The rapid financing of the AI boom through massive corporate debt issuance is creating significant stress on global financial markets. This influx of private capital forces competition with government Treasury bonds, as AI companies offer higher yields than equivalent sovereign debt, thereby pushing up long-term interest rates. While this signals strong investment demand for AI, it raises concerns about systemic risk and the potential destabilization of core bond markets. Policymakers must navigate the tension between fueling critical technological growth and maintaining stable public borrowing costs to prevent a financial crisis.
The Washington Anti-DST Consensus: Tax Principles Worth Keeping
English Summary
The article argues that Digital Services Taxes (DSTs) violate fundamental tax principles—such as taxing profit rather than gross revenue and requiring physical presence—and undermine stable international tax frameworks. Key evidence shows that while DSTs are politically motivated, their economic burden is largely passed through to consumers, often exceeding the tax revenue raised. Policy implications suggest that Congress should champion these core principles (net taxation, no double taxation, certainty) to oppose punitive digital levies and other threats, such as tariffs or overlapping corporate taxes, thereby protecting cross-border trade stability.
中文摘要
本文論述數位服務稅（DST）違反了基本的稅收原則——例如應對利潤而非總收入課稅，以及要求實體存在性——並損害了穩定的國際稅制框架。關鍵證據顯示，雖然DST出於政治動機，但其經濟負擔大部分轉嫁給消費者，且往往超過所徵稅的收入。政策意涵指出，國會應倡導這些核心原則（淨稅收、不雙重課稅和確定性），以反對懲罰性的數位徵費，以及關稅或重複企業稅等其他威脅，從而保護跨境貿易的穩定性。
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