By Akira Okamoto Ph.D. (auth.)
The eastern inhabitants is getting older quicker than the other on the earth. The in step with centage of Japan's inhabitants elderly sixty five and above used to be simply 7.1% in 1970,but simply 30 years later, in 2000, it reached 17.2%. A declining delivery fee and a emerging ordinary existence expectancy will proceed to push this development extra. this case is inflicting critical difficulties for eastern society.Structural reforms, specially tax and social safety reforms, to deal with this drastic demographic switch became an pressing coverage factor. the aim of this publication is to set up instructions for tax and social defense reforms in Japan in phrases which are either effective and equitable. during this examine, a longer life-cycle normal equilibrium version is hired to carefully take account of the speedily getting older jap inhabitants. The simulation technique followed in our research allows us to calculate the consequences of different coverage programs on capital accumulation and financial welfare. this allows us to make proposals for concrete fiscal policies.
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Extra resources for Tax Policy for Aging Societies: Lessons from Japan
Example text
Hence, an interest income tax distorts the relative price between current consumption and future consumption. Because an interest income tax raises the relative price of future consumption, households that maximize their lifetime utility are likely to substitute current consumption for future consumption. 1 Simulation Results and Their Interpretation 1. 86. This result suggests that an interest income tax in a relative sense causes damage to capital formation . 1 presents the age profiles of consumption in Cases A-I and A-2.
Therefore, we recommend separate rather than consolidated taxation. A We consider the utility maximization problem over time for a representative household, namely the maximization of Eq. 2 subject to the flow budget constraint Eq . 3. [-A s+! r)}A s +(l-. w s=1 -. s represents the Lagrange multiplier for Eq. 3. The first-order conditions for s = 1,2, . - = -As +AS+l {I +r(l-rr)} = 0. B) The combination of Eqs. 6) For a given Ch Eq. 6 solves the age path of consumption. The transformation of Eq.
When there are difficulties such as political reasons in raising the tax rate on consumption, it is necessary to consider an optimum combination between a labor income tax and an interest income tax. The simulation results suggest that choosing only one tax regime from these two taxes is not the best: when the tax rate on consumption is 5%, an optimum tax rate on interest income is 20% in the current state and 40% in the aged state. 813). 842. 868). Thus, in the current-state simulations, the current Japanese tax rate of 20% on interest income is supported under a 5 01o-consumption tax condition.