The budgetary and welfare effects of tax-deferred retirement saving accounts
The budgetary and welfare effects of tax-deferred retirement saving accounts
复制标题
递延税款退休储蓄账户的预算和福利影响
DOI：
10.1016/j.jpubeco.2011.07.010
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发表时间：
2011
影响因子：
9.8
通讯作者：
Shin’ichi Nishiyama
中科院分区：
文献类型：
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作者：
Shin’ichi Nishiyama
本文分析了与美国401（k）计划类似的税收递延退休储蓄账户在具有异质家庭的动态一般均衡代际经济中的预算，宏观经济和福利效应。由于纳税的初始递延，递延纳税账户的短期预算成本明显高于长期成本。因此，税收中性的递延账户的引入将使当前和不久的将来的家庭状况恶化，尽管从长远来看它会增加国家财富和总产出。如果政府通过增加债务来将短期成本分摊给未来的家庭，那么政策变化可能会使所有年龄段的人平均而言都像没有递延纳税账户的经济一样富裕。然而，由于政府债务和偿债成本的增加，从长期来看，国家财富和总产出将减少。因此，引入延税账户不会同时增加国民财富和改善社会福利。部分原因是政策变化是递减的，降低了现行所得税制度的风险分担效果。
The present paper analyzes the budgetary, macroeconomic, and welfare effects of tax-deferred retirement saving accounts, similar to U.S. 401(k) plans, in a dynamic general-equilibrium overlapping-generations economy with heterogeneous households. Because of the initial deferral of tax payments, the short-run budgetary cost of tax-deferred accounts is significantly higher than the long-run cost. Therefore, the budget-neutral introduction of tax-deferred accounts would make current and near-future households worse off, although it would increase national wealth and total output in the long run. If the government spread the short-run cost to future households by increasing debt, the policy change could make all age cohorts, on average, as well off as the economy without tax-deferred accounts. Due to increased government debt and debt service costs, however, national wealth and total output would decrease in the long run. Thus, introducing tax-deferred accounts would not increase national wealth and improve social welfare at the same time. This is partly because the policy change is regressive and reduces the risk sharing effect of the current income tax system.