertakings after tax advantages were considered — the definition of a tax shelter. For example, some investors were driven into investments in commercial buildings that lost money in the marketplace but turned an after-tax profit—by generating disproportionately large...
Стр. 47 - Economic growth and competitiveness are slowi moving objectives, and are not easily amenable to manipulation by policy in any event. The impact of tax reform will be positive, but subtle and long 'in coming. Further, tax reform will induce some negative wiggles to our economic indicators in the short run. If we allow these spurious signals and our Impatience for results to lead us to reverse our course a few months from now, we will be casting away long-term benefit for snort-term gratification.
Стр. 65 - Monday at 10 am, in this room. (Whereupon, at 12:50 pm, the committee recessed, to reconvene at 10 am, Monday...