Word: repeals
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...TOOK THREE attempts in 12 years, but last week Oklahomans finally got in line with the residents of the other 49 states, narrowly voting to repeal their constitution's statewide ban on saloons...
...repeal has stirred resentment abroad. One European government official accuses the U.S. of "robbing the rest of the world of capital." To keep from losing too much money to the U.S., foreign countries may have to raise their interest rates. In West Germany the central bank and the Finance Ministry have suggested that the government should consider exempting foreigners from tax on its bonds as a way of countering the U.S. strategy...
...government when it needs money." Critics point out that the new legislation will create an unusual two-tier system in which American investors will continue to pay taxes on bond earnings while foreigners will not. For this reason, John Heimann, former U.S. Comptroller of the Currency, calls the tax repeal a "cynical decision" that invites abuses. American drug dealers and other tax dodgers could use foreign middlemen to invest their cash tax-free in U.S. bonds...
Wall Street investment houses are betting that they will benefit from the tax repeal. In the past, U.S. corporations that wanted to sell bonds to foreigners have generally set up offshore subsidiaries in tax havens like the Netherlands Antilles. Those subsidiaries issued Eurobonds, which are marketed primarily in London and other European financial capitals. Because of the tax repeal, foreigners may now be willing to buy more corporate bonds issued in the U.S. through New York investment firms. European bond houses are confident, however, that their Eurobond business will not be severely hurt. Reason: European investors who like personal service...
...greatest risk from the withholding-tax repeal and the sale of bearer bonds is that the U.S. will grow even more dependent on foreign capital. For decades, America has been a creditor to the rest of the world. But the U.S. may soon owe foreigners more than they owe the U.S. Says Roger Kubarych, senior vice president of the New York Federal Reserve Bank: "By next year, the U.S. could have a net debt of $50 billion...