Tax Reform Act of 1986: Deficit reduction and capital formation

assets AUERBACH base broadening billion budget deficit business capital stock capital formation capital gains capital income CHAIRMAN Committee corporate tax rate cost of capital current law decline deficit reduction effective tax rates effects of tax efficiency eliminating equipment Federal FELDSTEIN financing GALPER going grandfather clause House bill implementation industries inflation interest rates international competitiveness investment incentives investment tax credit Laurence H leverage financing lower marginal tax marginal tax rates MEYER minimum tax monetary policy national saving offset oil import fee overall percent percentage points private saving proposed rate of capital rate tax reduce the deficit reform and Gramm-Rudman rental price revenue neutral SCHULTZE Senator BENTSEN Senator BRADLEY Senator CHAFEE Senator DURENBERGER Senator HEINZ structures substantially tax base tax burden Tax Code tax incentives tax increase tax policy tax reform tax system tax treatment tax-exempt taxation testimony tion trade deficit Treasury TURE value-added tax