税收优惠养老保险模式的最优选择——基于个人所得税税率的效应分析

Optimal Choice of Preferential Tax Pension Insurance Mode—Based on the Analysis of Payroll Tax Ratio Effect

养老保险的税收优惠政策,是通过个人所得税的减免或延迟缴纳,对消费者起到购买的激励作用。因为,个人所得税能够对消费者工作期和退休期的收入产生影响,进而决定商业养老保险的购买。本文在动态最优框架下构建个人终身消费的最优路径,以最优消费来衡量不同税收优惠模式下的商业养老保险的效用。通过对比得出,在不同模式下,前端税率的收入效应均大于后端税率,即前端税率的大小对商业养老保险的选择具有决定性的影响;而当前后端税率相同时,在个人所得税税率替代效应的影响下,消费者更倾向选择EET模式的商业养老保险。

Preferential tax policies can stimulate consumer to purchase commercial pension insurance through the payroll tax deduction and deferred payment. Because the payroll tax can affect the income in the working period and the retirement period, it can decide the purchase of commercial pension insurance. We constructed the lifetime opti- mal consumption path under dynamic optimization to measure the effects of different preferential tax modes. After making the comparison, we found out that the income effect of front-end rate was more significant than the back-end rate,which meant that the front-end rate had a decisive role in the choice. We also discovered that the consumer preferred EET mode of pension insurance when the front-end rate was equal to back-end rate due to the replacement effect of payroll tax.