By Harry Grubert
The authors examine capital inflows into the us and the most likely effects of a simplification of the taxation of overseas transactions.
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Additional info for Taxing Consumption in a Global Economy (Aei Studies in Tax Reform)
Capital stock. Because debt is highly mobile internationally, and equity less so, the outflow of debt investment because of lower interest rates might outweigh the inflow of equity investment. The effect of a consumption tax on different sectors is clearer. S. business sector would unambiguously experience an inflow of capital. Because of the better treatment of corporate equity, corporations would enjoy a lower cost of capital, enabling them to expand their capital base. Any tendency for interest rates to fall would reinforce the expansion of capital in the business sector.
Introduction of a flat-rate consumption tax involves taxing at a given rate all the future cash flow from the asset, if the cash flow is used to finance consumption in the United States. Now consider the effect on a foreign holder of that equity interest if the consumption tax is imposed on the destination basis. S. consumption of the stream of cash flow from that equity interest will have fallen in proportion to the tax rate at the business level. S. S. exports, so the tax on that return is rebated at the border.
In addition, some financial services, such as investment management, are often investment rather than consumption. These services are provided with the object of producing a higher GRUBERT AND NEWLON 33 return from the investor’s capital. The value of the goods or services produced with that capital is taxed. 22 International transactions would not seem to exacerbate the problem of untaxed financial services to a great extent. Under the destination basis, service exports would be exempt, and service imports by business would be nondeductible anyway.
Taxing Consumption in a Global Economy (Aei Studies in Tax Reform) by Harry Grubert