The U.S. Senate and House of Representatives recently passed the Tax and Employment Bill, which claims to be the most drastic tax cut in the history of the United States. If nothing unexpected happens, U.S. President Trump will sign the bill as soon as possible to fulfill his promise to all Americans this Christmas. So, how to treat Trump tax reform policy? Its size is not big or big? How is the policy effect? On December 22, the reporter of Securities Daily interviewed Huang Lixin, deputy director of the Taxation Science Institute of the State Administration of Taxation on the above issues.
From a worldwide perspective, Trump tax relief scale how much? Huang Lixin said the U.S. government predicts that these tax cuts will reduce the U.S. tax revenue by 1.45 trillion U.S. dollars in the next 10 years. However, a careful analysis shows that this is the number of 10-year tax cuts in the United States, with an average annual tax cut of about 145 billion U.S. dollars (about 960 billion yuan). 2016 USARevenueAbout 3.5 trillion US dollars (including social security tax), the average annual tax deduction accounted for about 4.1% of the annual income. The scale of such a tax cut is welcome, but in fact not so much imagined.
Huang Lixin pointed out that in recent years, China has vigorously implemented supply-side structural reforms and has introduced some tax reduction policies that include increasing business turnover, supporting public entrepreneurship innovation, supporting innovation and development, and improving people's livelihood, and drastically reduced the tax burden on taxpayers . Only a pilot reform of camp reform and pilot reform will be fully rolled out. From May 2016 to September 2017, tax relief for taxpayers amounted to 1.0639 trillion yuan, accounting for about 5.8% of total tax revenue (including social insurance premiums) in 2016 No matter the scale of tax reduction or tax reduction, our country should be higher than the United States. In 2017, China has set itself the target of a tax reduction of 1 trillion yuan for enterprises. The tax reduction scale is also higher than that of the United States. Since the United States is greater than China in terms of total economic output or tax revenue, the tax reduction efforts made by the U.S. Trump tax reform bill should be smaller than that of our country.
Trump tax reform tax cuts are it? Huang Lixin said that tax cuts are the general tone of the United States Trump tax reform bill and the contents and clauses of tax cuts are also the main contents of the tax reform act. However, careful analysis of Trump's tax reform bill, we can find behind the substantial tax cuts also implies a number of tax increases.
Complementing the system of stratification, the reform of the differentiated trading system was launched.
First, the introduction of the collective bidding, the original way to take the agreement to transfer the stock trading intraday unified adjustment for the collection of bids, intraday trading platform for the collection of bidding and market making transfer for the listed companies to choose. The Company will tie in with the market hierarchically to implement the matching frequency of the stocks that adopt the method of collective bidding. The basic level adopts one round of bidding at the closing time of each day, and the innovative layer adopts the bidding of bidding once every hour, a total of five times a day.
Second, optimize the transfer of the agreement. In order to meet the reasonable transfer needs of market participants, the transaction system reform provides two ways of dealing with the transfer of after-hours agreements and the transfer of agreements on specific issues.
Third, consolidate the market transfer, and be properly adjusted and improved. Continue to adhere to and encourage the transfer of the market, improve the closing price of the market making transfer mechanism at the same time, the transfer of the agreement are also applicable to make the transfer of listed stocks.
In addition to the differentiated transaction system, this reform further promoted the system of differentiated information disclosure. In respect of the reform of the information disclosure system, this new Circular has formulated the Detailed Rules for the Information Disclosure of Companies Listed in the Share Transfer System of Small and Medium-Sized Enterprises. While adhering to the truthfulness, accuracy, completeness, completeness, timeliness and fairness of information disclosure, the Company has explored and implemented the innovation- Differentiation of basic enterprise information disclosure system. In view of the fact that innovation-oriented companies have a higher degree of publicity, they have made strict demands on their information disclosure and increased their quarterly reports, performance letters, audit of key issues and other related arrangements. After adjustment, the information disclosure intensity of innovation-level companies is higher than that of grassroots companies, but there are still some differences compared with the listed companies. The basic level companies continue to implement the existing rules on information disclosure, but some of the requirements which are too strict and obviously unreasonable have been amended.
Li Ming emphasized that the differentiated arrangement of market stratification, transaction and information disclosure system launched this year is a brand-new exploration of the construction of China's capital market, accumulating experience and creating conditions for the launch of follow-up reform measures.
(Original title: US tax rebate of 960 billion yuan a year, experts say the scale is not large)