英文を解説するスレ (765ﾚｽ)
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1(3): (ﾜｯﾁｮｲ 7360-G8JR) 06/09(月)20:34 ID:ZnawhVyT0(1/5) AAS
英文を解説するスレです。
3: (ﾜｯﾁｮｲ 7360-6eBI) 06/09(月)21:07 ID:ZnawhVyT0(2/5) AAS
America's Deep Reliance on Foreign Capital
Unlike trade, which constitutes a smaller share of the U.S. economy compared to other developed countries, foreign investment is vital. Foreign entities own a staggering $62 trillion in U.S. assets, including real estate, equities, and bonds—far exceeding the $36 trillion that Americans hold abroad. This imbalance places America in a uniquely vulnerable position. The U.S. has a net international investment position of -90% of GDP, the lowest among major developed economies.
Furthermore, foreign investors hold roughly one-third of America’s government debt, totaling around $9 trillion. With budget deficits projected to remain in the 6–7% of GDP range due to the permanence of earlier tax cuts, the U.S. needs steady demand for its debt. Even though Treasury securities might be excluded from Section 899, the ambiguity surrounding this point risks rattling investor confidence. Doubts about the durability of exemptions may deter investors just when their capital is most needed.
Contradictions in Economic Policy
Ironically, these proposed tax measures contradict other key pillars of U.S. economic strategy. One of the administration’s goals is to attract foreign companies to invest in U.S. manufacturing, creating jobs and strengthening domestic industry. But higher taxes on repatriated profits or on payments to foreign staff create additional costs, disincentivizing companies from setting up shop in the U.S.
In addition, these taxes could reinforce negative perceptions triggered by President Trump’s earlier tariff announcements, including his recent “Liberation Day” rhetoric. The cumulative effect could be a decline in the attractiveness of U.S. assets—from real estate to equities—at a time when global investors are increasingly cautious.
5: (ﾜｯﾁｮｲ 7360-6eBI) 06/09(月)21:14 ID:ZnawhVyT0(3/5) AAS
In this sense, the proposed legislation reflects a broader trend: an emerging hostility not just toward imported goods, but also toward international capital. While trade wars can be damaging, a capital war could prove even more destructive—especially for a nation as deeply entangled in global financial markets as the United States.
A Dangerous Precedent
The concern is not just economic. By targeting foreign investors and capital flows, America risks signaling a retreat from its role as the world's financial center. If other countries follow suit, the rules-based global financial system could begin to fragment. Financial nationalism would likely breed further instability, making it harder to coordinate international responses to crises or enforce norms.
It’s also worth noting that if the tax changes backfire—leading to falling demand for U.S. bonds or stocks—ordinary Americans could suffer the consequences. Higher interest rates, a weaker dollar, and reduced investment could hurt growth, employment, and retirement savings.
Conclusion: Playing with Fire
In sum, the Republican budget bill, through its tax provisions on foreign capital, could unleash consequences far beyond Washington’s intent. The U.S. is courting unnecessary financial risk at a time when its fiscal outlook is already precarious. The idea that these provisions can be used as negotiating leverage may prove dangerously optimistic. If trust in America’s financial openness erodes, it could take years—or decades—to rebuild.
The bigger issue is not who started this global tax arms race, but who is willing to stop it before it becomes a full-blown conflict. In a world already strained by geopolitical tensions and economic fragmentation, adding capital controls to the mix could be a costly mistake—for everyone.
6: (ﾜｯﾁｮｲ 7360-6eBI) 06/09(月)21:16 ID:ZnawhVyT0(4/5) AAS
Capital at Risk: The Growing Threat to Foreign Investment in America
The United States has long benefited from robust foreign investment. International investors—ranging from pension funds to sovereign wealth funds—pour capital into American markets, helping to finance government debt, support businesses, and stabilize the dollar’s global role. However, recent proposals buried in the Republican-led budget bill in Congress threaten to undermine this crucial economic relationship.
Capital資本
investment投資
benefit from〜から利益を得る
range from A to B、AからBまでの範囲に及ぶ
robust堅調な
pension fund年金基金
sovereign wealth fund国富ファンド
pour A into B、AをBへ注ぐ
finance〜に資金調達する
government debt政府債務
recent proposals (buried in the Republican-led budget bill in Congress ）threaten to undermine this crucial economic relationship.
buried in〜に埋められた、盛り込まれた
Republican-led budget bill 共和党主導の予算案
threaten to do〜しそうである
undermine〜を損なう
crucial重要な
7: (ﾜｯﾁｮｲ 7360-6eBI) 06/09(月)22:19 ID:ZnawhVyT0(5/5) AAS
A New Tax Front
A lesser-known section of the budget legislation, known as “Section 899,” grants sweeping new powers to the Treasury Department. It would allow the Treasury Secretary to impose taxes on passive income—such as interest, dividends, and rent—earned by foreign nationals in countries with tax regimes that Washington deems “unfair.” While the initial rate is set at 5%, it could climb to 20%. Another provision introduces a 3.5% tax on money transferred out of the United States by any non-citizen, potentially impacting migrant workers, foreign executives, and multinational companies alike.
front前線
budget legislation予算法令、法案
section条項
grant与える
sweeping広範囲に渡る
allow〜to do
passive income不労所得、受動収入
interest, dividends, and rent利息、配当、家賃
foreign nationals外国の国民、外国人
in countries with tax regimes〜な税制度の国
tax regimes that Washington deems “unfair.”米政府が不公平とみなす税制度
provision条項
a 3.5% tax on money〜の金に3.5%の税
transferred out of the United Stateアメリカ国外に移される、振り込まれる
potentially潜在的に、もしかすると
impact影響を与える
Another provision introduces 〜, potentially impacting
＝and it could impact〜
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