The Case for and Against Tax Exemption of U.S. Government Bonds and Federal Farm Loan Bonds
Author: Kingman Nott Robins
Publisher:
Published: 1920
Total Pages: 48
ISBN-13:
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Author: Kingman Nott Robins
Publisher:
Published: 1920
Total Pages: 48
ISBN-13:
DOWNLOAD EBOOKAuthor: Lamar Taney Beman
Publisher:
Published: 1925
Total Pages: 134
ISBN-13:
DOWNLOAD EBOOKAuthor: Charles Oscar Hardy
Publisher:
Published: 1926
Total Pages: 256
ISBN-13:
DOWNLOAD EBOOKAuthor: John H. Hoffman
Publisher:
Published: 1921
Total Pages: 144
ISBN-13:
DOWNLOAD EBOOKAuthor: United States. Congress. Joint Committee on Internal Revenue Taxation
Publisher:
Published: 1976
Total Pages: 24
ISBN-13:
DOWNLOAD EBOOKAuthor: Mr.John Norregaard
Publisher: International Monetary Fund
Published: 1997-03-01
Total Pages: 26
ISBN-13: 1451844220
DOWNLOAD EBOOKIn their effort to finance fiscal deficits at a reasonable cost, governments compete with other users of financial capital. Governments, however, are in the unique position that they are the only debt suppliers that can determine the taxation of debt instruments they issue. Following an overview of the current tax treatment of government bonds in OECD countries, this paper argues that—on purely economic grounds—there are no reasons for exempting interest on government bonds. Administrative difficulties in capturing interest on many other debt instruments in the tax net may, however, provide a rationale for doing so.
Author: John Chalmers
Publisher:
Published: 2000
Total Pages:
ISBN-13:
DOWNLOAD EBOOKFama (1977) and Miller (1977) predict that one minus the corporate tax rate will equate the after-tax yield from a taxable bond to the tax-exempt yield. This prediction is not rejected for short maturity tax-exempt and taxable bonds. However, at long maturities the yields on tax-exempt bonds are higher than predicted by the theory. A popular explanation for this empirical fact is that municipal bonds bear more default risk than comparable taxable bonds. A sample of municipal bonds that are secured by irrevocable escrows of U.S. Treasury securities is used to examine the relation between taxable and tax-exempt yields. The results show that default-free tax-exempt yields display the same tendency to be too high relative to the Fama and Miller prediction. This fact implies that differential default risk does not explain relatively high yields on long-term tax-exempt bonds. This paper also documents a curious fact. U.S. Government secured municipal bonds have higher yields than comparable maturity AAA rated municipal bonds that are not secured by U.S. Treasury bonds.
Author:
Publisher:
Published: 1992
Total Pages: 2
ISBN-13:
DOWNLOAD EBOOKAuthor: United States. Congress. House. Committee on Ways and Means. Subcommittee on Select Revenue Measures
Publisher:
Published: 2011
Total Pages: 80
ISBN-13:
DOWNLOAD EBOOKAuthor: United States. Congress. Senate. Committee on Finance
Publisher:
Published: 1924
Total Pages: 80
ISBN-13:
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