06/02/18

Ecb. Effetto tsunami della riduzione delle tasse americane. Testo.



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Ecb. Effetto tsunami della riduzione delle tasse americane. Testo.
// SenzaNubi

Giuseppe Sandro Mela.

2018-02-06.

Cranach Lucas der Ältere. Die Bezahlung. Nationalmuseum Stockholm. 1532.

Cranach Lucas der Ältere. Die Bezahlung. Nationalmuseum Stockholm. 1532.


La Banca Centrale Europea ha rilasciato il 5 febbraio il Report:

The macroeconomic impact of the US tax reform

La sua lettura in extenso sarebbe auspicabile.

European Parliament plenary debate on the ECB

Questo è l'intervento del Governatore Draghi al Parlamento Europeo.

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«In a major legislative achievement, US President Donald Trump signed into law the Tax Cuts and Jobs Act on 22 December 2017. This tax reform, which took effect on 1 January 2018, entails a major overhaul of the US tax system. The reform involves a large number of changes, with some of its main provisions being:1 (i) a permanent reduction in the corporate tax rate from 35% to 21%, while allowing the full deduction of investment from the corporate tax base for five years, after which this will be phased out; (ii) a temporary simplification of and reduction in individual income taxes, as well as an increase in the child tax credit; (iii) lower income taxation for small business owners; and (iv) elimination of the taxation of most foreign corporate income of US corporate shareholders, implying a move to a "hybrid" territorial system with a one-time transition tax on untaxed profits of 15.5% on liquid and 8% on non-liquid assets. The territorial system is complemented by base erosion measures and a minimum tax on some of the foreign operations of US companies.»

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«The tax burden on US corporate income will fall significantly to a level close to that in a number of euro area economies. Chart A shows the corporate tax rate (combined for central and sub-central governments) of the United States before and after the reform as compared to the large euro area economies. Prior to the reform, the US corporate tax rate stood above the rates of all large euro area countries, while, after the reform, it is closer to the lower end of rates in those countries.»

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«The reform is expected to boost US domestic demand and raise US real GDP in the near term. Lower individual income tax rates will raise household disposable income and boost consumption, especially among liquidity-constrained households. Part of the increase in after-tax income will also raise savings, in particular for wealthier individuals. In addition, lower corporate taxes should boost household wealth via higher asset prices and dividends, thereby also raising consumption and savings. Higher corporate profits may also lead to higher wages as workers bargain for a share of the increased profits,2 which will in turn raise consumption. Finally, cuts in corporate taxes and the full deductibility of investment for five years will lower the after-tax cost of investment, thereby raising demand as a result of increased incentives to invest.»

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«In addition, some positive impact on the economy's production capacity can be expected. Income tax cuts for individuals increase the after-tax rate of return on labour, which may strengthen incentives for workers to increase their participation in the labour market.3 Moreover, by increasing the after-tax rate of return on capital, lower corporate taxes and the full deductibility of investment should increase investment and the economy's capital stock. A higher capital stock should, in turn, increase the economy's potential output and boost labour productivity. Some simplification of the tax code and the elimination of tax distortions for different corporates' financing strategies might also raise productivity by reallocating capital to more efficient sectors.»

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«The euro area will also be affected by the changes in the international tax landscape, the consequences of which are highly uncertain and complex. First, lower US corporate taxes raise the tax attractiveness of the United States relative to other countries, which will influence corporations' incentives to invest. A study by the Centre for European Economic Research (Zentrum für Europäische Wirtschaftsforschung – ZEW)8 finds that the tax reform will lead to a rise in inbound foreign direct investment (FDI) into the United States originating from the European Union which outweighs an increase in US outbound FDI into the EU. Second, the reform will affect tax planning strategies of multinational enterprises. In particular, through the US move to a territorial system and through the differences in tax rates between the United States and some high-tax EU countries after the reform, the incentives for profit shifting are changed. Some aspects of the reform also provide incentives to relocate intellectual property to the United States. More generally, the reform risks intensifying tax competition worldwide, entailing a possible erosion of tax bases in EU countries. Third, it has been pointed out that some of the international provisions of the US tax reform may not be in accordance with World Trade Organization rules and double taxation treaties.»

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Ecb si è espressa in modo particolarmente chiaro.

– Questa riforma fiscale determinerà una forte espansione dell'economica americana, aumenterà la liquidità disponibile ai cittadini, gli elevati risparmi delle società condurranno ad ...

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