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首页> 外文期刊>Journal of Financial Economic Policy >Federal aggregate personal income tax evasion/unreported income and its real interest rate yield effects on longer-term treasury debt issues
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Federal aggregate personal income tax evasion/unreported income and its real interest rate yield effects on longer-term treasury debt issues

机译：联邦合体个人所得税逃税/未报告收入及其实际利率对长期国债问题的影响

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摘要

Purpose - The purpose of this study is to empirically investigate the impact of aggregate federal personal income tax evasion on the real interest rate yield on 10-year Treasury notes, 20-year Treasury bonds and 30-year US Treasury bonds. Design/methodology/approach - An open-economy loanable funds model is developed, with income tax evasion expressly included in the specification in the form of the AGI (adjusted gross income) gap and the ratio of unreported AGI to actual AGI, expressed as a per cent. Findings - The empirical estimations reveal compelling evidence that income tax evasion thus measured acts to elevate the real interest rate yields on 10-year Treasury notes and both 20-year and 30-year Treasury bonds, raising the possibility of a tax evasion-induced form of "crowding out". Research limitations/implications - Ideally, tax evasion data for a longer time period would be very useful. Practical implications - To the extent that greater federal personal income tax evasion yields a higher interest rate yield on 10-year, 20-year and 30-year Treasury debt issues, it is likely that the tax evasion will also elevate other interest rates in the economy. Social implications - Higher interest rates resulting from tax evasion would likely slow-down macroeconomic growth and accelerate unemployment. Originality/value - Neither the tax evasion literature nor the interest rate literature has ever considered the impact of tax evasion behavior on long-term interest rates.
机译：目的 - 本研究的目的是明确调查总联邦个人所得税逃税对10年期国债，20年债券和30年美国国债债券的实际利率产量的影响。设计/方法/方法 - 开发了开放经济贷款基金模型，所得税逃税明确包括在AGI（调整后总收入）差距的形式和未报告AGI与实际AGI的比例中的规范中，表达为a百分。结果 - 实证估计揭示了令人信服的证据，即所得税逃税所衡量的证据，以提高10年年库国权票据和20年和30年国债的实际利率产量，提高了逃税诱导形式的可能性“挤出”。研究限制/影响 - 理想情况下，持续时间延长时间的税收数据非常有用。实际意义 - 在大联邦个人所得税逃税的范围内，10年，20年和30年债务问题的利率较高，税收也可能提升其他利率经济。社会影响 - 税收逃避导致的更高利率可能会减缓宏观经济增长并加速失业。原创性/价值 - 逃税文学和利率文献既没有考虑过税收行为对长期利率的影响。

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