America the Tax Haven

A new law aims to lure money from overseas investors

On the surface, the tax bill that President Reagan signed last month is a timid, election-year effort to shrink the fearsome federal budget deficit, expected to be about $175 billion for fiscal 1984. The legislation aims to boost Government revenues by $50 billion over the next three years through such steps as raising liquor taxes and reducing business deductions for luxury cars. But buried in the fine print of the 751-page 1984 Deficit Reduction Act is a fundamental change in the way the tax code treats foreigners who invest in the...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!