The US Senate and House of Representatives recently passed the Tax Deduction and Employment Act, which is known as the "most tax cut in the history of the United States." If there is no accident, US President Trump will sign the bill as soon as possible to realize his promise of "Christmas Spree" to all Americans this year. So, how do you view the Trump tax reform policy? Is it big? What is the policy effect? On December 22, the "Securities Daily" reporter interviewed Huang Lixin, deputy director of the Taxation Research Institute of the State Administration of Taxation.
From a worldwide perspective, how big is the scale of the Trump tax reform bill? Huang Lixin said that the US government predicts that these tax cuts will reduce the US revenue by 1.45 trillion US dollars in the next 10 years. However, a careful analysis found that this is a 10-year tax cut in the United States, with an average annual tax cut of about $145 billion (about 960 billion yuan). 2016 United StatesRevenueAbout 3.5 trillion US dollars (including social security tax), the average annual tax reduction accounted for about 4.1% of the annual income. Such a tax cut is certainly gratifying, but it is not as big as it seems.
Huang Lixin pointed out that in recent years, China has vigorously implemented supply-side structural reforms, and actively introduced some tax reduction policies including reform of the camp, support for mass entrepreneurship, support for innovation, and improvement of people's livelihood, which greatly reduced the tax burden of taxpayers. . Only a comprehensive reform of the reform of the camp will be launched. From May 2016 to September 2017, the taxpayer will reduce tax by 1,063.9 billion yuan, accounting for 5.8% of the total tax revenue (including social security fees) in 2016. Whether it is the scale of tax reduction or the scope of tax reduction, China is higher than the United States. In 2017, China proposed the goal of reducing tax and corporate expenses by 1 trillion yuan. This tax cut is also higher than the US tax cuts. Since the United States is larger than China in terms of economic aggregates and total tax revenues, the tax cuts of the US Trump Tax Reform Act are less than those of China.
Is the Trump Tax Reform Act a tax cut? Huang Lixin said that tax cuts are the general tone of the US Trump tax reform bill. The content and terms of tax cuts are also the main content of the tax reform bill. However, a careful analysis of Trump's tax reform bill reveals that there are many tax increases under the substantial tax cuts.
In line with the improvement of the tiered system, this time, the reform of the differentiated trading system was introduced.
First, the introduction of the collective bidding, the original intraday trading method of the agreement transfer method is uniformly adjusted to the collective bidding. The trading mode of the intraday trading period is two types: the aggregate bidding and the market making transfer, which are used for listing enterprises to choose independently. In line with the market stratification, the frequency of the stocks adopting the collective bidding transfer method is differentiated. The base layer adopts a set auction for the daily closing period, and the innovation layer adopts the aggregate bidding for one time per hour, 5 times a day.
The second is to optimize the transfer of the agreement. In order to meet the reasonable transfer requirements of market participants, the reform of the trading system provides two types of trading methods: after-hours agreement transfer and specific matters.
The third is to consolidate the market-making transfer and make appropriate adjustments and improvements. Continue to adhere to and encourage market-making transfer, while improving the market-making transfer closing price formation mechanism, the agreement transfer method is also applicable to the listed stocks for market transfer.
In addition to the differentiated trading system, this reform has further promoted the differentiated information disclosure system. In terms of the reform of the information disclosure system, the “National Information Disclosure Rules for Listed Companies of the National SME Share Transfer System” was newly formulated. Based on the truthfulness, accuracy, completeness, timeliness and fairness of information disclosure, the company has explored and implemented innovative enterprises and Information disclosure system for differentiated enterprises at the basic level. In view of the higher degree of publicity of the innovation layer companies, their information disclosure has been strictly required, and the relevant arrangements such as quarterly reports, performance reports, and key events audits have been added. After the adjustment, the information disclosure intensity of the innovation layer company is higher than that of the base layer company, but there are still some differences compared with the listed company. The basic layer companies continue to implement the existing information disclosure rules, but have revised the individual regulations that are too strict and obviously unreasonable.
Li Ming emphasized that the market-stratified, transactional and information disclosure system's differentiated arrangements are a new exploration of China's capital market construction, accumulating experience and creating conditions for the launch of follow-up reform measures.
(Original title: US tax cuts 960 billion yuan in tax reductions. Experts say the scale is small)