Dworin, Lowell; Kennedy, Michael
March 1985
National Tax Journal;Mar85, Vol. 38 Issue 1, p81
Academic Journal
This article develops a general equilibrium model of the international oil industry and examines the impact of changes in the taxation of foreign oil production on the world economy. The analysis indicates that replacement of the foreign tax credit by a deduction for a foreign oil extraction payments will result in a significant decrease in the U.S. investment in foreign oil production, with only a negligible increase in domestic oil investment and production. Most of the capital withdrawn from foreign oil production will be shifted into foreign non-oil production and due to the resulting loss of infra-marginal returns and a modest negative terms of trade effect, there will be a slight decline in national welfare.


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