| 来源类型 | Book |
| 规范类型 | 其他 |
| The Taxation of Municipal Bonds: An Economic Appraisal | |
| Michael Mussa; Roger C. Kormendi | |
| 发表日期 | 1987 |
| 出版者 | AEI Press |
| 出版年 | 1987 |
| 语种 | 英语 |
| 摘要 | “The Taxation of Municipal Bonds: An Economic Appraisal,” by Michael L. Mussa and Roger C. Kormendi, with a foreword by Yale Brozen, provides an in-depth investigation of the issues surrounding the tax treatment of state and local government bonds. The interest paid on these municipal bonds has been exempt from federal income tax since 1913. In 1978 a taxable bond option was proposed, under which state and local governments could choose to issue either tax-exempt bonds, as they do now, or taxable bonds with a fraction of the interest paid by the US Treasury. This study compares the current exemption and the proposed taxable bond option. After careful theoretical and empirical analysis of the issues, Professors Mussa and Kormendi conclude that the exemption does not generate as much tax inequity or fiscal inefficiency as its opponents have argued. Their findings take into account the effects of inflation, alternative tax shelters, and the incidence of the benefits resulting from institutional holdings of tax-exempt bonds, factors that have previously been overlooked or slighted. They find that the taxable bond option might increase the instability of the municipal bond market, might reduce economic efficiency, and might threaten the financial independence of state and local governments. Michael L. Mussa and Roger C. Kormendi are associate professors of economics at the Graduate School of Business of the University of Chicago. Read the full PDF. |
| 主题 | Economics |
| 标签 | AEI Press ; Department of the Treasury ; Government bonds ; municipal ; Tax reform |
| URL | https://www.aei.org/research-products/book/the-taxation-of-municipal-bonds-an-economic-appraisal/ |
| 来源智库 | American Enterprise Institute (United States) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/208039 |
| 推荐引用方式 GB/T 7714 | Michael Mussa,Roger C. Kormendi. The Taxation of Municipal Bonds: An Economic Appraisal. 1987. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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