2017.11 Vol.257 C O N T E N T S 02 06 38 52 69 82 141 146 154 M O N T H L Y P U B L I C F I N A N C E F O R U M
2 2017.11
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4 2017.11
6 2017.11
1) 7
2) 22.7 19.7 87 193.2 160.6 83 22.2 18.4 83 189.6 156.2 82 23.1 18.6 81 195.7 157.0 80 22.9 17.9 78 194.4 153.1 79 22.5 16.7 74 190.7 139.0 73 21.7 14.8 68 184.4 117.7 64 21.0 14.7 70 178.0 116.1 65 21.0 13.0 62 177.7 101.1 57 22.7 12.8 56 187.4 100.3 54 8 2017.11
2,027 1,219 60.1 10.5 7.6 72.3 2,151 1,268 58.9 11.3 8.1 71.6 2,199 1,272 57.8 11.2 8.1 72.1 2,285 1,255 54.9 11.8 8.2 69.7 2,385 1,355 56.8 12.5 9.7 77.9 2,502 1,375 55.0 13.6 11.7 86.1 2,566 1,459 56.9 14.4 12.6 87.2 2,698 1,212 44.9 15.2 12.0 79.0 2,771 1,297 46.8 14.8 12.9 87.5 9
10 2017.11
6 15 24 35 38 40 11
3) 4) 5) 12 2017.11
6) 13
7) 137,000 100,000 37,000 6% 2,220 1,221 999 14 2017.11
700,000 600,000 500,000 400,000 438,727 3,058 586,016 543,275 491,332 579,393 451,937 462,546 472,076 2,469 1,981 300,000 1,597 1,377 200,000 100,000 1,012 1,186 1,113 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2008 2009 2010 2011 2012 2013 2014 2015 0 15
16 2017.11
8) 17
3,500 500 500 0 6,000 3,000 3,500 6,500 67,500 42,000 46,500 16,500 45,000 25,500 25,500 48,000 332,500 160,000 182,500 125,000 135,000 77,500 75,000 140,000 532,000 556,000 628,000 700,000 396,000 300,000 284,000 416,000 18 2017.11
9) 7,000 6,500 6,000 6,000 5,000 5,000 4,000 4,000 4,000 3,500 3,500 3,500 3,000 3,000 2,000 1,000 500 500 500 500 500 0 0 0 2008 2009 2010 2011 2012 2013 2014 2015 19
80,000 70,000 67,500 60,000 50,000 40,000 45,000 42,000 45,000 46,500 45,000 46,500 48,000 30,000 20,000 25,500 27,000 25,500 28,500 31,500 36,000 10,000 16,500 16,500 0 2008 2009 2010 2011 2012 2013 2014 2015 350,000 300,000 332,500 250,000 200,000 150,000 100,000 50,000 135,000 160,000 175,000 77,500 82,500 182,500 185,000 185,000 100,000 75,000 85,000 120,000 112,500 140,000 125,000 0 2008 2009 2010 2011 2012 2013 2014 2015 20 2017.11
900,000 800,000 740,000 764,000 700,000 700,000 676,000 628,000 604,000 600,000 500,000 532,000 556,000 400,000 396,000 416,000 300,000 344,000 348,000 368,000 300,000 284,000 304,000 200,000 100,000 0 2008 2009 2010 2011 2012 2013 2014 2015 21
22 2017.11
300,000 150,000 100,000 (100,000) (100,000) (100,000) 200,000 50,000 0 6% 6% 6% 12,000 3,000 0 (6,600) (1,650) 0 5,400 1,350 0 5,400 100 540,000 1,350 200 270,000 0 300,000 150,000 100,000 (100,000) (50,000) (33,333) 200,000 100,000 66,667 6% 6% 6% 12,000 6,000 4,000 (6,600) (3,300) (2,200) 5,400 2,700 1,800 5,400 100 540,000 2,700 200 540,000 1,800 300 540,000 23
200,000 100,000 100,000 (100,000) (100,000) (50,000) 100,000 0 50,000 6% 6% 6% 6,000 0 3,000 (3,300) 0 (1,650) 2,700 0 1,350 2,700 50 135,000 0 1,350 200 270,000 24 2017.11
10) 11) 25
6,000 5,449 5,491 5,444 5,465 5,273 5,345 5,343 5,183 5,000 4,000 3,000 2,000 2,108 2,110 2,334 2,460 2,536 2,634 2,797 2,943 2009 2010 2011 2012 2013 2014 2015 2016 26 2017.11
26.16 26.17 27.23 27.17 27.27 26.42 25.95 27.06 24.51 23.62 23.80 24.05 24.10 23.90 23.81 24.24 25.71 26.09 25.16 24.68 24.07 23.83 23.33 22.81 8.49 8.73 8.66 8.44 8.34 8.33 8.34 7.71 6.01 6.20 6.09 6.03 6.00 6.06 6.14 5.60 2.35 2.45 2.38 2.42 2.41 2.45 2.51 2.31 4.52 4.65 4.51 4.68 4.82 5.03 5.20 5.00 2.26 2.09 2.17 2.53 3.00 3.98 4.71 5.25 27
28 2017.11
29
67.6 72.6 69.6 82.9 86.2 84.1 36.3 44.8 42.8 53.1 65.1 60.9 55.3 69.0 63.8 44.3 49.2 49.6 15.3 19.3 20.9 19.9 32.6 29.2 30 2017.11
12) 31
32 2017.11
13) 13,000,000 6,700,000 6,300,000 1,500,000 4,800,000 6% 288,000 158,000 130,000 0 33
14) 8,126,028 57,939,253 305,752 778,000 376,323 70,571 6,763,068 (83) 529,337 (7) 406,691 (5) 426,932 (5) 21,388,597 (37) 8,534,037 (15) 9,944,074 (17) 18,072,545 (31) 32,758 (11) 30,434 (10) 55,208 (18) 187,352 (61) 0 0 32,758 188,000 9,562 20,872 270,000 49,723 5,485 320,000 317,038 129,686 3,610,221 18,061,703 59 56 0.00% 0.00% 4,046,838 61,312,400 1,438,980 68,699 35.56% 0.11% 2,930,090 72,788,069 1,920,043 363,956 65.53% 0.50% 3,288,158 128,638,319 2,480,472 2,256,639 75.44% 1.75% 34 2017.11
35
36 2017.11
37
* 38 2017.11
1) 2) 39
0.36 0.35 0.34 0.33 0.32 0.31 0.30 0.29 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 3) 0.466 0.458 0.462 0.47 0.475 0.474 0.475 0.475 0.457 0.317 0.305 0.309 0.31 0.31 0.312 0.311 0.311 0.336 0.156 0.159 0.158 0.161 0.17 0.162 0.164 0.163 0.121 40 2017.11
9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 41
4) 57.91 22.44 8.09 4.17 2.55 1.59 1.21 0.91 0.70 0.43 57.9 42.1 22.70 40.46 19.31 8.58 3.54 1.97 1.86 0.85 0.32 0.40 100 22.7 40.5 36.8 7.67 19.07 34.66 18.96 8.88 4.83 2.65 1.34 1.05 0.89 100 26.7 34.7 38.6 4.37 7.93 17.78 30.77 18.43 10.34 5.44 2.76 1.12 1.07 100 30.1 30.8 39.2 2.78 4.27 9.33 17.54 29.93 18.14 9.59 4.98 2.28 1.15 100 33.9 29.9 36.1 2.01 2.50 4.54 9.75 18.43 29.17 18.45 9.27 4.35 1.53 100 37.2 29.2 33.6 1.50 1.39 3.15 4.43 10.26 17.55 31.87 19.53 7.69 2.62 100 38.3 31.9 29.8 1.31 1.45 1.45 3.05 4.85 8.68 17.04 35.23 20.92 6.03 100 37.8 35.2 27.0 0.83 0.48 1.28 1.44 2.59 4.14 7.51 18.59 45.17 17.98 100 36.9 45.2 18.0 0.60 0.63 0.76 0.85 1.34 1.80 3.11 5.62 16.59 68.70 100 31.3 68.7 10.15 10.09 10.1 10.0 10.13 9.84 9.87 9.89 9.98 9.93 100 29.5 40.4 30.1 5) 42 2017.11
45.0 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 43
53.0 47.0 59.9 40.1 61.8 38.2 21.3 38.5 40.2 21.3 41.3 37.5 23.8 41.5 34.7 28.1 31.4 40.5 26.5 34.8 38.7 27.1 38.1 34.8 31.4 26.1 42.6 28.8 33.4 37.8 28.2 32.9 38.9 36.8 25.8 37.4 31.0 31.0 38.0 32.9 32.8 34.3 39.6 26.7 33.7 34.6 31.8 33.6 36.4 31.4 32.1 37.2 30.5 32.3 34.9 35.2 29.9 40.4 31.5 28.2 37.6 34.4 28.0 38.5 35.0 26.6 37.2 37.3 25.6 37.2 42.9 19.9 34.9 46.5 18.6 35.5 47.5 17.1 33.0 67.0 30.6 69.4 30.1 69.9 30.2 37.6 32.1 28.1 41.8 30.1 29.2 42.5 28.4 0.343 0.340 0.339 0.313 0.309 0.300 44 2017.11
6) 8.50 88.00 87.50 8.00 87.00 7.50 86.50 7.00 86.00 85.50 6.50 85.00 6.00 84.50 5.50 84.00 2007-2008 2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 45
0.7 0.2 0.0 62.9 49.8 48.3 0.3 0.4 0.3 0.1 0.4 0.6 0.4 0.2 0.1 0.1 0.5 0.7 0.7 0.8 0.9 0.7 1.3 1.6 118.0 51.0 37.1 931.4 1,391.9 3,701.1 9,418.2 13,288.4 27,841.1 845.2 1,235.5 2,875.2 7) 8) 46 2017.11
0.9346*** 0.1351*** 0.7655*** 0.1106*** 0.0473** 0.0068** 0.0005*** 0.0001*** 0.2280*** 0.0330*** 0.4358*** 0.0630*** 0.1034* 0.0149* 0.0592 0.0086 0.3574*** 0.0517*** 0.7900*** 0.1142*** 0.0011*** 0.0002*** 0.4152*** 36,922 11,159.4 9) 10) 47
0 1,539 43.19 1 2 644 18.07 3 4 385 10.81 5 6 336 9.43 7 8 659 18.50 3,563 100 11) 12) 0.372*** 0.058*** 0.065*** 0.130*** 0.236*** 0.018*** 0.000 0.005*** 0.006*** 0.008*** 0.000*** 0.000 0.000*** 0.000*** 0.000*** 0.129*** 0.004 0.034*** 0.043*** 0.049*** 0.266*** 0.019*** 0.070*** 0.084*** 0.092*** 0.059** 0.003 0.014** 0.021** 0.027** 0.115*** 0.013 0.025*** 0.042*** 0.061** 0.173*** 0.003 0.045*** 0.058*** 0.068*** 0.068*** 0.001 0.017*** 0.023*** 0.028*** 0.000** 0.000 0.000** 0.000** 0.000** 48 2017.11
13) 49
14) 50 2017.11
51
1) 52 2017.11
53
54 2017.11
55
56 2017.11
2) 57
58 2017.11
6.6 6.5 6.8 6.6 6.2 4.4 9.1 8.9 8.7 8.8 3.5 6.5 9.4 11.6 13.6 6.1 6.3 6.2 6.1 5.9 59
3) 60 2017.11
61
4) 62 2017.11
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64 2017.11
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6) 66 2017.11
ö 67
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A 76 2017.11
A A 77
A A 78 2017.11
A A 79
80 2017.11
1) 2) 3) 4) 82 2017.11
5) 6) 7) 83
8) 9) 10) 84 2017.11
11) 12) 13) 85
14) 15) 86 2017.11
16) 17) 0 0 1.40 0.93 3.30 2.41 12.40 11.52 15.40 14.52 87
18) 19) 88 2017.11
20) 21) 22) 89
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29) 30) 93
31) 32) 33) 34) 35) 94 2017.11
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28.5% 27.5% 27.5% 27.5% 27.5% 27.5% 27.5% 27.5% 27.5% 27.5% 27.0% 27.0% 26.0% 26.0% 25.0% 25.0% 46) 99
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27 26 18 10 19 34 28 12 9 17 32 31 10 9 18 49) 101
96.9 90.3 86.3 86.2 82.5 78.3 63.7 50.7 47.2 47.1 46.2 10.0 5.0 2.3 49.8 102 2017.11
22 77 33 55 9 15 85 19 80 30 57 9 13 87 50) 39.8 41.9 44.5 43.1 11.8 12.0 103
294.9 290.4 1.5 129.3 126.7 2.0 24.3 24.0 1.2 12.2 14.9 22.1 51) 52) 104 2017.11
0.08 0.94 0.05 2.96 5.13 7.73 53) 54) 3.03 3.44 3.48 25.97 26.67 31.76 105
106 2017.11
65.8 64.3 71.1 70.4 11.8 12.2 55) 19,026 19,085 37,363 37,301 107
5.2 50.1 21.4 4.1 3.7 6.7 8.8 15.0 17.5 32.3 10.2 4.2 5.0 18.0 56) 57) 58) 59) 60) 61) 108 2017.11
62) 63) 64) 65) 66) 67) 68) 69) 109
70) 71) 73) 74) 72) 110 2017.11
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114 2017.11
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90.8 89.2 89.1 83.8 83.6 83.4 3) 1.5 1.6 1.2 1.0 1.2 46.1 46.2 46.2 46.3 46.0 47.7 47.8 47.3 47.3 47.2 1.7 1.7 1.2 1.1 1.3 44.7 44.8 44.8 44.9 44.6 46.4 46.5 46.0 46.0 46.0 116 2017.11
4) 117
3.2 3.6 3.7 0.1 0.1 0.1 0.1 1.7 2.2 2.0 0.2 0.1 0.2 0.0 1.5 2.2 2.3 0.1 0.2 0.1 0.2 1.8 2.1 1.9 0.2 0.2 0.4 0.3 1.0 1.5 0.7 0.2 0.1 0.3 0.1 1.8 1.7 1.5 0.0 0.0 0.3 0.0 1.5 3.0 2.1 0.5 0.2 1.1 0.1 2.2 2.6 2.5 0.3 0.1 0.3 0.1 4.3 4.6 4.9 0.0 0.1 0.1 0.1 0.4 2.1 2.1 0.4 0.0 0.4 0.0 6.4 6.5 6.5 0.0 0.0 0.1 0.1 6.7 6.8 6.5 0.1 0.1 0.2 0.3 7.1 6.7 7.4 0.5 0.3 0.5 0.3 4.9 5.2 5.2 0.1 0.0 0.2 0.0 3.1 4.5 3.5 0.1 0.3 1.5 0.2 2.0 2.3 2.1 0.2 0.2 0.3 0.3 3.6 4.6 5.2 0.0 0.0 0.1 0.1 2.4 4.2 4.0 0.2 0.1 0.4 0.1 2.7 4.0 3.8 0.0 0.2 0.0 0.2 2.0 4.4 4.9 0.1 0.2 0.1 0.6 2.2 3.8 3.6 0.1 0.2 0.3 0.4 2.5 4.8 4.5 0.1 0.0 1.2 0.1 15.7 17.4 0.2 3.8 0.3 11.5 0.1 1.8 7.1 0.5 1.7 1.9 1.4 1.8 0.8 1.7 1.7 0.2 0.1 0.3 0.2 4.3 4.2 4.4 0.3 0.2 0.5 0.0 118 2017.11
5) 119
6) 120 2017.11
7) 8) 9) 65.1 65.7 66.2 66.9 66.5 66.8 66.8 67.0 67.2 67.4 67.6 68.0 68.7 69.1 69.9 69.6 69.7 69.7 69.9 70.1 70.3 70.5 64.1 64.8 65.6 66.6 65.8 66.2 66.5 66.7 66.9 67.2 67.6 63.5 63.8 64.5 65.4 65.9 65.1 65.3 65.5 65.7 65.9 66.2 72.0 71.6 72.2 72.4 73.3 72.5 72.4 72.4 72.3 72.4 72.8 72.4 72.3 72.5 72.6 73.6 72.5 72.5 72.4 72.9 73.3 73.3 64.1 63.8 63.8 64.2 64.9 64.2 64.1 64.1 64.2 64.4 64.8 73.5 73.8 74.0 74.7 69.8 74.3 74.4 74.9 75.0 74.9 75.1 55.5 55.7 56.3 57.3 58.8 56.8 57.4 57.3 57.4 57.7 57.8 71.8 72.8 73.4 74.4 70.9 74.1 74.2 74.6 74.7 75.0 75.2 54.8 56.0 57.8 59.6 65.1 59.1 59.3 59.7 60.1 60.4 61.0 70.5 71.9 72.7 73.5 71.8 73.3 73.6 73.5 73.7 73.9 74.2 67.4 68.1 68.7 69.4 71.2 69.3 69.2 69.4 69.6 69.8 70.0 64.4 65.3 65.7 66.1 63.9 65.9 65.9 66.2 66.3 66.5 66.6 121
10) 11) 12) 13) 2,524 2,105 2,163 2,303 2,450 2,775 3,020 3,249 3,267 3,314 2,983 3,518 3,457 3,603 3,537 3,455 3,504 3,688 3,854 3,982 459 (3.2) 1,414 (9.9) 1,294 (8.7) 1,300 (8.5) 1,087 (6.8) 680 (4.1) 483 (2.8) 439 (2.5) 587 (3.2) 668 (3.5) 122 2017.11
14) 5.0 4.0 3.0 2.0 1.3 1.5 1.8 2.0 2.1 2.3 2.4 1.0 0.0 1.3 1.1 0.9 0.9 0.8 1.0 2.0 3.0 4.0 5.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 123
5.0 4.0 3.0 2.0 1.2 1.5 1.4 1.8 2.1 2.2 2.4 1.0 0.0 1.4 0.7 0.7 0.8 0.7 1.0 2.0 3.0 4.0 5.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2.0 0.0 1.4 2.0 4.0 3.0 3.2 3.7 2.4 3.4 2.5 1.9 6.0 6.3 8.0 10.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 124 2017.11
2.0 0.0 1.3 2.0 3.0 3.5 3.3 2.4 2.4 1.8 4.0 3.2 6.0 6.3 8.0 10.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 15) 16) 125
17) 0.5 0.2 0.4 0.3 1.0 0.6 *** 2.5 2.0 0.9 1.6 1.2 4.0 2.5 *** 0.4 0.2 0.1 0.2 1.3 0.9 (0.9) 3.8 1.0 0.2 0.3 0.2 1.3 0.8 (0.6) 3.1 0.1 0.4 0.1 0.4 0.9 0.8 (0.5) 3.4 3.2 2.8 0.2 1.0 1.5 1.3 (0.0) 5.1 1.4 0.3 2.0 0.5 2.4 0.5 (0.1) 2.1 1.2 0.0 0.4 0.0 1.3 1.5 (0.4) 6.0 1.3 0.2 0.0 0.1 0.3 0.4 (0.1) 1.6 0.6 0.9 2.4 0.4 5.1 6.0 (0.3) 26.1 ( 0.0) ( 0.0) (0.0) (0.0) *** *** (0.0) *** 1.2 0.0 0.8 0.6 2.8 1.7 (0.4) 6.0 (0.1) (0.4) (0.3) (0.1) *** *** ( 0.3) *** 0.9 2.1 3.1 1.9 0.5 0.5 ( 0.1) 1.9 1.2 0.2 1.4 1.3 1.4 1.4 ( 0.2) 5.7 0.3 0.2 0.1 0.4 0.2 0.1 126 2017.11
18) 19) 1.9 2.0 1.9 2.1 1.8 1.6 3.7 1.6 1.7 3.1 3.5 3.6 2.2 2.0 3.7 2.7 4.3 3.4 2.6 3.5 4.0 3.9 4.4 4.7 43.6 44.3(1.6) 44.8(1.1) 2.69 2.54 2.47 127
20) 21) 35.0 32.5 7.2 45.7 58.3 27.5 20.1 16.4 18.6 7.0 18.2 159.6 14.9 16.1 8.2 38.6 40.1 3.8 1,640.1 1,785.3 8.9 1,726.9 1,829.7 6.0 82.8 87.2 85.6 88.8 128 2017.11
0.2 0.5 0.4 0.6 0.3 0.3 0.4 495 480 465 450 435 420 405 Q3 2007 Q1 2009 Q3 2010 Q1 2012 Q3 2013 Q1 2015 Q3 2016 2.4 1.6 0.8 0 0.8 1.6 2.4 129
22) 71,785 75,270 66,396 69,068 6,384 6,119 995 83 130 2017.11
Revenues Expenses EI premiums 6.3 6.1 Public debt charges Other revenues 9.0 Corporate income taxes 11.1 Major transfers to other 17.5 levels of gov't. Excise taxes and duties 13.9 Major transfers 23.3 to persons Personal income taxes 35.0 28.3 Direct program expenses 75.3 75.2 23) 131
295.5(14.9) 293.5(14.5) 296.4(14.9) 311.3(15.4) 271.0(13.6) 287.2(14.2) 25.4(1.3) 24.1(1.2) 1.0(0.0) 17.8(-0.9) 616.0(31.0) 631.9(31.2) 24) 25) é ô é 132 2017.11
1.4 2.0 2.0 1.7 1.7 1.8 1.8 1.5 3.1 2.1 1.6 1.7 1.7 1.8 2.0 1.9 4.2 4.0 3.5 3.8 3.8 3.9 2.1 5.5 4.0 3.4 3.7 3.6 3.8 4.1 7.0 6.9 6.7 6.7 6.6 6.4 6.6 7.0 6.5 6.3 6.3 6.4 6.3 6.1 6.3 1.5 2.0 2.0 1.9 1.9 2.0 2.0 1.4 1.6 1.9 1.9 1.9 1.9 2.0 1.8 23.0 28.5 27.4 23.4 21.7 18.8 n/a 3.0 3.0 3.0 3.0 3.0 1.4 5.9 7.4 6.1 5.7 4.0 3.7 2.4 3.2 4.0 3.1 3.4 0.1 0.6 0.3 0.4 0.2 1.4 1.8 1.6 3.7 4.0 3.8 4.2 1.5 3.0 3.0 3.0 3.0 3.0 17.8 19.9 18.6 17.3 16.8 13.9 12.5 133
26) 27) 28) 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 0.2 0.4 0.6 2012 2013 2014 2015 2016 2017 134 2017.11
29) 2.4 1.9 1.7 1.2 0.6 0.6 1.1 1.3 1.1 1.3 0.9 1.0 2.6 2.1 2.0 5.0 4.0 3.7 5.2 2.1 3.0 6.4 3.3 4.0 n/a 2.6 3.7 135
200 175 150 125 100 75 50 25 0 25 50 75 2008 2018 2028 2038 2048 2058 2068 2078 2088 136 2017.11
30) É é é é 137
31) 395.1 (23.9) 412.1 (23.5) 415.7 (23.7) 3.6 428.7 (25.9) 450.8 (25.7) 447.8 (25.5) 3.0 37.5 ( 2.3) 40.7 ( 2.3) 35.0 ( 2.0) 5.8 39.6 ( 2.4) 37.6 ( 2.1) 33.2 ( 1.9) 4.4 303.5 (18.3) 325.1 (18.6) 322.3 (18.4) 2.8 138 2017.11
24,209 27,172 26,280 892 26,013 28,464 28,051 413 4,823 5,162 5,189 27 32,121 33,237 32,594 644 69,301 73,820 74,445 625 152,124 155,698 153,192 2,505 4,742 4,700 4,625 75 3,462 3,609 3,623 14 6,423 6,790 6,726 64 2,259 2,843 2,626 217 3,103 3,559 3,253 306 7,083 9,394 9,139 255 9,199 9,840 9,354 487 83,829 86,468 88,710 2,243 428,691 450,757 447,807 2,950 139
140 2017.11
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143
In this comparative analysis of tax systems in advanced and large emerging economies the United States stands out as an anomaly. Over the past 30 years the average corporate income tax rate in the 46 countries studied has fallen to about 20 to 25 percent nearly every country has introduced carbon taxes and personal income taxes have stabilized around 35 to 45 percent. The structure of a country s tax code is an important determinant of its economic performance. A well-structured tax code is easy for taxpayers to comply with and can promote economic development while raising sufficient revenue for a government s priorities. In contrast poorly structured tax systems can be costly distort economic decision-making and harm domestic economies. A growing body of evidence suggests that psychological biases can lead different implementations of otherwise equivalent tax incentives to result in meaningfully different behaviors. We argue that in the presence of such failures of implementation invariance decoupling the question of optimal feasible allocations from the tax system used to induce them the mechanism design approach to tax analysisation cannot be the right approach to analyzing optimal tax systems. The current tax treatment of married couples reduces wives labor force participation and creates other inefficiencies. I propose a new second-earner deduction equal to 15 percent of the earnings of a lowerearning spouse. The proposed deduction would raise the after-tax return to work for many wives encouraging an increase in married women s labor supply and would reduce marriage penalties on average. We provide a critical theoretical and empirical analysis that suggests a key driver of fiscal effects on equity markets is the Federal Reserve. For the Post-1980 era tax cuts lead to higher cash flow news and higher discount rates. The discount rate news tends to dominate such that tax cuts are associated with lower equity returns. 144 2017.11
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147
100 100 99 29 41 26 100 100 99 94 97 97 32 40 23 24 42 96 95 94 90 89 42 2 1 2 7 30 148 2017.11
149
150 2017.11
151
152 2017.11
153
154 2017.11
143 126 109 73 53 25 34.2 31.8 31.3 22.5 17.3 8.2 5 4 4 4 8 7 17 9 14 155