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10/26/12 Milken Institute | Newsroom | Currency of Ideas - Should we impose even higher taxes on U.S. banks?
1/2www.milkeninstitute.org/newsroom/newsroom.taf?function=currencyOfIdeas&blogID=588
Posted by
James R. BarthJames R. Barth
and
Nan (Annie)
Zhang
Enter keyw ord(s) to search
October 26, 2012 at 03:04 PM
Should we impose even higher taxes on U.S. banks? Should we impose even higher taxes on U.S. banks? Banking Public Policy
President Obama's Fiscal Year 2013 Budget proposes to impose an additional
fee (tax) on U.S.-based bank holding companies, thrift holding companies,
certain broker-dealers, as well as companies that control insured depositories,
with assets in excess of $50 billion.
But is this a good idea? The U.S. corporate tax rate on domestic bank income
already is the fifth highest rate among 113 countries around the world, as the
table below shows. The U.S. rate at 38 percent is 14 percentage points higher
than the average rate (24 percent) for all the countries. It is also more than
twice the tax rate that Germany levies on its banks. Today, many banks,
especially big banks, provide banking services globally and not just in their home countries.
Imposing such a high tax rate on U.S. banks only serves to weaken their ability to compete
with banks that are taxed at lower rates in other countries. Do we really wish to put our banks
at a competitive disadvantage to banks in other countries? We think to do so is a bad idea.
Members of the press
may direct inquiries to:
Conrad Kiechel
Director of Communications
Phone: (310) 570-4668
Fax: (310) 570-4627
[email protected]@milkeninstitute.org
Skip Rimer
Executive Director of Programs and
Communications
Phone: (310) 570-4654
Cell phone: (310) 739-7591
Fax: (310) 570-4627
[email protected]@milkeninstitute.org
Should we impose even higher
taxes on U.S. banks?
October 26, 2012 at 03:04 PM
Posted by James R. BarthJames R. Barth and
Nan (Annie) Zhang
A look at the tax rates nations impose
on their banks and how the U.S.
compares.
Read more...Read more...
Should big banks be broken up?
A debate
October 25, 2012 at 03:02 PM
Posted by Daniel GorfineDaniel Gorfine, Julianne Brands
A discussion of issues surrounding
Too Big To Fail banks: Are they good for
the U.S. economy, or do they pose too
great a risk? What's their role on the
world stage?
Read more...Read more...
Good and bad news as big banks
race to meet more stringent
capital requirements
October 24, 2012 at 12:59 PM
Posted by James R. BarthJames R. Barth, Daniel GorfineDaniel Gorfine,
Tong (Cindy) LiTong (Cindy) Li
Basel III may make for healthier banks,
but what about economies overall?
Read more...Read more...
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