Research On Social Security Value Of Personal Tax Deferred Commercial Endowment Insurance

China's population aging situation is grim,and China's pension system will face serious deficit problems in the future.At present,China's basic old-age insurance system has problems such as low replacement rate,excessive dependence on financial subsidies,and continuous expansion of income and expenditure gaps.It is difficult to meet the elderly's pension needs.The enterprise annuity system has developed slowly,and its coverage rate in the country has been less than 6% so far.It is difficult for tax incentives to attract consumers to buy.Compared with basic pension insurance,it has unique advantages,but it has not played a complementary role to the first and second pillars for a long time.Shanghai Municipal,Fujian Province(including Xiamen),Suzhou Industrial Park introduced personal tax deferred commercial pension insurance(hereinafter referred to as "the extension of pension tax")pilot on 1 of May in 2018.The tax extension pension insurance has received strong support from the government and has attracted widespread attention in the society.In practice,whether it can really use tax incentives to attract residents to purchase tax extension pension insurance.On the basis of absorbing domestic and foreign scholars on the experience of the establishment of the extension of tax personal income pension insurance model,the new one in the context of tax reform,personal earnings estimates residents.The income of the residents is mainly compared through four indicators: the tax difference brought by the difference between the income from the tax extension pension insurance and the non-tax extension pension insurance,the difference in the spot tax rate,the tax benefit from the tax exemption of investment income,and the deduction the net income difference after payment of taxes.Through the model,it is found that most residents in Shanghai(that is,people at monthly average wage levels)purchase tax extensions before the age of 50.Endowment insurance is more cost-effective.Low-income groups(people whose monthly income does not reach the threshold)lack the incentive to purchase tax-deferred pension insurance in the shortterm.As long as the government subsidizes low-income groups,the pension replacement rate of future low-income groups will be significantly increased.At the same time,it is found that the tax incentives adopted in the pilot areas can limit the expansion of the income gap between the rich and the poor,but it is necessary to continue to refine the tax incentives.Finally,based on the simulation results,the author puts forward suggestions on how to improve the pilot system.At the same time,combined with the experience of developing personal savings-type pension insurance abroad,it puts forward suggestions on the smooth implementation of tax-deferred pension insurance from the aspects of law,tax collection and management,supervision and insurance awareness.