On the Financial Income Tax System in Japan from the Viewpoint of the Neutrality of Taxation.

1.模拟结果表明，日本现行的金融所得税制度中，由于资本损失没有抵销利息收入，所以权益所得的有效税率高于利息收入的有效税率；2.考虑到由于公司税的存在，权益所得的法定税率也高于利息收入；3.从理论上证明了现行财政所得税制中投资者的投资组合扭曲，福利降低了1、2以上；4.建议用净税的新税制取代现行税制按单一税率汇总财政收入。5.新税制应以双重所得税为基础，而不是综合所得税。6.即使日本现行的财政所得税制度要进行改革，也应探讨公司税和个人所得税的整合方法。

1.We showed it by a simulation that the effective tax rate of equity income was higher in the current financial income tax system in Japan than that of interest income because capital loss was not offset against interest income.2.We have to consider it that the statutory tax rate of equity income is also higher than that of interest income because of corporate tax.3.We showed it theoretically that portfolio of investors was distorted and their welfare was decreased by above 1 and 2 in the current financial income tax system.4.We propose it that the current tax system should be replaced by a new system which taxes net aggregate financial income by a single rate.5.The new tax system should be based on dual income tax instead of aggregate income tax.6.The integration method of corporation tax and individual tax should be inquired even if the current financial income tax system in Japan would be reformed.