With evidence of sudden capital outflows in response to certain tax-policy changes, governments are reluctant to raise income-tax rates – which have fallen sharply since the late 1970’s – or to tax dividend and interest income, for fear of capital flight. But, as direct-tax concessions have little or no effect in diverting international investment, let alone in attracting such flows, they constitute an unnecessary loss of revenue.
最后，吸引外国直接投资的国际竞争可能导致政府向外国投资者让步，降低税率。有证据表明，某些税收政策改变会引起突发性资本外流，因此政府不愿提高所得税率——自20世纪70年代末以来，所得税率显著下降——也不愿对股息和利息收入征税，以防资本外逃。但是， 直接税优惠对国际投资多样化影响甚微，更不用说吸引国际投资流了，这纯粹是毫无必要的收入损失。