資本利得稅之福利分析

The Welfare Analysis of Capital Gains Tax

林克融(Ke-Rong Lin)

指導教授 ： 毛慶生

國立臺灣大學/社會科學院/經濟學研究所/碩士(2015年)

https://doi.org/10.6342/NTU.2015.11344

摘要

本文以實質景氣循環模型為架構，納入了資產定價與投資限制，試圖讓資產價格的波動對實質經濟變數產生影響。給定政府開支等於某固定比例的產出下，分析資本利得稅分別與勞動所得稅及消費稅的替換關係後，結果發現隨著資本利得稅稅率愈高，社會福利也愈高。而考慮了勞工與資本家之間的所得重分配，當資本利得稅與所得稅有抵換關係，在勞工沒有接受補貼的情況下，資本家的福利會下降而勞工的福利會上升；但在勞工有接受補貼的情況下，結果發現勞工與資本家的福利都上升。亦即，在效率的觀點下，政府理論上應該課徵資本利得稅。

關鍵字

資本利得稅 ； 租稅負擔 ； 所得分配 ； 資產定價 ； 投資限制

並列摘要

This paper examines the economic and welfare effects of capital gains tax in a productive economy where investment decisions are constrained by the share value of firms. Given that the government budget is balanced each period, with or without lump-sum recourse, I analyze the steady state effects of a swap between capital gains tax and other forms of taxation, including labor income tax and consumption tax. The results indicate that the consumers’ welfare rises with a tax on capital gains in the stock market. This paper also examines the distributional consequence of capital gains tax. In the presence of lump-sum transfers to workers, taxing on capital gains could improve capitalists as well as workers welfare.

並列關鍵字

capital gains tax ； tax burden ； income distribution ； asset pricing ； investment constraint

參考文獻

楊紹銓(2010)，「資本利得稅之總體經濟分析」，國立台灣大學經濟學研究所碩士論文

Chamley, Christophe,(1986). “Optimal Taxation of Capital Income in General Equilibrium with Infinite Lives,”Econometrica, 1986,54(3), pp. 607–622.

Judd, Kenneth L., (1986). "Redistributive taxation in a simple perfect foresight model," Journal of Public Economics, Elsevier, vol. 28(1), pages 59-83, October.

Thomas F. Cooley and Gary D. Hansen,(1992). Tax Distortions in a Neoclassical Monetary Economy," with Thomas F. Cooley, Journal of Economic Theory 58, December 1992, pp. 290-316.

Jermann, Urban, (1998). Asset pricing in production economies. Journal of Monetary Economics 41, 257–275.