Public Finance and Public Policy content公共财政与公共政策内容.bfwpub.pptVIP

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Public Finance and Public Policy content公共财政与公共政策内容.bfwpub.ppt

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Public Finance and Public Policy content公共财政与公共政策内容.bfwpub

* * * * * * * * 22.3 Tax Incentives for Retirement Savings Theoretical Effects of Tax-Subsidized Retirement Savings Limitations on Tax-Subsidized Retirement Savings Low Savers vs. High Savers ? Ms. Ant was a high saver before the IRA was introduced, consuming CW1 and saving $6,000 (point A). For Ms. Ant, the introduction of the IRA does not change the price of first–period consumption, but it does have an income effect, causing her period–one consumption to rise to CW2 and her savings to fall to S2, $5,000. 22.3 Tax Incentives for Retirement Savings APPLICATION ? The Roth IRA Roth IRA A variation on normal IRAs to which taxpayers make after-tax contributions but may then make tax-free withdrawals later in life. This account has many similarities to a regular IRA, but has two key differences: Individuals contribute after-tax dollars to a Roth IRA, and when withdrawals are eventually made, the withdrawals are not taxed. Individuals are never required to make withdrawals, so that earnings on assets can build up tax-free indefinitely. Why did policy makers introduce this new option? The government collects tax revenues today and loses them in the future (since we don’t tax interest earnings on the account or withdrawals from it). The plan allows politicians to enact a tax break while delaying the budgetary pain of paying for it. ? 22.3 Tax Incentives for Retirement Savings Implications of Alternative Models Precautionary Savings Asset reshuffling will be likely if two conditions are met: if a large share of IRA contributors would have saved $5,000 anyway in the absence of the IRA, and if IRA savings and non-IRA savings are viewed as highly substitutable. Self-Control Models Retirement accounts such as pension and 401(k) accounts provide excellent commitment devices because the contributions are taken directly out of the paycheck and individuals can’t access their money until retirement. 22.3 Tax Incentives for Retirement Savings Private vs. National Savings The compari