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This tax lowers the firm’s expected stream of future income net of taxes which, other things the same, reduces the capital value of the firm. The tax varies with the general level of interest rates as well as the spread between bank lending and borrowing rates. Prior to 1980, the tax had differential effects across banks depending on the tax rate required reserve ratio) faced by these various firms. This was particularly true with respect to membervs. nonmember banks of the Federal Reserve System.4 These differential tax effects are important. Equity considerations aside, they artificially r’aise the operating costs of some finns relative to others engaged in essentially the same business activity. This distorts rates of production and the allocation of resources among the differentially taxed firms and lowers the value of output for’ given costs.

The Monetary Control Act, Reserve Taxes and the Stock Prices of Commercial Banks