Interest equalization tax (English spelling)

As part of the defense of the dollar, this tax was proposed by U.S. President Kennedy in his Special Message on the Balance of Payments in 1963, and enacted the following year under the Johnson administration. It is also known as the interest equalization tax. At the time, interest rates in the United States were lower than those of other countries, so American investors had a strong tendency to invest in high-yield foreign securities, and the purchase of long-term foreign bonds led to a huge outflow of dollars, which was one of the causes of the deterioration of the balance of payments. Therefore, the tax was imposed on securities issued in the United States and on overseas loans by commercial banks that were more than one year old in order to curb the outflow of long-term capital. This measure continued to exist, with repeated updates, until it was abolished in 1974 when restrictions on foreign investment and lending were abolished.

[Tsuchiya Rokuro]

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

ドル防衛の一環として、1963年ケネディ米大統領が国際収支特別教書で提案し、翌64年ジョンソン政権になって成立した税。金利平衡税ともいう。当時アメリカの金利水準は諸外国のそれに比べて低かったため、アメリカの投資家は高利回りの外国証券に投資する傾向が強く、長期外債の購入によって巨額のドルが流出し、国際収支悪化の一原因となっていた。そこでアメリカで起債する有価証券および1年を超える商業銀行の対外貸付に課税することによって、長期資本の流出を抑制しようとしたのである。この措置はその後更新を繰り返しながら存続したが、1974年対外投融資規制の撤廃に伴い廃止された。

［土屋六郎］

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