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According to the plan, the United States will reduce the corporate tax rate from 35% to 15%, the individual tax rate will be reduced from 7 to 3, the threshold will almost double, and the income tax threshold for a couple will rise to 24,000. This is the largest tax cut plan since 1986, aimed at stimulating economic growth, creating jobs, simplifying taxation and reducing the tax burden of American families, especially the middle class, through tax reform, and reducing corporate income tax rates from one of the highest in the world. One of the lowest.
Outside the United States, British Prime Minister Theresa May has formally approved a policy to further cut corporate income tax rates, which will be reduced to 17% by 2020, and promises that the UK corporate income tax rate will remain at the lowest level among the G20 countries. The French president’s popular candidate, Mark Long, also said that he would cut taxes by 20 billion euros during his tenure.
In addition to boosting the domestic economy and regulating income distribution, the Trump government tax reform aims to encourage companies and funds to return to the United States. In general, capital flows to countries with low tax rates, and the United States has significantly reduced corporate income tax rates and individual taxes, which will help attract capital backflow. This will have an impact on China. In the future, some foreign-invested companies in China may tend to repatriate capital to the United States, and other companies with overseas investment plans, including China, may also consider the United States when choosing their investment destination.
In the global “tax reduction tideâ€, China has not stayed out of the way. The State Council executive meeting held recently decided to introduce further tax reduction measures to continue to push the real economy to reduce costs and increase stamina. The main measures include the elimination of the tax rate of 13% of the value-added tax; the upper limit of the annual taxable income of small and micro enterprises will be increased from 300,000 yuan to 500,000 yuan. Premier Li Keqiang also mentioned that many countries are planning to introduce tax cuts and have a sense of "running" in a new round of global competition.
China is carefully examining the impact of the US tax cuts on China. Of course, how to reduce taxes should be based on its own actual policies. For example, China's largest tax is VAT rather than income tax. Whether it is to deal with the influence of multinational companies in China or to reduce the burden on domestic enterprises, the focus of reduction should be here.
Another focus is on taxes. The United States has acted and China is also very urgent. Recently, the State Council approved the Notice of the National Development and Reform Commission on the Opinions on Deepening Economic System Reform in 2017. In the field of fiscal and tax reform that has received much attention, the personal income tax reform has not been included, which means that the tax reform is still difficult to make a substantial breakthrough this year.
In fact, the tax reform has become a consensus. Judging from the adjustment of income distribution, one of the main functions of taxation, the last tax adjustment should be traced back to 2011. After six years, the price rises, the basic living expenses of residents increase, and the single and low thresholds The tax variation is “work-class income taxâ€, which has clearly violated the original intention of adjusting income. At the same time, through the tax reform, the tax burden of the middle-income class can be reduced, and the role of domestic consumption can be boosted, which is in line with the strategy proposed by the decision-making level to expand domestic consumption and support economic transformation.
Undoubtedly, the tax reform that China urgently needs to promote is not just a tax cut. Considering the importance of steady growth of fiscal revenue and the construction of a modern tax system to promote social equity, it is necessary to adjust the tax system and tax structure. People with less property are tax deductible; those with higher incomes are taxed, and those with lower incomes are tax deductible. In other words, the proportion of direct taxes should be gradually increased, such as real estate taxes, inheritance and gift taxes, which are directly levied on individual residents. At the same time, increase the consumption of “green tax†such as consumption tax, resource tax and environmental protection tax, so that some high-energy, high-pollution enterprises will not benefit from “free-riding†because of the inclusiveness reduction of tax rate.
At the same time, it is necessary to speed up the clearing of extra-tax charges. At present, China has basically had the basic conditions of administrative zero-fee, and there is also room for the reduction of social security rates.
Abstract In recent years, the global economic growth has slowed down, and “tax reduction†has become an important means for countries to stimulate economic vitality. US President Trump recently announced a tax reform plan to honor the "tax cut" promise during the campaign. ...
In recent years, the global economic growth has slowed down, and “tax reduction†has become an important means for countries to stimulate economic vitality. US President Trump recently announced a tax reform plan to honor the "tax cut" promise during the campaign.