野村資本市場研究所｜「財政の崖」回避をめぐる議論と米国地方債市場（PDF）
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- ひでか みうら
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1 % Securities Industry and Financial Markets Association, Regulatory Fiscal cliff negotiation could affect the taxexemption, December Bloomberg, Municipal Bonds Treatment in Jeopardy With Debt Ceiling: Taxes, January ; Forbes, Muni Investors Dealing With Post Fiscal Cliff Volatility, January
2 2013 Winter , ARS ,709 Securities Industry and Financial Markets Association, Issuance in the U.S. Bond Market Debt; Securities Industry and Financial Markets Association, Outstanding U.S. Bond Market Debt http:// Auction Rate Securities ARS 1 1 ARS ARS ARS ARS ARS
3 1 20 % Board of Governors of the Federal Reserve System, Data Download Program 8 intergovernmental tax immunity 9 IRS 75.5% Internal Revenue Service, Table 11. Total Tax-Exempt, Taxable Direct Payment, and Tax Credit Bonds, 2010, November ( 11 P.S.A
4 2013 Winter 14 BAB CBO % 9.1% 14 Build America Bonds BABBAB American Recovery and Reinvestment Act of 2009 ARRA BAB Tax Credit BondsDirect Payment Bonds AAA % bp 1.82%Municipal Bond for America, Dear Mr. Speaker and Majority and Minority Leaders, December The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of
5 SIFMA % 15% 25% 28% 33% 35% % 28%28% 17 Congressional Budget Office, FISCAL TIGHTENING IN 2013 and Its Economic Consequence Bloomberg, Municipal Bonds Treatment in Jeopardy With Debt Ceiling: Taxes, January ; Forbes, Muni Investors Dealing With Post Fiscal Cliff Volatility, January National Governors Association et al., Dear President Obama and Speaker Boehner, December Securities Industry and Financial Markets Association, Regulatory Fiscal cliff negotiation could affect the taxexemption, December Internal Revenue Service, Tax Brackets and Tax Rates CLAIR REPORT NUMBER
6 2013 Winter 2.7% 3.2% 3.7% 8.0% 8.6% % 1.6% 0.5% 0.3% 20.5% 19.1% 3.3% 8.9% 9.5% 2.5% 0.8% 1.5% 47.1% 10.8% 18.4% 26.6% Board of Governors of the Federal Reserve System, Flow of Funds Accounts of the United States Flows and Outstandings (Third Quarter 2012), December % ,000 28%2 8,000 SIFMA 1 28% % AMT 28 AMT 24 GFOA Government Finance Officers Association, GFOA: Concerns with Capping the Exemption of Muni Bond Interest. &id= National Commission on Fiscal Responsibility and Reform, The Moment of Truth- Report of the National Commission on Fiscal Responsibility and Reform, December 2012, p.31. ( fiscalcommission.gov/ files/documents/themomentoftruth12_1_2010.pdf) 27 Alternative Minimum Tax AMT 28 AMT AMT AMT AMT 122
7 NGA NGA % 25% ,000 Municipal Bonds for America MBFA Municipal Bonds for America MBFA MBFA bp 2 GFOA GFOA 29 National Governors Association et al., Dear President Obama and Speaker Boehner, December informz.net/nabl/data/images/ngalettertoobama.pdf 30 Municipal Bonds for America, Dear Mr. Speaker and Majority and Minority Leaders, December informz.net/nabl/data/images/mbfaletter.pdf 123
8 2013 Winter GFOA 28% 60 75bp 31 Council of Development Finance Agencies CDFA Council of Development Finance Agencies CDFA CDFA CDFA bp % bp 2% U.S. Census Bureau , % bp 31 Government Finance Officers Association, GFOA: Concerns with Capping the Exemption of Muni Bond Interest Council of Development Finance Agencies, Built by Bonds, Council of Development Finance Agencies, Built by Bonds, 2011, p Council of Development Finance Agencies, Built by Bonds, 2011, p Internal Revenue Service, Table 11. Total Tax-Exempt, Taxable Direct Payment, and Tax Credit Bonds, 2010, November
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11 % % 10 15% % 15 20% % 20 25% % 25 30% % 30% % % Joint Committee on Taxation, The Federal Revenue Effect of Tax-Exempt and Direct-Pay Tax Credit Bond Provisions, JCX-60-12, July , p % JCT 2012 CDFA 2011 JCT Joint Committee on Taxation, The Federal Revenue Effect of Tax-Exempt and Direct-Pay Tax Credit Bond Provisions, JCX-60-12, July , pp
12 2013 Winter %
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