Research On The Optimization Of Residents' Welfare Of Tax-deferred Endowment Insurance

Since 2018,the Chinese government has chosen Shanghai,Suzhou and Fujian to implement the one-year tax deferred old-age insurance policy,indicating that the tested old-age security system facing the aging problem has entered a new stage of construction.However,the policy results were not satisfactory,with a total premium income of 154 million much lower than expected.Therefore,it is urgent to be clear whether the policy implementation is in line with the law of local economic development and whether the policy implementation is effective,which affects the follow-up implementation direction and specific plan of the policy.From the point of view of the level of residents' welfare,this paper studies the optimization degree of individual tax deferred endowment insurance for residents' welfare under the pilot scheme in order to explore the actual effect of policy implementation.it also discusses the defects of the current policy from the parameters such as the proportion of individual tax deferred old-age insurance expenditure,individual tax deferred pension tax rate and policy implementation cost.Through the theoretical analysis of tax deferred policy and residents' welfare effect,this paper obtains the internal relationship between tax deferred old-age insurance and residents' welfare,and then determines the research model tool-OLG model by combing the relevant literature.Finally,this paper forms a dynamic equilibrium system for residents,enterprises and governments in the market based on the two-phase and three-sector intergenerational OLG model,combined with the tax preference scheme of the pilot policy EET model.The concept of policy implementation cost is introduced to compare and analyze whether residents bear the policy implementation cost or not.the research ideas of the influence direction and degree of the proportion of individual tax deferred old-age insurance purchase expenditure,individual tax deferred pension tax rate and survival probability on the welfare level of residents and other social economic indicators.Based on the derivation of the above model and the analysis of simulation results,this paper draws the following conclusions by studying individual tax deferred old-age insurance to optimize residents' welfare: first,personal tax deferred old-age insurance can play a role in welfare optimization,and the higher the proportion of purchase expenditure,the better the welfare optimization effect.The current 6% tax preference ceiling limits the stimulating effect of the policy and should be appropriately raised.Second,appropriately reducing the tax rate of individual tax deferred pension can enhance the optimization effect of individual tax deferred old-age insurance,such as reducing the tax rate to 3%,which is applicable to most people.Third,the fairness of gender interests needs to be taken into account in policy formulation,because male residents have more advantages in receiving policy dividends.Fourth,as the cost of policy implementation will reduce the welfare utility level of residents,the government should take certain measures to reduce the cost of policy implementation.