NYC cargo ship Roberto Machado Noa/Getty Images

特朗普征税计划与美元

发自剑桥——如今唐纳德·特朗普即将上任美国总统而共和党人控制了国会参众两院,公司税改革也因此即将降临美国。目前正在讨论的方案涵盖两个重要特征:降低税率,从目前的35%减到20%甚至15%;以及“边境调整”税,该税具备典型的增值税制特征,但作为公司税则不甚常见。

边境调整税会将国内采购的产出和进口产出区分对待,并鼓励出口。企业无法继续从其应税收入中扣除进口产出的成本;但同时它们的出口销售收入也不会征税。

该提案引发了一场激烈的辩论,双方对于其能否改善美国的贸易平衡状况各执一词。在共同发表了关于“财政贬值”的论文之后,我们认为边境调整税的效果极为有限,并可能严重损害美国的国外资产净头寸。

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