经济学人:推陈出新适逢其会(3)

 Economists are sceptical of taxing other forms of capital, 经济学家对于其他形式的资本征税持怀疑态度，

for the good reason that it discourages investment. 而理由也很充分：会影响投资。

But capital's share of rich-world GDP has risen by four percentage points since 1975, 但自1975年以来，在富裕国家，资本所占GDP的份额已增长了4个百分点，

transferring nearly $2trn of annual global income out of paycheques and into investors¹'pockets. 约2万亿美元的全球年收入，由工资辗转腾挪进了投资者的腰包。

Given that competition is declining in many markets, 鉴于很多市场的竞争正减弱，

this suggests that businesses are increasingly able to extract rents from the economy. 可以得出企业从经济中榨取租金的能力正在增强。

Taxes on capital can target those rents without disturbing incentives² so long as they include carve-outs for investment. 资本税可以这些租金为目标，只要包括为投资而生的股权分拆，缴税激励就不会减弱。

To stop companies shifting profits, governments should switch their focus from firms to investors. 为防止公司转移利润，政府应该把注意力从公司转移到投资者。

Profits ultimately flow to shareholders³ as dividends⁴ and buy-backs. 利润最终会以股息或回购的形式流向股东。

But few people are likely to emigrate to avoid taxes on their investment income— 但很少有人为在其投资收入上避税而移民——

Apple can move its intellectual property to Ireland, but it cannot put its shareholders there. 苹果公司可以将知识产权移到爱尔兰，但却不能将股东也移到那儿。

Corporate⁵ tax should be a backstop, to ensure that investors who do not pay taxes themselves, such as foreigners and universities, still make some contribution. 企业税应成为后盾，来保障外国人、高校这些自身不用交税的投资者也能为税收做些贡献。

Full investment expensing should be standard; 投资总额应作为标准；

deductions⁶ for debt interest, which incentivise risky⁷ leverage⁸ for no good reason, should be scrapped⁹. 对债务利息的减免应取消，这种减免无缘无故刺激高风险杠杆，应被废弃。

As the labour market continues to polarise between high earners and everyone else, 随着劳动市场继续在高收入者和其他人之间分化，

income taxes should be low or negative for the lowest earners. 最低收入者的所得税应该更低或成为负赋税。

That means getting rid of regressive payroll¹⁰ taxes which, in North America, could be replaced with underused taxes on consumption. 这意味着要废除递减的工资税，而在北美，这一税种可能会被未充分利用的消费税所取代。

Though these are also regressive, they are much more efficient. 这种消费税尽管也是递减的，但却更高效。

Adam Smith said that taxes should be efficient, certain, convenient and fair. 亚当·斯密认为税收应高效、确实、便利和公平。

Against that standard, today’s tax policies are unforgivably cack-handed. 今天的税收政策与这一标准恰恰相反，可谓愚蠢不可原谅。

Politicians rarely consider the purpose and scope of taxation¹¹. 政客们很少考虑税收的目的和范围。

When they do change tax codes, they clumsily bolt on new levies¹² and snap off old ones, all in a rush for good headlines. 当政客改变税法时，会笨拙地开征新税，弃用旧税，这都是为了急于彰显自己的功绩。

Rewriting the codes means winning over sceptical voters and defying rapacious¹³ special interests. 而重新制定这些规则意味着要赢得持怀疑态度选民的选票，且无视贪婪的特殊利益集团。

It is hard work.  这并非易事。

But the prize is well worth the fight. 但为了最后成果值得一搏。

 

1 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

2 incentives   

激励某人做某事的事物( incentive的名词复数 )； 刺激； 诱因； 动机

参考例句：

• tax incentives to encourage savings 鼓励储蓄的税收措施
• Furthermore, subsidies provide incentives only for investments in equipment. 更有甚者，提供津贴仅是为鼓励增添设备的投资。 来自英汉非文学 - 环境法 - 环境法

3 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

4 dividends   

红利( dividend的名词复数 )； 股息； 被除数； （足球彩票的）彩金

参考例句：

• Nothing pays richer dividends than magnanimity. 没有什么比宽宏大量更能得到厚报。
• Their decision five years ago to computerise the company is now paying dividends. 五年前他们作出的使公司电脑化的决定现在正产生出效益。

5 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

6 deductions   

扣除( deduction的名词复数 )； 结论； 扣除的量； 推演

参考例句：

• Many of the older officers trusted agents sightings more than cryptanalysts'deductions. 许多年纪比较大的军官往往相信特务的发现，而不怎么相信密码分析员的推断。
• You know how you rush at things,jump to conclusions without proper deductions. 你知道你处理问题是多么仓促，毫无合适的演绎就仓促下结论。

7 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

8 leverage   

n.力量，影响；杠杆作用，杠杆的力量

参考例句：

• We'll have to use leverage to move this huge rock.我们不得不借助杠杆之力来移动这块巨石。
• He failed in the project because he could gain no leverage. 因为他没有影响力，他的计划失败了。

9 scrapped   

废弃(scrap的过去式与过去分词)； 打架

参考例句：

• This machine is so old that it will soon have to be scrapped. 这架机器太旧，快报废了。
• It had been thought that passport controls would be scrapped. 人们曾认为会放开护照管制。

10 payroll   

n.工资表，在职人员名单，工薪总额

参考例句：

• His yearly payroll is $1.2 million.他的年薪是120万美元。
• I can't wait to get my payroll check.我真等不及拿到我的工资单了。

11 taxation   

n.征税，税收，税金

参考例句：

• He made a number of simplifications in the taxation system.他在税制上作了一些简化。
• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。

12 levies   

（部队）征兵( levy的名词复数 )； 募捐； 被征募的军队

参考例句：

• At that time, taxes and levies were as many as the hairs on an ox. 那时，苛捐杂税多如牛毛。
• Variable levies can insulate farmers and consumers from world markets. 差价进口税可以把农民和消费者与世界市场隔离开来。

13 rapacious   

adj.贪婪的，强夺的

参考例句：

• He had a rapacious appetite for bird's nest soup.他吃燕窝汤吃个没够。
• Rapacious soldiers looted the houses in the defeated city.贪婪的士兵洗劫了被打败的城市。