法人税制：朝四暮三ならまだしも

法人減税の財源確保のため繰越欠損金の控除縮小・繰越期間の短縮、子会社配当金の非課税枠縮小を政府・与党が検討していることが報じられている（２／４日経）。

このアイデアは、目先の減税を餌に、先々の増税を目論むものでトータルでは法人課税強化に向かっている。朝三暮四を朝四暮三に変えるなら合計は七で変わりないけれど、これでは朝四暮二とか暮一になりかねない。こんな簡単なことなのに、日経は法人減税ありきで無批判に報じているのでは財界の味方とはいえない。

折しも株価は年初来１０％を超える下落で、調整局面入りしている。２／４日経は「新興国リスク回避」と判ったようで分からない解説をしているが、株価下落の根っこにあるのはアメリカ経済減速にあるようだ。アベノミクスの背骨をなす円安・株高がはげおち、円安・株高からスイッチすると期待されていた外需・アメリカ経済の変調を株価は織り込みつつあるように思える。そうであるからこそ、安倍政権は法人減税で株価を刺激したいと考えているのであろうが、朝四暮三の劣化バージョンを示すようでは、この政権の構想力の貧弱さと言うべきか。

２／３WSJはダウ急落の背景を次のように解説している（抜粋）。

Factory Weakness Hits Stocks
Dow Drops 326 Points as Lackluster Read on U.S. Manufacturing Adds to Worries

A round of weak manufacturing reports Monday reignited fears about the health of the U.S. economy, fueling the sharpest one-day decline in the Dow Jones Industrial Average since June.

After weeks of focusing on economic and political troubles in emerging markets, investors shifted their attention to domestic concerns. Factory output expanded more slowly in January as manufacturers dialed back on adding to their inventories, while weakness abroad and unusually cold weather at home muffled activity.

The Dow tumbled 326.05 points, or 2.1%, to 15372.80, in its seventh triple-digit drop of 2014. The average is down 7.3% this year.

Recent reports have raised concerns that the U.S. economy may have lost some of its momentum. Job creation skidded sharply in December, and some worry January's report, due Friday, might also disappoint. Several big retailers have reported lackluster holiday sales, and the housing market has shown signs of cooling in the face of higher interest rates.

Car sales fell last month compared with a year earlier, several major auto makers said Monday, blaming unusually bad winter weather for depressing demand.

Concerns about the economy come at a time when the Federal Reserve has begun its long-awaited steps toward reducing economic stimulus. The result Monday, traders said, was stepped-up selling from long-term investors who up until this point had largely sat tight during January's stock declines, when the focus had been on woes in places such as Turkey, Argentina and China.