1. 1 2011 28% 2. 2012 12 3. 2013 1 2 4. 1 1 2013 1 2 2 1 2 Securities Industry and Financial Markets Association, Regulatory Fiscal cliff negotiation could affect the taxexemption, December 10 2012. Bloomberg, Municipal Bonds Treatment in Jeopardy With Debt Ceiling: Taxes, January 9 2013; Forbes, Muni Investors Dealing With Post Fiscal Cliff Volatility, January 11 2013. 117
2013 Winter 4.3 3 3 7,434 4 289 5 1 6 1 2 34 9 7 ARS 1 1 3 4 5 6 7 2012 3 67 7,709 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 388 2012 6 8http://www.sifma.org/research/statistics.aspx 2011 177.07 2011 5 24 3 3 4 2011 7 2 http://www2.e.utokyo.ac.jp/~jmf/forum/forum_3_revised.pdf Auction Rate Securities ARS 1 1 ARS ARS ARS ARS 2008 2 ARS 2008 176-188 118
1 20 % 6 5 4 3 2 1 0 2005 1 2006 1 2007 1 2008 1 2009 1 2010 1 2011 1 2012 1 Board of Governors of the Federal Reserve System, Data Download Program http://www.federalreserve.gov/datadownload/default.htm 8 intergovernmental tax immunity 9 IRS 75.5% 2010 10 11 12 13 1 2011 1 2 8 9 1994 641 10 Internal Revenue Service, Table 11. Total Tax-Exempt, Taxable Direct Payment, and Tax Credit Bonds, 2010, November 2012. (http://www.irs.gov/uac/soi-tax-stats-tax-exempt-bond-statistics) 11 P.S.A1992 8 12 1994 641 13 2009 2009 88 119
2013 Winter 14 BAB 2009 4 2010 1 2012 12 15 1 2012 2013 1 2001 2010 2 2 2010 16 2012 3 2011 8 2013 1 10 1.2 CBO 2012 8 0.5% 9.1% 14 Build America Bonds BABBAB 2009 2 American Recovery and Reinvestment Act of 2009 ARRA 2009 4 2010 12 BAB Tax Credit BondsDirect Payment Bonds 10 2012 198-218 15 AAA 10 2012 12 7 1.48% 2012 12 18 34bp 1.82%Municipal Bond for America, Dear Mr. Speaker and Majority and Minority Leaders, December 20 2012. http://www.informz.net/nabl/data/images/mbfaletter.pdf 16 The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. 120
17 2013 1 2 18 400 19 SIFMA 2012 12 20 10% 15% 25% 28% 33% 35% 6 21 22 23 2 2011 28% 28%28% 17 Congressional Budget Office, FISCAL TIGHTENING IN 2013 and Its Economic Consequence. http://www.cbo.gov/sites/default/files/cbofiles/attachments/43544-infographic-fiscaltightening.pdf 18 Bloomberg, Municipal Bonds Treatment in Jeopardy With Debt Ceiling: Taxes, January 9 2013; Forbes, Muni Investors Dealing With Post Fiscal Cliff Volatility, January 11 2013. 19 National Governors Association et al., Dear President Obama and Speaker Boehner, December 20 2012. http://www.informz.net/nabl/data/images/ngalettertoobama.pdf 20 Securities Industry and Financial Markets Association, Regulatory Fiscal cliff negotiation could affect the taxexemption, December 10 2012. 21 Internal Revenue Service, Tax Brackets and Tax Rates. http://www.irs.com/articles/tax-brackets-and-tax-rates 22 23 56 2005 10 42 CLAIR REPORT NUMBER 356 2011 3 23 43-44 http://www.mlit.go.jp/pri/houkoku/gaiyou/pdf/kkk56.pdf http://www.clair.or.jp/j/forum/c_report/pdf/356.pdf 121
2013 Winter 2.7% 3.2% 3.7% 8.0% 8.6% 2 2012 9 2.4% 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% 2012 12 21 Board of Governors of the Federal Reserve System, Flow of Funds Accounts of the United States Flows and Outstandings (Third Quarter 2012), December 6 2012 http://www.boj.or.jp/statistics/sj/, http://www.federalreserve.gov/releases/z1/current/z1.pdf 35% 10 3 5,000 28%2 8,000 SIFMA 1 28% 24 2 2012 11 28% 1 25 2010 12 26 2 2011 27 AMT 28 AMT 24 GFOA Government Finance Officers Association, GFOA: Concerns with Capping the Exemption of Muni Bond Interest. http://www.gfoa.org/index.php?option=com_content&task=view &id=2559 25 2010 2 26 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. (http://www.fiscalcommission.gov/sites/ fiscalcommission.gov/ files/documents/themomentoftruth12_1_2010.pdf) 27 Alternative Minimum Tax AMT 28 AMT AMT AMT AMT 122
NGA NGA 21 2012 12 29 1 2% 25%2 400 4,000 Municipal Bonds for America MBFA Municipal Bonds for America MBFA MBFA 2012 12 30 1 34bp 2 GFOA GFOA 29 National Governors Association et al., Dear President Obama and Speaker Boehner, December 20 2012. http://www. informz.net/nabl/data/images/ngalettertoobama.pdf 30 Municipal Bonds for America, Dear Mr. Speaker and Majority and Minority Leaders, December 20 2012. http://www. informz.net/nabl/data/images/mbfaletter.pdf 123
2013 Winter GFOA 28% 60 75bp 31 Council of Development Finance Agencies CDFA Council of Development Finance Agencies CDFA CDFA 2011 32 CDFA 1 8 5 5 2 9 33 1 50 150bp 20 2 15 30% 34 4 34 150bp 2% U.S. Census Bureau 2008 3 3,736 75.5% 35 34 150bp 31 Government Finance Officers Association, GFOA: Concerns with Capping the Exemption of Muni Bond Interest. http://www.gfoa.org/index.php?option=com_content&task=view&id=2559 32 Council of Development Finance Agencies, Built by Bonds, 2011. 33 Council of Development Finance Agencies, Built by Bonds, 2011, p.6. 34 Council of Development Finance Agencies, Built by Bonds, 2011, p.8. 35 2010 Internal Revenue Service, Table 11. Total Tax-Exempt, Taxable Direct Payment, and Tax Credit Bonds, 2010, November 2012. http://www.irs.gov/uac/soi-tax-stats-tax-exempt-bond-statistics 124
3 2008 26,605 28,341 25,509 4,814 20,958 25,064 21,791 3,488 3,736 420 2,447 1,129 446 2,346 United States Census Bureau, Table 435. State and Local Governments Summary of Finances: 1990 to 2008. http://www.census.gov/compendia/statab/2012/tables/12s0435.pdf 34 150bp 3,736 75.5% 9.6 42.3 2 8,341 0.03 0.15% 2 5,064 75.5%34 150bp 64.3 283.8 0.23 1.00% 6 10% 15% 25% 28% 33% 35% 2007 JCT 2012 36 4 2 36 680 2007 9 68-69 Joint Committee on Taxation, The Federal Revenue Effect of Tax-Exempt and Direct-Pay Tax Credit Bond Provisions, JCX-60-12, July 16 2012, pp.3-5. 125
2013 Winter 37 2011 7.5% 6 7.5% 4 2000 2011 % 1 a 2 b 3 3 a-b)/a 2000 6.03 7.62 5.77 24.3 2001 5.02 7.08 5.19 26.7 2002 4.61 6.49 5.05 22.2 2003 4.01 5.67 4.73 16.6 2004 4.27 5.63 4.63 17.8 2005 4.29 5.24 4.29 18.1 2006 4.80 5.59 4.42 20.9 2007 4.63 5.56 4.42 20.5 2008 3.66 5.63 4.80 14.7 2009 3.26 5.31 4.64 12.6 2010 3.22 4.94 4.16 15.8 2011 2.78 4.64 4.29 7.5 1. 10 Constant Maturity Rate 2. Aaa 2007 3. S&P United States Government Printing Office, Report of the President, February 2012, p.404. http://www.nber.org/erp/erp_2012_complete.pdf JCT 20122007 30% 4 30% 5 2006 CDFA 2011 51% 20 2012 33%28% 38 39 37 General Accounting Office, Tax policy and administration: improvements for more effective tax-exempt bond oversight : report to the Chairman, Subcommittee on Human Resources and Intergovernmental Relations, Committee on Government Operations, House of Representatives, GAO/GGD-93-104, May 1993, p.24. 38 Tax Policy Center, 2012 Individual Income Tax Rates, Standard Deductions, Personal Exemptions, and Filing Thresholds; Internal Revenue Service, Revenue Procedure 2011-52. http://www.irs.gov/pub/irs-drop/rp-11-52.pdf 39 Citigroup Global Markets CDFA Council of Development Finance Agencies, Built by Bonds, 2011, p.3. 126
5 2007 0 10% 57.77 7.3% 10 15% 15.19 1.9% 15 20% 89.01 11.3% 20 25% 10.33 1.3% 25 30% 283.95 36.0% 30% 331.66 42.1% 787.91 100.0% Joint Committee on Taxation, The Federal Revenue Effect of Tax-Exempt and Direct-Pay Tax Credit Bond Provisions, JCX-60-12, July 16 2012, p. 5. https://www.jct.gov/publications.html?func=startdown&id=4470 28% JCT 2012 CDFA 2011 JCT 2012 40 3 2012 12 2013 1 40 Joint Committee on Taxation, The Federal Revenue Effect of Tax-Exempt and Direct-Pay Tax Credit Bond Provisions, JCX-60-12, July 16 2012, pp. 12-14. 127
2013 Winter 4 3 1.6% 2012 9 41 2 2012 12 2012 42 41 1 2 1 2 10 2012 200 42 2012 2012 11 2012 11 16 128
43 26 IRCIRC 103 141 150 1986 1819 McCulloch intergovernmental tax immunity 1913 16 16 1GO2 secured by full faith and credit 1970 1986 12 43 10 2012 200-203 129
2013 Winter 3 1998 Barker 6 12 1 2 2 6 680 2007 9 61 http://www.ndl.go.jp/jp/data/publication/refer/200709_680/068003.pdf IRC 141 1 private business test2 private loan financing test IRC 141 e 130
1 2 3 4 1234 56 44 20% 15% 5% 45 15% 5% 11 8 46 2003 4 1 1 47 1 2003 4 1 2006 1 10 2007 3 5 2 48 2008 1 1 44 45 42 46 47 2003 4 1 48 12 3 http://www.chihousai.or.jp/07/05.html 131
2013 Winter 2007 19 1 332 2007 3 66-76 20 2 333 2007 4 30-41 21 3 334 2007 5 24-34 2007 10 2012 198-218 56 2005 10 http://www.mlit.go.jp/pri/houkoku/gaiyou/pdf/kkk56.pdf 680 2007 9 55-76 http://www.ndl.go.jp/jp/data/publication/refer/200709_680/068003.pdf CLAIR REPORT NUMBER287 2006 8 31 http://www.clair.or.jp/j/forum/c_report/pdf/287.pdf CLAIR REPORT NUMBER 356 2011 3 23 http://www.clair.or.jp/j/forum/c_report/pdf/356.pdf P.S.A1992 1994 132