Econ Papers Daily / 期刊论文
生命周期中的税收设计与家庭风险承担
Tax design and household risk-taking over the life cycle
摘要
The growing interest in wealth taxation has renewed debate over how taxes on accumulated wealth affect household financial decisions. This paper studies how recurring wealth and capital gains taxation affect life-cycle saving, portfolio allocation, and tax payments. In simulations, a 1% annual wealth tax and a revenue-equivalent capital gains tax with a full loss offset reduce financial wealth near retirement by approximately 5% and 7%, respectively. These taxes also increase optimal investment in risky assets. A wealth tax raises the risky portfolio share by up to 6 percentage points over the second part of the life cycle, while a capital gains tax with a full loss offset increases the risky share by 1 to 20 percentage points over the life cycle. These effects arise through two channels. First, lower financial wealth increases the relative importance of human capital, leading investors to allocate a larger share of financial wealth to risky assets. Second, capital gains taxes with a full loss offset partially reduce downside investment risk, increasing the attractiveness of risky assets for risk-averse investors.
中文摘要
对财富税日益增长的兴趣重新引发了关于对累积财富征税如何影响家庭财务决策的争论。本文研究周期性财富税和资本利得税如何影响生命周期储蓄、投资组合配置和税款支付。在模拟中，1%的年度财富税和收入等价的、允许全额亏损抵扣的资本利得税分别使临近退休时的金融财富减少约5%和7%。这些税种还提高了对风险资产的最优投资。财富税在生命周期后半段将风险资产组合份额最多提高6个百分点，而允许全额亏损抵扣的资本利得税在整个生命周期内将风险份额提高1至20个百分点。这些效应通过两个渠道产生。第一，较低的金融财富增加了人力资本的相对重要性，导致投资者将更大比例的金融财富配置于风险资产。第二，允许全额亏损抵扣的资本利得税部分降低了下行投资风险，提高了风险资产对风险厌恶型投资者的吸引力。