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2 results

  • 4 - Individual Income Tax Reforms

  • Shuanglin Lin, Peking University, Beijing
  • Book:
    China's Public Finance
    Published online:
    22 September 2022
    Print publication:
    22 September 2022, pp 97-126

  • Summary

    Chapter 4 deals with the individual income tax, a tax first introduced in China two-thousand years ago. It examines the evolvement of the individual income tax system and compares the changes in the marginal and average tax rates in recent decades based on the constant retail price index, showing that marginal tax rates have declined significantly for low- and middle-income earners. It unravels the mystery of the small proportion of the individual income tax in total tax revenue despite high marginal tax rate for the individual income tax. It discusses the optimal marginal and average income tax rates for China, showing that the optimal marginal tax schedule is quite flat when income is beyond a certain level. The chapter ends with an analysis of the problems of the individual income tax system and offers suggestions for further individual income tax reforms.

  • PRODUCTIVE GOVERNMENT EXPENDITURE IN A STOCHASTICALLY GROWING ECONOMY

  • Stephen J. Turnovsky
  • Journal:
    Macroeconomic Dynamics / Volume 3 / Issue 4 / December 1999
    Published online by Cambridge University Press:
    01 December 1999, pp. 544-570

  • This paper analyzes productive government expenditure in a stochastic AK growth model. First, a centrally planned economy is characterized, emphasizing the trade-off between the effects of both deterministic and stochastic government expenditures on the equilibrium growth rate and its variance. Both the growth-maximizing and the welfare-maximizing shares of government expenditure are derived and shown to depend (differentially) upon the degree of risk in the economy. Whereas production risk reduces the welfare-maximizing share of government expenditure, it may either increase or decrease the growth-maximizing share, depending upon the degree of risk aversion. Next, the stochastic equilibrium in a decentralized economy is derived. The first-best optimal tax structure is characterized and its dependence on risk is determined. The formal analysis is supplemented by some numerical simulations to assess the quantitative significance of risk and the divergence that this generates between the welfare-maximizing and growth-maximizing size of government.