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转子经济学人杂志，原文在最下面 6park.com拜登征税的问题 6park.com如何在不伤害投资的前提下征收资产税 6park.com政府通过对收入征税来筹集大部分资金，但乔·拜登（Joe Biden）总统一直盯着富裕，大商业和华尔街。他建议通过提高从21％的企业税率到28%来取得他计划的$ 2.7trn基础设施提供部分资金。并帮助支付更多的儿童照料和支持费用。对这些孩子得父母来说，他希望将联邦最高税率大约提高一倍，对资本利得和股息征税。对于年收入高于100万美元得美国人他将对资本收入征税与希望获得的最高工资收入得税收从37％升至39.6％。征税目前偏爱富有的投资者，虽然他们只是很小的一部分，但作为股东比例得人数却很高。 6park.com从华尔街到硅谷的许多投资者都在加入反对得行列，声称拜登先生将粉碎经济增长。其实这样得言论时太夸张了;美国可以承担更高的资本税率（请参阅``财务''部分）。但是对资本的征税可能是意料之外的经济后果。如果希望避免这些负面得损害，拜登先生应该改进他的计划的征税构架得设计。 6park.com税收储蓄和投资收入似乎不公平和低效的双重征税。今天赚钱的人今天只需支付收入和消费税;为什么会有人愿意通过延迟支付额外的酬金来获得收益？不利于储蓄和投资，并伤害长期的经济状况，这就是为什么在2010年进行的调查中，在大多数富裕国家的俱乐部中，对企业税进行了排名，被视为对经济增长最有害的四种常见税种经济模型预测拜登先生的营业税计划到2050年将使美国的经济规模减少约1％。 6park.com对此进行设置是防止避税得损害。征收资本利得税轻而易举地将工资伪装成资本收入-特别是丰厚的酬劳时间。一个问题是利益”漏洞。它让私募股权和对冲基金经理将他们的费用分类为资本收益，而不是收入。其他问题是“通过”投资中的爆炸性公司增长，例如合伙企业，占超过一半的美国业务到2011年的收入，1980年只是2011的数量的5分之一。许多资本轻，劳动密集型企业，在法律上认为咨询和医务室是通过这种方式组织的。几乎是通过投资者的收益的一半收入分类为股利和资本收获。 6park.com拜登先生对工资和资本金征税是正确的进入行将使避税变得更加困难。在效率低下和避税之间的权衡是痛苦的，但是有两个原则可以帮助您制定明智的路线图。首先，是为了实现对资本积累征税。在他们返回之前以股息和资本形式向投资者分配利润收益，确认缴纳企业税。重整资本金类似于所得税的税率，您将遭受更大的打击的投资收入超过了工资收入。加利福尼亚州的股东。 6park.com例如，面对拜登先生提议的28％的企业税税率，他的联邦资本收益率是39.6％，资本金的州税率为13.3％收益，并引入了3.8％的投资收益征费，作为奥巴马关怀的一部分。从理论上讲，他们可以保留不到三分之一拜登计划下的名义回报率，甚至更少他们的实际回报，因为其中一些税将被支付取决于通货膨胀产生的虚幻的资本收益。实际上，这是不像复利率那么简单，因为公司税是在当前的制度下有漏洞的，例如，放弃了资本收益继承资产时征税。不过，考虑到拜登先生应该从关闭漏洞中获得的收入中确保资本税的公证高于劳动税。 6park.com第二个原则是减少津贴的低效率进行投资。免除资本税收适度的“正常”回报，即，通常用低风险利率来衡量债券，减少扭曲，作为正常回报从理论上讲是最低要求私营部门的项目值得。这个主意是纳入了许多类型的美国税法投资，但直到2022年年底为止-拜登先生计划对公司征收新的最低税率会计利润会干扰最大的公司。个人投资者也应接受正常回报率的豁免-在挪威已经发生了，并由该研究所建议在英国进行财政研究。正如拜登先生提出的那样，继承不应免除资本利得税。调和的资本税和劳动税之间的真实均等通过投资激励措施，可能不会提高收益作为拜登先生当前的计划。但是这样的改革仍然会有所帮助不用花钱就可以为自己的支出付款并减少免税美国税收制度不必要地效率低下。 6park.com
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6park.comBiden’s taxing problem 6park.com
How to tax capital without hurting investment
but President Joe Biden has his eyes fixed on the rich, big 6park.combusiness and Wall Street. He proposes to fund his $2.7trn infrastructure 6park.complan in part by raising the corporate tax rate from 21% 6park.comto 28%. And to help pay for more spending on child care and support 6park.comfor parents, he wants to roughly double the top rate of federal 6park.comtax on capital gains and dividends. For Americans earning 6park.commore than $1m per year, he would bring levies on capital income 6park.cominto line with the top rate on wage income, which he wants to 6park.comput up from 37% to 39.6%. That is about double the rate that is 6park.comcurrently levied on rich investors, who are only a small fraction 6park.comof the population but a large proportion of shareholders. 6park.comMany investors, from Wall Street to Silicon Valley, are up in 6park.comarms, claiming that Mr Biden will crush economic growth. That 6park.comis an exaggeration; America can bear higher rates of capital taxation 6park.com(see Finance section). Yet levies on capital can have unintended 6park.comeconomic consequences. If he is to avoid them, Mr Biden 6park.comshould improve the design of his plans. 6park.comTaxing savings and investment income can seem like unfair 6park.comand inefficient double taxation. Those who earn today to spend 6park.comtoday must pay only income and consumption taxes; why 6park.comshould someone who prefers to gain by deferring their gratification face extra levies? Discouraging saving and investment hurts 6park.comthe economy in the long run, which is why a review in 2010 by 6park.comthe oecd, a club of mostly rich countries, ranked corporate taxes 6park.comas the most harmful of four common taxes to economic growth. 6park.comEconomic models predict that Mr Biden’s business tax plans 6park.comwould cut the size of America’s economy by around1% by 2050. 6park.comSet against this is the scourge of tax avoidance. Tax capital 6park.comlightly and it pays to disguise wages as capital income—a particularly 6park.comlucrative pastime for the rich. One problem is the “carried 6park.cominterest” loophole. It lets private equity and hedge fund managers 6park.comclass their fees as capital gains rather than income. Another 6park.comissue is the explosive growth in “pass through” 6park.comfirms, for example partnerships, which accounted 6park.comfor more than half of American business 6park.comincome by 2011, up from about a fifth in 6park.com1980. Many capital light, labour intensive businesses 6park.comsuch as law firms, consultancies and 6park.commedical offices are organized this way. Nearly 6park.comhalf of the earnings that pass through investors 6park.comreceive are classified as dividends and capital 6park.comgains. Mr Biden is right that bringing taxes on wages and capital 6park.cominto line would make tax avoidance harder. 6park.comThe trade off between inefficiency and tax avoidance is painful, 6park.combut two principles can help chart a sensible course. The first 6park.comis to realize that taxes on capital stack up. Before they can return 6park.comtheir profits to investors in the form of dividends and capital 6park.comgains, firms pay corporate taxes. Whack up every capital levy to 6park.comrates resembling income taxes and you will take a larger bite out 6park.comof investment income than out of wages. Shareholders in California, 6park.comfor example, face Mr Biden’s proposed 28% corporate tax 6park.comrate, his 39.6% federal capital gains rate, a 13.3% state tax on capital 6park.comgains, and a 3.8% levy on investment income introduced as 6park.compart of Obama care. They could, in theory, keep less than a third 6park.comof their nominal returns under the Biden plan—and even less of 6park.comtheir real returns given that some of those taxes would be paid 6park.comon the illusory capital gains generated by inflation.In reality it is 6park.comnot as simple as compounding rates, because the corporate tax is 6park.comleaky and the current system, egregiously, waives capital gains 6park.comtaxes when assets are inherited. Still, after taking into account 6park.comthe revenues raised from closing loopholes, Mr Biden should ensure 6park.comthat taxes on capital do notarize above taxes on labour. 6park.comThe second principle is to reduce inefficiency with allowances 6park.comfor investment. Exempting from capital 6park.comtaxation modest “normal” returns, which are 6park.comusually measured by the interest rate on low risk 6park.combonds, cuts distortions, as the normal return 6park.comis in theory the minimum needed to make 6park.comprivate sector projects worthwhile. The idea is 6park.combaked into America’s tax code for many types of 6park.cominvestment but only until the end of 2022—and 6park.comMr Biden plans a new minimum tax on firms’ 6park.comaccounting profits which would interfere with the carve out for 6park.comthe largest companies. Individual investors should also receive 6park.comexemptions for the normal rate of return—which already happens 6park.comin Norway and has been suggested in Britain by the Institute 6park.comfor Fiscal Studies. As Mr Biden proposes, inheritances 6park.comshould not be exempt from capital gains tax. 6park.comGenuine parity between capital and labour taxation, tempered 6park.comby investment incentives, might not raise as much money 6park.comas Mr Biden’s current plans. But such a reform would still help 6park.compay for his spending and reduce tax avoidance—without making 6park.comthe American tax system needlessly inefficient.
Governments raise most of their money by taxing wages, 6park.com
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