外文翻译用增值税代替工资税或企业所得税的影响文档格式.docx
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外文翻译用增值税代替工资税或企业所得税的影响文档格式.docx
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EconomicEffectsandBehavioralResponses
Theserevenueestimatesassumednobehavioralresponses.Wehaveestimatedtheeffectsofbehavioralresponsesonreceiptsortheeffectsofthevariouspolicyoptionsoneconomicefficiencyandoutput,butprovidebelowsomequalitativediscussion.
BenefitsofaVATRelativetoaPayrollTax
Avalue-addedtaxisneutralbetweenpresentandfutureconsumption,soitdoesnotadverselyaffecttheincentivetosave.Itdoes,however,reducethereturnfromworkinginthesamemannerasanindividualincometaxorpayrolltax,althoughthemechanismforremittingtheVATisverydifferentthanthecollectionmechanismfordirecttaxes.TheresultisthattheneteffectofsubstitutingaVATforpayrolltaxontheincentivetoworkisnotlarge.
Thesubstitutionofabroad-basedVATforaportionoftheemployerpayrolltaxthatwesimulatewouldraisetheafter-taxwage(lowerthetotaltaxrateontheemployee’sworkproduct)forworkersinthe15and25percentbrackets,butlowertheafter-taxwage(increasethetotaltaxrateonwork)forhigh-wageemployeeswhoearnmorethanthemaximumwagesubjecttoOASDItax(Table8).
Intheexamplesshown,allworkerscontributeanadditional$107.65tothevalueofanemployer’ssales.Theworker’smarginalproductisassumedtobeinvariantunderdifferenttaxregimes.Undercurrentlaw,thereisnoVAT,butemployerswithholdfromwages$7.65inemployerpayrolltaxes,leaving$100oftaxablemoneywages.Theyalsowithholdtheemployee’s$7.65payrolltaxcontributionandtheemployeeinthe15(25)percentbracketpaysanadditional$15($25)ofincometaxes.
Theemployeeinthe35percentbracketisassumedtohaveearningsabovetheSocialSecuritywagethreshold,sosheandheremployerbothpayonlythe1.45percent($1.54)Medicarepayrolltaxonamoneywagethatisnow$106.11forevery$107.65ofworkerproduct.The35percentincometaxrateraises$37.14onthehighermoneywagebase.Thetotaltaxrate(asashareofmarginalproduct)paidbytheworkersinthe35percentbracketisaboutthesameasthetaxrateinthe25percentbracket,asthereducedmarginalpayrolltaxrate(fromcrossingtheOASDIthreshold)almostexactlyoffsetsthehighermarginalincometaxrate.
Introducinga5percentVATonabasethatincludesjust78.6percentofconsumption(seeappendix)isequivalent(intermsofitseffectonafter-taxincome)tointroducingaVATof3.93percentonallconsumption.BecauseVATisexpressedintax-exclusiveterms(onsalesexcludingthetax),thetaxonrateonsalesincludingthetaxissomewhatlower(3.78percent).TheVATreducesthegrosscompensationthatcanbepaidtoemployees,therefore,by3.78percentoftheworker’scontributiontosales(includingtax).Intheexample,thiscomesouttoaVATof$4.07.TheVATrevenuesareusedtoreducetheemployerpayrolltaxrateby5.9percentagepointsto1.75percent.Forworkersinthe15and25percentmarginalincometaxbracket,theemployerpayrolltaxcollectedequals$1.81onthe$103.58ofgrosscompensationnetofVAT.
Theremaining$101.77ofmoneywagesisthensubjecttoemployeepayrolltaxon$7.79(7.65percent)andincometaxof$15.27(inthe15percentbracket)and$25.44(inthe25percentbracket).NotethatthenetincreaseinmoneywagesfromsubstitutingaVATforemployerpayrolltaxcontributionsraisesincometaxrevenuesslightly.Thebottomlines,combiningallthetaxes,arefairlymodestdeclinesinthetotalmarginaltaxratesontheworker’sproduct.Fortheworkerinthe15percentincomeratebracket,substitutingVATforpayrolltaxesreducesthetotalmarginaltaxratefrom28.1percentto26.8percent.Fortheworkerinthe25percentincometaxbracket,thetotalmarginalratefallsfrom37.4percentto36.3percent.
Thus,fortheworkersinlowermarginaltaxbrackets,substitutingaVATfortheemployerpayrolltaxslightlyincreasestheafter-taxreturnfromworkingmore.BoththeVATandpayrolltaxadverselyaffectworkeffort,butbecausepartoftheVATalsofallsonconsumptionfromoldwealth,thenetreturntoworkfromthepayrolltaxsubstitutionisslightlyhigher.
Table8
Example:
TaxationofSampleEmployees,PartialSubstitutionofaVATforaPayrollTax
15%Bracket
25%Bracket
35%Bracket
CurrentLaw
withVAT
MarginalProduct
$107.65
VAT
$0.00
$4.07
GrossCompensation
$103.58
EmployerPayrollTax
$7.65
$1.81
$1.54
$1.50
CashWage
$100.00
$101.77
$106.11
$102.08
EmployeePayrollTax
$7.79
IncomeTax
$15.00
$15.27
$25.00
$25.44
$37.14
$35.73
NetWage
$77.35
$78.71
$67.35
$68.54
$67.43
$64.85
TotalTaxRate
28.1%
26.9%
37.4%
36.3%
39.8%
Notes:
VATisthe5percentbroad-basedVAT.Itincludes77percentofconsumption,sotheVATrateonallsalesis3.93%.Thisisataxexclusiverate;
thetaxinclusiverateequals(3.93/1.0393)=3.78%.
Thepayrolltaxratesundercurrentlaware7.65%forboththeemployerandemployee.
TheVATrevenuesareusedtoreducetheemployerpayrolltaxrateby5.9percentagepointsto1.75%.
Fortaxpayersinthe35percentincometaxratebracket,itisassumedthattheirwagesareabovetheSocialSecuritythresholds,soonlytheMedicaretax(1.45percentofthemoneywageforboththeemployerandemployee)appliesatthemargin.IntheVATsimulationsweperform,onlytheOASDItaxisreduced.
Thesecalculationsassumetheworkersviewsthepayrolltaxasa"
tax,"
anddonottakeintoaccountanyincreaseinfutureSocialSecuritybenefitsfromhigherpayrolltaxcontributions.
Thestoryisdifferentfortheworkerinthe35percentbracket,however.ShegetsnoincentivetoworkmorefromthereductionintheOASDIpayrolltaxratebecausesheisalreadyoverthewagethresholdforOASDItaxes.TheemployerpayrolltaxcollectedfromherdeclinesslightlyonlybecausetheVATreduceshergrosscompensation.Theresultingdeclineinhermoneywagesalsolowersherincometaxpayment.But,aftertheseoffsets,theVATraisesthetotalmarginaltaxrateshefacesonanadditionaldollarofearningsfrom37.4percentto39.8percent.
BenefitsandCostsofCorporateRateReductions
TheeffectsofsubstitutingaVATforpartofthecorporateincometaxareverydifferentthantheeffectsofsubstitutingitforpartofthepayrolltax.Thecorporateincometaxdoesnotdistortthechoicebetweenworkingforcurrentconsumptionandleisure,butitdoeseitherreducetheafter-taxreturnoncapitalorincreasethereturninvestorsmustreceivefromacorporateinvestment.Thus,substitutingVATforaportionofthecorporateincometaxshouldincreaseincentivestosaveandinvest.
Inanopeneconomywithinternationalcapitalflows,differentwaysoftaxingcapitalincomemayaffectincentivestosaveandinvestdifferently.Mostcorporateincometaxispaidbylargemultinationalcorporations.Forthosecompanies,thetaxislargelyasource-basedtaxontheirprofitsfrominvestmentsintheUnitedStates.BothU.S.andforeign-ownedmultinationalcorporationsaretaxableontheirU.S.-sourceincome,butU.S.multinationalcorporationspaylittleadditionaltaxonprofitsfromoverseasinvestmentsbecauseofprovisionssuchasdeferralandforeigntaxcredits(GrubertandAltshuler,2006).ThismeansthatthecorporateleveltaxmayraisethecostofcorporatecapitalintheUnitedStatesbyraisingrequiredpretaxreturnsoninvestmentsintheUnitedStatesbyinternationallymobileinvestors,bymuchmorethanitlowersafter-taxreturnstoU.S.savers,whocanescapetheU.S.corporatetaxbyinvestinginforeignassets.Beyondthis,eveniftheafter-taxreturntoU.S.saversfalls,someresearchshowsthismaynotreducetheirsavingmuchbecausesaversrespondlittletochangesinafter-taxreturns(Bernheim,2002).
ThisanalysissuggeststhatthemainbenefitofloweringthecorporateincometaxwouldbetoattractmoreinvestmenttotheUnitedStates.Inaddition,becausecorporationscanusetransferpricingandothertechniquestoshiftthesourceofreportedincomeamongcountries,alowercorporatetaxratecouldleadtomorereportedprofitsintheUnitedStates.AshiftofreportedcorporateprofitstotheUnitedStateswouldraiserevenuecollectedfromU.S.corporations,partiallyorfullyoffsettingthedirectlossinrevenuefromalowercorporaterate,evenifdomesticinvestmentdoesnotincrease.
IncreasedDomesticInvestment.Manystudiesfindthatthelocationofinvestmentofmultinationalcorporationsissensitivetothelocaleffectivetaxrateoncorporateincome(deMooijandEderveen,2003).ThismeansthatreducingtheU.S.corporateincometaxwouldencourageU.S.companiestosubstitutedomesticforforeigninvestmentandforeign-ownedcompaniestoinvestmoreintheUnitedStates.Theincreasedinvestmentwouldalsoraisethecorporateincometaxbase,thereforeoffsettingsomeoftherevenuelossfromthelowercorporatetaxrate.MoreinvestmentwouldraiserealwagesintheUnitedStatesandlowerpretaxreturnstocapital,shiftingsomeofthebenefitsofthetaxreductionfromcapitalownerstoworkers.
Reductionintax-motivatedIncomeShifting.AlowerU.S.corporatetaxratewouldalsoreduceincome-shiftingwithinmultinationalcorporationsfromU.S.toforeignaffiliates(Clausing,2007).Withahigherc
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