By Akira Okamoto Ph.D. (auth.)
ISBN-10: 4431539751
ISBN-13: 9784431539759
ISBN-10: 443167974X
ISBN-13: 9784431679745
The jap inhabitants is getting older quicker than the other on this planet. The in line with centage of Japan's inhabitants elderly sixty five and above was once in basic terms 7.1% in 1970,but simply 30 years later, in 2000, it reached 17.2%. A declining beginning fee and a emerging general existence expectancy will proceed to push this development additional. this case is inflicting critical difficulties for jap society.Structural reforms, specially tax and social defense reforms, to house this drastic demographic switch became an pressing coverage factor. the aim of this ebook is to set up instructions for tax and social safety reforms in Japan in phrases which are either effective and equitable. during this learn, a longer life-cycle normal equilibrium version is hired to carefully take account of the swiftly getting older jap inhabitants. The simulation procedure followed in our research allows us to calculate the results of different coverage applications on capital accumulation and monetary welfare. this allows us to make proposals for concrete monetary policies.
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Extra info for Tax Policy for Aging Societies: Lessons from Japan
Example text
This is because different tax compositions across simulation cases would have some effects on the economy, even under the constant total tax revenue. Of course, other financial methods such as a labor income tax or an interest income tax, can cover the tax burden that increases with an aging population. Different financing methods generate different impacts on the economy (see Chap. 2 for further details). 5% , which is the same value as in Kato (1998). 42 3. 2. Simulation cases 1. 2008 Asterisks (*) before the rate indicate that the variable is exogenous 2.
The great difference in the timing of taxation between a consumption tax and a labor income tax may explain why a consumption tax substantially promotes 24 2. Taxation of Interest Income in an Aging Japan capital formation. Taxation on consumption arises throughout an individual's entire lifetime. On the other hand, the taxation on labor income is limited to the earlier stage, namely, the working period of an individual's lifetime. The tax burden on labor income is concentrated in the working period, while that on consumption exists continuously, even after retirement.
Our simulation results suggest, quantitatively, that an interest income tax substantially hinders capital accumulation. These results may depend on both the substitution effect and the total change of the discounted present value of lifetime income. 2 .. - - - . ..... ---- ------ - -- - ' , ,, A-3 : ,, t~ .. ,, . 121 25 29 33 37 41 45 49 53 57 61 65 69 73 77 81 85 89 93 97 Age FIG. 2. " However, if we adopt the discounted present value of lifetime income as a notion of income, then the "real income" may increase.
Tax Policy for Aging Societies: Lessons from Japan by Akira Okamoto Ph.D. (auth.)
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