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Impact of All Savers Certificates on Savings

Impact of All Savers Certificates on Savings

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1062.5 руб.
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Описание
Excerpt from Impact of All Savers Certificates on Savings: Report of the Secretary of the Treasury to the United States Congress Pursuant to Section 301(c), Public Law 97-34, Economic Recovery Tax Act of 1981

The Economic Recovery Tax Act of 1981 included several savings provisions, among them the creation of All Savers Certificates. These certificates were to be offered by depository institutions: banks, savings and loan associations, and credit unions. The act limited the issuing authority to 15 months, from October 1, 1981 to December 31, 1982, and limited the tax exclusion to a cumulative total of $1,000 of interest earned on such certificates ($2,000 for a joint return). The interest paid on these certificates was declared tax exempt, and the yield was specified by law as equal to 70% of the average investment yield on United States Treasury bills with maturities of 52 weeks. This tax exempt yield would change with each new auction of Treasury bills. The certificates were to be made available in denominations of $500 and any other denomination at the discretion of the depository institution.

Although the declared purpose of All Savers Certificates was to generate additional saving, the real purpose was generally conceded to be to reduce the cost of funds to depository institutions, particularly thrift institutions. Thus, the key provision, in addition to tax exemption, was the ceiling on the interest rate which could be paid. Without the ceiling, competition among issuers would have driven interest rates paid by eligible institutions to approximately the same level as paid on other financial instruments.

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