商业养老保险税收优惠政策激励效果影响因素分析
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摘要
商业养老保险是平滑个人终生消费能力,实现跨期财富管理的重要工具。税收优惠政策有助于提升商业养老保险的保险密度和保险深度。文章使用个人税收红利、缴费增值倍数和税式支出三个指标反映商业养老保险税收优惠政策的激励效果。通过构建税收红利、缴费增值倍数和税式支出分析模型,并调整边际税率、投资收益率和积累年限等参数条件,分析相应因素对商业养老保险税收优惠政策激励效果的影响。据此提出允许EET和TEE税收优惠模式并存、提高税收优惠缴费上限、引入领取期适用边际税率自动调整机制、提高商业养老保险投资效率以及强化投资者教育等建议。
Commercial pension insurance is an important instrument to smooth personal consumption ability in his lifecycle and realize maximum utilization of intertemporal wealth management. Insurance density and depth can be improved by tax preferential policies. Tax dividend, multiple of value increment and tax expenditure are the three indicators which reflect the incentive effect of tax preferential policies. This paper constructs the analysis model of the three indicators, and analyzes the incentive effects by adjusting the level of the marginal tax rate, investment return rate and accumulated years. Based on the analysis, some suggestions are promoted, such as permitting the coexistence of tax models of EET and TEE, increasing the contribution ceiling, introducing the automatic adjustment mechanism of marginal tax rate when receiving pension, improving investment efficiency of commercial pension and strengthening investor education.
Commercial pension insurance is an important instrument to smooth personal consumption ability in his lifecycle and realize maximum utilization of intertemporal wealth management. Insurance density and depth can be improved by tax preferential policies. Tax dividend, multiple of value increment and tax expenditure are the three indicators which reflect the incentive effect of tax preferential policies. This paper constructs the analysis model of the three indicators, and analyzes the incentive effects by adjusting the level of the marginal tax rate, investment return rate and accumulated years. Based on the analysis, some suggestions are promoted, such as permitting the coexistence of tax models of EET and TEE, increasing the contribution ceiling, introducing the automatic adjustment mechanism of marginal tax rate when receiving pension, improving investment efficiency of commercial pension and strengthening investor education.
引文
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[2]Yoo K.Y.,Serres A.Tax Treatment of Private Pension Savings in OECD Countries.OECD Economic Studies[EB/OL].2004,39(2):3-110,http://search.oecd.org/eco/growth/35663569.pdf,2004-10-14.
[3]Brady P.Who Benefits from the U.S.Retirement System[EB/OL].ICI Research Perspective,2015,21(7),https://www.ici.org/pdf/per21-07.pdf,2015-11-17.
[4]刘云龙,姚枝仲,傅安平.中国企业年金发展与税惠政策支持[J].管理世界,2002(4):45-55.
[5]袁中美、郭金龙.个税递延型商业养老保险的政策效应与优化策略---个人养老金计划的国际比较和上海案例的模拟测算[J].西部论坛,2018(6).
[6]李亚军.税收优惠模式对企业年金发展的影响---澳大利亚超级年金经验对中国的启示[J].财政研究,2010(12):69-72.
[7]Joulfaian D.,Richardson D.Who Takes Advantage of Tax-Deferred Saving Programs?Evidence from Federal Income Tax Data[J].National Tax Journal,2001,54(3):669-688.
[8]朱铭来,季成.企业年金发展与税收优惠政策---基于OECD国家面板数据的实证分析[J].财经论丛,2014(7):31-37.
[9]仙蜜花.我国个税递延型商业养老保险制度研究[J].当代经济管理,2017(7):80-86.
[10]CHFS.中国养老金融调查报告2017[EB/OL].https://chfs.swufe.edu.cn/xiangqing.aspx?id=1570,2017-8-28.
[11]CHFS.中国工薪阶层信贷发展报告[EB/OL].https://chfs.swufe.edu.cn/xiangqing.aspx?id=16202017-12-12.
[12]李亚军.个人账户制改革对公共养老金制度财务可持续的影响研究[M].北京:经济科学出版社,2018.
[13]IRS.Publication 554:Tax Guide for Seniors for use in preparing 2017 Returns[EB/OL].https://www.irs.gov/pub/irs-pdf/p554.pdf,2018-1-23.
[14]吴孝芹.美国补充养老金计划税收优惠政策经验及启示[J].山东工商学院学报,2018(2):87-95.
[15]富达国际.中国养老前景调查报告[EB/OL].http://www.fidelity.com.cn/zh-cn/index.html,2018-8-14.