第四讲个人所得税.ppt

* * * Each line enters separately with a mouse click. * Evaluation of Capital Gains Rules No justification under optimal tax literature for preferential treatment of capital gains under H-S criterion Other justifications Capital gains are unexpected windfalls Require sacrifice of abstaining from consumption Needed to stimulate capital accumulation and risk taking Counterbalance to effect of inflation Tax Arbitrage Assume Caesar pays taxes at a 35% rate and can borrow all he wants at a 15% interest rate Let Cesar borrow $1,000. Each year he pays $150 in interest (= .15*1,000) Interest payment reduces taxable income $150 and saves $52.50 in taxes (= .35*150) His net payment of interest is $150 - $52.50 = $97.50 for an effective interest rate of $97.50/$1,000 = 9.75%. If he can invest in state local bonds at 11%, the tax system has created a “money machine.” Taxation of Nominal Interest Real after-tax rate of return: r = (1 – t)i – π Let t = 25%, i = 16%, π = 10% r = (1 - .25)(.16) - .10 = .02 = 2% Now assume expected rate of inflation and nominal interest rate both increase by 4 percentage points r = (1 - .25)(.20) - .14 = .01 = 1% * * * * * * * * * * * * * * * * * * * * * * * * * * * * * 1st box - shows that tax break reduces the interest rate SL governments have to pay 2nd box – shows that cost of break to Treasury exceeds gain to SL government 17-* McGraw-Hill/Irwin Copyright ? 2008 by The McGraw-Hill Companies, Inc. All rights reserved. 第四讲 个人所得税 美国联邦个人所得税的结构 税基 “线上项目”扣除 调整后毛所得（AGI） - 免税额 标准扣除或分项扣除的较大者 应税所得 适用税率 抵免前的应纳税额 税收抵免额 正式应纳税额 工资、资金、股息、利息、资本利得（或损失）、经营所得（或损失）、养老金、农场所得（或损失）、租金、特许权使用费、社会保障金等。不包括雇主向保健和退休计划的缴款、税收优惠的储蓄账户的收益、未实现的资本利得、州和地方债券的利息、自有住房和其他耐用品的估算租金、实务服务、实物赠与和遗产。 贸易或经营费、搬家费、教育费、个体户健康保险保费、学生贷款偿还、学杂费等. 按所得递减 慈善捐款、住房抵押贷款利息、州和地方税、超过AGI 7.5%的医疗费、事故和被盗损失、非偿还性雇员费；按所得递减；根据申报情况不同：单身或已婚单独申报、户主申报、已婚联合申报 6个一般税率(10%, 15%, 25%, 28%, 33%, 35%); 申报情况不同，税率表不同; 适用于股息和资本利得的特殊税率 儿童税收抵免、额外儿童税收抵免、EITC、希望和终身学习抵免、电动车抵免、外国税收抵免、健康保险税收抵免、收养抵免、退休储备缴款抵免、儿童和受抚养者照顾抵免