22Taxes on Savings（课件）- 《财政与金融》同步教学（人民大学·第五版）

22 22.1 Taxation and Savings—Theory and Evidence 22.2 Alternative Models of Savings 22.3 Tax Incentives for Retirement Savings 22.4 Conclusion Taxes on Savings 1 of 48 1 22 On January 31, 2003, the Bush administration proposed the creation of Lifetime Savings Accounts and Retirement Savings Accounts. Would allow families to place up to $30,000 each year into special savings accounts on which the interest earned would not be subject to income taxation. These new accounts featured fewer restrictions than existing tax-subsidized savings vehicles. When withdrawn, any interest earned on these accounts, or increases in the value of the assets in the accounts, would be exempt from taxation. Introduction of 48 C H A P T E R 2 2 ■ T A × E S O N S A V I N G S 2 22 Opponents claimed the plan would drain tax revenue and be used by people of means to shelter what they already save thus savings would not increase. Within a week of the announcement, the Bush administration realized the new accounts had very little political support and began focusing on other tax-cutting measures. President Barack Obama took a very different approach on September 5, 2009, when he announced his plan to help Americans save for retirement. Obama’s plan consisted of initiatives based on research in behavioral economics that has shown systematic nudges to be very effective in increasing an individual’s investment in retirement savings. Introduction of 48 C H A P T E R 2 2 ■ T A × E S O N S A V I N G S 3 22 The first initiative encouraged small businesses to automatically enroll their employees in retirement savings accounts by reducing expensive fees that had previously discouraged the establishment of small business savings plans. Employers would also be encouraged to increase an employee’s savings rate automatically each year or every time the employee gets a raise. Congress has not approved any legislation as of yet for federally-mandated retirement accounts, but some states hav